Dangdang Announces Fourth Quarter and Fiscal Year 2012 Results

        Dangdang Announces Fourth Quarter and Fiscal Year 2012 Results

Net revenue in Q4 2012 Increased by 31% Year-Over-Year

Media revenue in Q4 2012 Increased by 30% Year-Over-Year

GMV of the marketplace in Q4 2012 Increased by 169% Year-Over-Year

PR Newswire

BEIJING, March 7, 2013

BEIJING, March 7, 2013 /PRNewswire/-- E-Commerce China Dangdang Inc.
("Dangdang" or the "Company") (NYSE: DANG), a leading business-to-consumer
e-commerce company in China, today announced its unaudited financial results
for the fourth quarter and fiscal year ended December 31, 2012.

Fourth Quarter and Fiscal Year 2012 Highlights

  oTotal net revenues in the fourth quarter of 2012 were RMB1,614.8 million
    ($259.2 million), a 31% increase from the corresponding period in 2011.
  oMedia revenue for the fourth quarter of 2012 was RMB934.8 million ($150.0
    million), an increase of 30% from the corresponding period in 2011,
    representing 58% of total revenues, slightly lower from last year.
  oGMV of the marketplace in the fourth quarter of 2012 were RMB548.3 million
    ($88.0 million), a 169% increase from the corresponding period in 2011.
  oTotal net revenues in fiscal year 2012 were RMB5,193.8 million ($833.7
    million), a 44% increase from 2011.
  oMedia revenue in fiscal year 2012 was RMB3,252.5 million ($522.1 million),
    an increase of 32% from the corresponding period in 2011, representing 63%
    of total revenues, compared with 68% in 2011.
  oGMV of the marketplace in fiscal year 2012 were RMB1,373.1 million ($220.4
    million), a 165% increase from 2011.

"We are pleased to report a solid financial and operational performance in the
fourth quarter, which is the peak season for e-commerce in China. Revenues
increased by 31% year-over-year, in line with our expectations," said Ms.
Peggy Yu Yu, Dangdang's Executive Chairwoman. "Book and media sales grew by
30% in the fourth quarter, maintaining our leadership in online media market.
Dangdang's marketplace program continued its rapid growth momentum, and
marketplace Gross Merchandise Value (the "GMV") grew at 169% year-over-year in
the fourth quarter. This marked the first quarter that sales from general
merchandise, which includes both self-procurement and marketplace, exceeded
sales from book and media. It is significant milestone in our strive to
transition from an online bookstore to an integrated online shopping mall."

"Our strategy of placing more emphasis on third party marketplace was rightly
timed and executed during 2012. Going forward, we will promote the strategic
position of our marketplace business unit within the company. Dangdang
maintains its long-term strategy of becoming an integrated shopping mall
targeting the mid to mid-to-high-end customers", Ms. Yu continued.

"During the fourth quarter, I am glad to see that we continued to narrow our
net loss as a percentage of sales both year-over-year and
quarter-over-quarter. Also as a result of improved internal management, our
inventory turnover days shortened from 134.5 days last quarter to 97.4 days
and accounts receivable days decreased from 4.9 days last quarter to 3.3
days." commented Jun Zou, Dangdang's Chief Financial Officer.

Fourth Quarter 2012 Results

Dangdang's total net revenues in the fourth quarter of 2012 were RMB1,614.8
million ($259.2 million), a 31% increase from the corresponding period in
2011.

Media product revenue for the fourth quarter of 2012 was RMB934.8 million
($150.0 million), representing a 30% increase from the corresponding period in
2011. General merchandise revenue for the fourth quarter of 2012 was RMB600.5
million ($96.4 million), representing a 24% increase from the corresponding
period in 2011. Other revenue including revenue from third-party merchants for
the fourth quarter of 2012 was RMB79.5 million ($12.8 million), representing a
177% increase from the corresponding period in 2011.

Dangdang had about 7.5 million active customers including 2.5 million new
customers in the fourth quarter of 2012, representing a 25% and 21% increase
from corresponding period in 2011 respectively. Total orders for the fourth
quarter 2012 were approximately 16.0 million, a 26% increase from the
corresponding period in 2011. The active customers, new customers and total
orders all reached the record high in this quarter.

Cost of revenues was RMB1,398.8 million ($224.5 million), representing 86.6%
of total revenues, as compared with 89.5% in the corresponding period in 2011.
The decreased cost of revenues as a percentage of total revenues was primarily
due to the execution on the strategic category mapping in self-procurement and
more focus on the marketplace. General merchandise revenue for the fourth
quarter of 2012 was RMB600.5 million ($96.4 million), representing 37% of
total net revenues, as compared with 39% in the corresponding period in 2011.
Gross margin in the fourth quarter of 2012 was 13.4%, as compared with 15.2%
in the third quarter of 2012 and 10.5% in the corresponding period in 2011.
The year-over-year increase was primarily due to economy of scale in both
Dangdang's marketplace and self-procurement categories. The
quarter-over-quarter decrease was primarily due to the additional inventory
provision in the year end and the inventory count losses.

Fulfillment expenses which include warehousing and shipping expenses, were
RMB194.2 million ($31.2 million), representing 12.0% of total revenues,
compared with 12.6% in the corresponding period in 2011. The decrease was
primarily due to the operating leverage as the business scales up.

Marketing expenses were RMB84.2 million ($13.5 million), representing 5.2% of
total revenues, compared with 5.6% in the corresponding period in 2011. The
decrease was primarily due to more efficient marketing campaignsin this
quarter.

Technology and content expenses were RMB41.6 million ($6.7 million),
representing 2.6% of total revenues, compared with 2.4% in the corresponding
period in 2011. The increase was primarily due to the increased headcount and
investments in technology.

General and administrative expenses were RMB46.7 million ($7.5 million),
representing 2.9% of total revenues, compared with 2.5% in the corresponding
period in 2011. The increase was primarily due to increased professional
service fee and charges of POS service.

Share-based compensation expenses, which were allocated to related expense
line items, were RMB2.8 million ($0.5 million) in the fourth quarter of 2012,
compared with RMB4.1 million in the corresponding period in 2011,representing
a 31.7% decrease.

Dangdang recorded an operating loss of RMB151.3 million ($24.3 million) in the
fourth quarter of 2012, as compared with an operating loss of RMB149.0 million
in the corresponding period in 2011, primarily due to the increase in
technology and general and administration expenses.

Operating margin was negative 9.4%, as compared with an operating margin
negative 12.1% in the corresponding period in 2011.

Operating loss excluding share-based compensation expenses (non-GAAP) was
RMB148.5 million ($23.8 million), as compared with an operating loss excluding
share-based compensation expenses (non-GAAP) of RMB144.8 million in the
corresponding period in 2011.

Net loss was RMB122.1 million ($19.6 million), as compared with a net loss of
RMB129.8 million in the corresponding period in 2011, primarily due to the
increase in gross profit.

Net margin was negative 7.6%, as compared with a net margin negative 10.5% in
the corresponding period in 2011.

Net loss excluding share-based compensation expenses (non-GAAP) was RMB119.3
million ($19.1 million), as compared with a net loss excluding share-based
compensation expenses (non-GAAP) of RMB125.7 million in the corresponding
period in 2011.

As of December 31, 2012, Dangdang had cash and cash equivalents, restricted
cash, short-term time deposits and held-to-maturity investments of
RMB1,634.6million ($262.4 million), as compared with RMB1,391.8 million as of
December 31, 2011.

Capital expenditures for the fourth quarter of 2012 were RMB44.6 million ($7.2
million).

Fiscal Year 2012 Results

Total net revenues in fiscal year 2012 were RMB5,193.8 million ($833.7
million), a 44% increase from the corresponding period in 2011.

Media product revenue in 2012 was RMB3,252.5 million ($522.1 million),
representing a 32% increase from 2011. General merchandise revenue in 2012 was
RMB1,768.3 million ($283.8 million), representing a 62% increase from the
corresponding period in 2011. Other revenue including revenues from
third-party merchants in 2012 was RMB173.0 million ($27.8 million),
representing a 156% increase from the corresponding period in 2011.

Dangdang had about 15.7 million active customers and 8.6 million new customers
in 2012, representing a 28% and 31% increase from 2011, respectively. 58% of
the active customers in 2011 have purchased on Dangdang's website in 2012.
Total orders in 2012 were approximately 54.2 million, a 33% increase from
2011.

Cost of revenues was RMB4,469.5 million ($717.4 million), representing 86.1%
of total revenues, as compared with 86.2% in 2011. Gross margin in the fiscal
year 2012 was 13.9%, slightly increased from 13.8% in 2011.

Fulfillment expenses which include warehousing and shipping expenses were
RMB736.2 million ($118.2 million), representing 14.2% of total revenues,
compared with 13.1% in 2011. The increase was primarily due to the increase in
headcount and investments in warehousing space and equipments.

Marketing expenses were RMB195.9 million ($31.5 million), representing 3.8% of
total revenues, compared with 4.2% in 2011. The decrease was primarily due to
more efficient marketing campaigns in this year.

Technology and content expenses were RMB153.3 million ($24.6 million),
representing 3.0% of total revenues, compared with 2.5% in the in 2011. The
increase was primarily due to the increased headcount and investments in
technology.

General and administrative expenses were RMB137.5 million ($22.1 million),
representing 2.6% of total revenues, compared with 2.3% in 2011. The slightly
increase was primarily due to increased charges of POS service.

Share-based compensation expenses, which were allocated to the related expense
line items, were RMB11.2 million ($1.8 million) in 2012, compared with RMB11.5
million in 2011, representing a 2.4% decrease.

Dangdang recorded an operating loss of RMB489.3 million ($78.5 million) in the
fiscal year 2012, as compared with an operating loss of RMB284.3 million in
2011, primarily due to increased investments in fulfillment and technology, as
well as the expansion in general and administrative.

Operating loss excluding share-based compensation expenses (non-GAAP) was
RMB478.1 million ($76.7 million) in the fiscal year 2012, as compared with an
operating loss excluding share-based compensation expenses (non-GAAP) of
RMB272.9 million in 2011.

Net loss was RMB443.9 million ($71.2 million), as compared with a net loss of
RMB228.5 million in 2011, primarily due to the increased investments in
fulfillment, technology and general and administrative.

Net margin was negative 8.5%, as compared with a net margin negative 6.3% in
2011.

Net loss excluding share-based compensation expenses (non-GAAP) was RMB432.7
million ($69.4 million), as compared with a net loss excluding share-based
compensation expenses (non-GAAP) of RMB217.0 million in 2011.

Full year capital expenditures were RMB133.0 million ($21.3 million).

Outlook for First Quarter 2013

Dangdang expects its total net revenues and the GMV from marketplace in the
first quarter of 2013 to be around RMB1, 300 million and RMB549 million,
representing year-over-year growth of around 20% and 175% respectively. This
forecast reflects Dangdang's current and preliminary view, which is subject to
change.

Conference Call Information

Dangdang's management will host an earnings conference call at 8:00 AM on
March 7, 2013 U.S. Eastern Time (or 9:00 PM on March 7, 2013 Beijing/Hong Kong
time).

Dial-in details for the earnings conference call are as follows:

US:            +1-718-354-1231
Hong Kong:     +852-2475-0994
International: +65-6723-9381

Please dial-in 10 minutes before the call is scheduled to begin and provide
the passcode to join the call. The passcode is "Dangdang earnings call."

A replay of the conference call may be accessed by phone at the following
number until March 13, 2013:

International: +61 2 8199 0299
Passcode:      16475788

Additionally, a live and archived webcast of this conference call will be
available at http://ir.dangdang.com/ until September 30, 2013.

About Dangdang

E-Commerce China Dangdang Inc. ("Dangdang" or the "Company") (NYSE: DANG) is a
leading business-to-consumer e-commerce company in China. On its website
dangdang.com, the Company offers more than 900,000 books and other media
products as well as selected general merchandise products including beauty and
personal care products, home and lifestyle products, baby, children and
maternity products, apparel, digital and electronics products. It also
operates the dangdang.com marketplace program, which allows third-party
merchants to sell their products alongside products sourced by the Company.
Dangdang's nationwide fulfillment and delivery capabilities, high-quality
customer service support and scalable technology infrastructure enable it to
provide a compelling online shopping experience to customers.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "confident" and similar
statements. Among other things, the outlook for the first quarter 2013 and
quotations from management in this announcement, as well as Dangdang's
strategic and operational plans, contain forward-looking statements. Dangdang
may also make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission, in its annual report
to shareholders, in press releases and other written materials and in oral
statements made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements about
Dangdang's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number
of factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not limited to the
following: Dangdang's growth strategies; its future business development,
results of operations and financial condition; its ability to attract and
retain new customers and to increase revenues generated from repeat customers;
its expectations regarding demand for and market acceptance of our products
and services; trends and competition in China's business-to-consumer
e-commerce market; changes in its revenues and certain cost or expense items;
the expected growth of the Chinese business-to-consumer e-commerce market;
Chinese governmental policies relating to Dangdang's industry and general
economic conditions in China. Further information regarding these and other
risks is included in Dangdang's annual report on Form 20-F and other documents
filed with the Securities and Exchange Commission. Dangdang does not undertake
any obligation to update any forward-looking statement, except as required
under applicable law. All information provided in this press release and in
the attachments is as of the date of this press release, and Dangdang
undertakes no duty to update such information, except as required under
applicable law.

About Non-GAAP Financial Measures

Tosupplement Dangdang's consolidated financial results presented in
accordance with United States Generally Accepted Accounting Principles
("GAAP"), we use the following measures as the non-GAAP financial measures
defined by the SEC: non-GAAP operating loss, non-GAAP operating margin,
non-GAAP net loss and adjusted EBITDA loss (collectively referred to as the
"Non-GAAP Financial Measures" thereafter). We define non-GAAP operating loss,
non-GAAP operating margin and non-GAAP net loss asoperating loss, operating
margin and net loss excludingthe impact of share-based compensation expenses
respectively; we define adjusted EBITDA loss as loss before interest, taxes,
depreciation, amortization, other non-operating income, and share-based
compensation expenses. We review the Non-GAAP Financial Measures together with
net loss or income to obtain a better understandingof our operating
performance. We believe that these Non-GAAP Financial Measures provide
meaningful supplemental information regarding the Company's performance and
liquidity. However, a limitation of using the Non-GAAP Financial Measures as
an analytical tool is that they do not include all items that impact our net
loss for the period. In addition, because they are not calculated in the same
manner by all companies, they may not be comparable to other similar titled
measures used by other companies. In light of the foregoing limitations, you
should not consider the Non-GAAP Financial Measures in isolation from or as an
alternative to net income/loss prepared in accordance with U.S. GAAP.

For information on the reconciliation between the Non-GAAP Financial Measures
andthe GAAP financial measures presented in accordance with U.S. GAAP for the
periods presented, please see the table captioned "Reconciliations of non-GAAP
results of operations measures to the nearest comparable GAAP financial
measures" at the end of this release.

For investor and media inquiries, please contact:

Maria Xin
Investor Relations Director
E-commerce China Dangdang Inc.
+86-10-5799-2306
xinyi@dangdang.com

Caroline Straathof
IR Inside
+31-6-54624301
info@irinside.com





E-Commerce China Dangdang Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 
(In thousands, except share related data)
                             AsofDecember31,2011  AsofDecember31,2012
                             RMB                      RMB         US$
                             (Audited)                (Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents    192,962                  432,703     69,454
Restricted cash              -                        709,417     113,869
Time deposits with original
maturities exceeding three   1,178,839                492,445     79,043
months
Held-to-maturity investments 20,000                   -           -
Inventories                  1,583,283                1,485,579   238,452
Accounts receivable, net     67,369                   56,610      9,087
Prepaid expenses and other
current assets (including
expenses prepaid to related
parties amounting RMB9,625   142,307                  203,294     32,631
and RMB nil (US$ nil)
as of December 31, 2011 and
December 31, 2012,
respectively)
Amounts due from related     188                      320         51
parties
Total current assets         3,184,948                3,380,368   542,587
Fixed assets, net            96,612                   121,274     19,466
Intangible assets, net       -                        44,209      7,096
Prepaid expenses and         4,182                    37,275      5,983
deposits
Total assets                 3,285,742                3,583,126   575,132
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank loans        150,000                  600,000     96,307
Accounts payable             1,485,943                1,563,787   251,005
Deferred revenue             213,230                  228,765     36,719
Accrued expenses and other   266,092                  414,776     66,576
current liabilities
Amounts due to related       12,691                   2,333       374
parties
Total current liabilities    2,127,956                2,809,661   450,981
Non-current liablities       -                        33,966      5,452
Total liabilities            2,127,956                2,843,627   456,433
Shareholders' equity:
Class A common shares (par
value of US$0.0001 per
share, 686,505,790 shares
authorized, 265,082,760 and
268,919,350 shares issued    197                      200         32
and outstanding as of
December 31, 2011 and
December 31, 2012,
respectively)
Class B common shares (par
value of US$0.0001 per
share, 313,494,210 shares
authorized, 131,916,660 and
131,916,660 shares issued    103                      103         17
and outstanding as of
December 31, 2011 and
December 31, 2012,
respectively)
Additional paid-in capital   1,825,873                1,854,127   297,608
Accumulated other            (88,336)                 (91,026)    (14,611)
comprehensive loss
Accumulated deficit          (580,051)                (1,023,905) (164,347)
Total shareholders' equity   1,157,786                739,499     118,699
Total liabilities and        3,285,742                3,583,126   575,132
shareholders' equity



E-Commerce China Dangdang Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, except share related data)


                                                                    Three Months Ended           Twelve Months Ended
                                                       December31,  December31,  December31,  December31,  December31,  December31,
                                                       2011          2012          2012          2011          2012          2012
                                                       RMB           RMB           US$           RMB           RMB           US$
                                                       (Unaudited)   (Unaudited)   (Unaudited)   (Audited)     (Unaudited)   (Unaudited)
Net revenues
Productrevenue                                      1,203,075     1,535,298     246,432       3,551,510     5,020,803     805,895
Media                                             719,462       934,776       150,042       2,457,423     3,252,511     522,064
Generalmerchandise                               483,613       600,522       96,390        1,094,087     1,768,292     283,831
Other revenue                                        28,677        79,526        12,765        67,462        173,006       27,769
Total net revenues                                     1,231,752     1,614,824     259,197       3,618,972     5,193,809     833,664
Cost of revenues                                       (1,102,840)   (1,398,792)   (224,521)     (3,118,365)   (4,469,455)   (717,397)
Gross profit                                          128,912       216,032       34,676        500,607       724,354       116,267
Operating expenses:
Fulfillment                                         (155,425)     (194,240)     (31,179)      (474,506)     (736,191)     (118,167)
Marketing                                           (68,724)      (84,242)      (13,522)      (150,313)     (195,938)     (31,450)
Technologyandcontent                              (29,241)      (41,600)      (6,677)       (89,616)      (153,267)     (24,601)
Generalandadministrative                          (30,613)      (46,679)      (7,492)       (84,113)      (137,473)     (22,066)
Government grants                                    6,128         (574)         (92)          13,603        9,216         1,479
Totaloperatingexpenses,net                          (277,875)     (367,335)     (58,962)      (784,945)     (1,213,653)   (194,805)
Loss from operations                                   (148,963)     (151,303)     (24,286)      (284,338)     (489,299)     (78,538)
Interest income                                        7,179         7,030         1,128         26,347        31,092        4,991
Other income, net                                      13,310        22,184        3,561         53,830        14,356        2,304
Loss before income taxes                               (128,474)     (122,089)     (19,597)      (204,161)     (443,851)     (71,243)
Income tax expenses                                    (1,324)       -             -             (24,326)      -             -
Net loss                                               (129,798)     (122,089)     (19,597)      (228,487)     (443,851)     (71,243)
Netlossattributabletocommonshareholders           (129,798)     (122,089)     (19,597)      (228,487)     (443,851)     (71,243)
Net loss per common share
- Basic      (0.33)        (0.30)        (0.05)        (0.58)        (1.11)        (0.18)
- Diluted    (0.33)        (0.30)        (0.05)        (0.58)        (1.11)        (0.18)
Net loss per ADS
- Basic      (1.65)        (1.52)        (0.24)        (2.90)        (5.55)        (0.89)
- Diluted    (1.65)        (1.52)        (0.24)        (2.90)        (5.55)        (0.89)
Netlossallocatedtocommonshareholdersused in net
loss per share/ADS calculation
- Basic      (129,798)     (122,089)     (19,597)      (228,487)     (443,851)     (71,243)
- Diluted    (129,798)     (122,089)     (19,597)      (228,487)     (443,851)     (71,243)
Sharesusedinnetlosspercommonsharecomputation:
Class A common shares:
- Basic      264,681,724   268,905,513   268,905,513   188,572,218   267,707,132   267,707,132
- Diluted    396,598,384   400,822,173   400,822,173   394,059,092   399,623,792   399,623,792
Class B common shares:
- Basic      131,916,660   131,916,660   131,916,660   205,486,874   131,916,660   131,916,660
- Diluted    131,916,660   131,916,660   131,916,660   205,486,874   131,916,660   131,916,660
ADSs used in net loss per ADS calculation
- Basic      79,319,677    80,164,435    80,164,435    78,811,818    79,924,758    79,924,758
- Diluted    79,319,677    80,164,435    80,164,435    78,811,818    79,924,758    79,924,758
Other comprehensive loss
Foreign currency translation adjustment, net of      (13,886)      (12,393)      (1,989)       (66,198)      (2,690)       (432)
taxes
Comprehensivelossattributabletocommonshareholders (143,684)     (134,482)     (21,586)      (294,685)     (446,541)     (71,675)



Share-based compensation
(In thousands, except share related data)
               Three Months Ended                     Twelve Months Ended
               December     December    December      December   December    December
               31,          31,         31,           31,        31,         31,
               2011         2012        2012          2011       2012        2012
               RMB          RMB         US$           RMB        RMB         US$
               (Unaudited)  (Unaudited) (Unaudited)   (Audited)  (Unaudited) (Unaudited)
Share-based compensation
expenses included are as
follows:
Operating
expenses:
 Fulfillment  939          484         78            1,491      1,922       309
 Marketing    155          83          13            300        332         53
 Technology   638          271         44            1,372      1,015       163
and content
 General and  2,406        1,990       319           8,294      7,918       1,271
administrative
Total          4,138        2,828       454           11,457     11,187      1,796
(1) This announcement contains translations of certain RMB amounts into U.S. dollars at
specified rates solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to
U.S. dollars are made at a rate of RMB6.2301 to US$1.00, the noon buying rate on Dec 31,
2012 in The City of New York for cable transfers of RMB as certified for customs
purposes by the Federal
Reserve Bank of New York.
(2) Each ADS represents five common shares of the Company.



Non-GAAP operating loss, operating margin and net loss
(In thousands)
             Three Months Ended                    Twelve Months Ended
             December     December    December     December     December    December
             31,          31,         31,          31,          31,         31,
             2011         2012        2012         2011         2012        2012
             RMB          RMB         US$          RMB          RMB         US$
             (Unaudited)  (Unaudited) (Unaudited)  (Unaudited)  (Unaudited) (Unaudited)
Loss from    (148,963)    (151,303)   (24,286)     (284,338)    (489,299)   (78,538)
operations
Share-based
compensation 4,138        2,828       454          11,457       11,187      1,796
expenses
Non-GAAP
operating    (144,825)    (148,475)   (23,832)     (272,881)    (478,112)   (76,742)
loss
Operating    -12.1%       -9.4%       -9.4%        -7.9%        -9.4%       -9.4%
margin
Share-based
compensation 0.3%         0.2%        0.2%         0.3%         0.2%        0.2%
expenses
Non-GAAP
operating    -11.8%       -9.2%       -9.2%        -7.6%        -9.2%       -9.2%
margin
Net loss     (129,798)    (122,089)   (19,597)     (228,487)    (443,851)   (71,243)
Share-based
compensation 4,138        2,828       454          11,457       11,187      1,796
expenses
Non-GAAP net (125,660)    (119,261)   (19,143)     (217,030)    (432,664)   (69,447)
loss



Adjusted EBITDA
(In thousands)
                                    Three Months Ended                       Twelve Months Ended
                                    December31,  December31, December31,  December31,  December31, December31,
                                    2011          2012         2012          2011          2012         2012
                                    RMB           RMB          US$           RMB           RMB          US$
                                    (Unaudited)   (Unaudited)  (Unaudited)   (Unaudited)   (Unaudited)  (Unaudited)
Loss from operations                (148,963)     (151,303)    (24,286)      (284,338)     (489,299)    (78,538)
Add back:
Depreciation and                   5,095         11,035       1,771         24,870        41,759       6,703
amortization
Share-basedcompensationexpenses 4,138         2,828        454           11,457        11,187       1,796
Adjusted EBITDA                    (139,730)     (137,440)    (22,061)      (248,011)     (436,353)    (70,039)



SOURCE E-commerce China Dangdang Inc.
 
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