Hurray! News

Hurray! Reports Second Quarter 2006 Unaudited Financial Results

BEIJING, August 17, 2006 /Xinhua-PRNewswire/ -- Hurray! Holding Co., Ltd. (Nasdaq: HRAY - News), a leader in wireless music distribution and other wireless value-added services, artist development and music production, and wireless value-added services management software in China, today announced its unaudited financial results for the second quarter ended June 30, 2006.

FINANCIAL HIGHLIGHTS:

 Record total revenues: $18.3 million, growth of 10.2% quarter-over-quarter and 22.1% year-over-year, exceeding previously reaffirmed guidance of $16.5m to $17.5m
 Record wireless value-added services revenues: $16.6 million, growth of 14.5% quarter-over-quarter and growth of 23.7% year-over-year
 Software and system integration services revenues: $0.4 million, decline of 43.0% quarter-over-quarter and 77.1% year-over-year
 Recorded music revenues, which are from the Company's new music development, production and distribution business: $1.4 million
 Net income: $1.7 million, growth of 84.9% quarter-over-quarter and decline of 66.0% year-over-year
 Adjusted EBITDA (a non-GAAP measure which is defined as earnings before interest, tax, depreciation, amortization and stock-based compensation): $2.2 million, growth of 39.5% quarter-over-quarter and decline of 58.3% year-over-year
 Diluted earnings per ADS: $0.08

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