Hurray! News

Hurray! Reports Fourth Quarter and Fiscal 2006 Unaudited Financial Results

BEIJING, March 8, 2007 /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 fourth quarter and fiscal year ended December 31, 2006.

FINANCIAL HIGHLIGHTS:

Highlights for Fourth Quarter 2006
 Total revenues: $17.0 million, decline of 5.6% quarter-over-quarter and growth of 6.3% year-over-year, meeting previous guidance of $17.0 million to $18.0 million
 Wireless value-added services revenues: $15.1 million, decline of 7.8% quarter-over-quarter and growth of 11.5% year-over-year
 Software and system integration services revenues: $0.1 million, decline of 11.9% quarter-over-quarter and decline of 93.1% year-over-year
 Recorded music revenues, which are from our record label businesses: $1.8 million, growth of 18.7% quarter-over-quarter
 Net income: $1.6 million, decline of 2.7% quarter-over-quarter and decline of 47.8% year-over-year
 Adjusted EBITDA (a non-GAAP measure which is defined as earnings before interest, tax, depreciation, amortization and stock-based compensation): $1.4 million, decline of 32.1% quarter-over-quarter and decline of 48.1% year-over-year
 Diluted earnings per ADS: $0.07

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