Editorial Summary

Hurray! Holding Co., Ltd. (Nasdaq: HRAY) announced first quarter revenues of $13.2 million, down 16.7 percent quarter-on-quarter and 19.5 percent year-on-year, before market on Thursday. Hurray! recorded net income of $4.9 million in the period, compared to a net loss of $31.3 million, including a $29.2 million wireless business goodwill impairment charge and a $1.9 million impairment on acquired assets, last quarter.

Revenue from wireless value-added services made up $11 million of total revenue, up slightly from the previous quarter and down 26.3 percent year-on-year. Recorded music revenue representing revenue from Hurray!-controlled companies Freeland Music, Huayi Brothers Music and Hurray! Secular Bird was down 54.1 percent sequentially and up 47.9 percent year-on-year to $2.2 million.

Hurray! estimates second quarter consolidated revenues between $13 million and $14 million.