China Yida's Q4 earnings drop due to regional floods
China Yida Holding Company (NASDAQ:CNYD) reported Thursday that its fourth quarter earnings fell 10% as revenues from its tourism business slid due to last year's China floods.
For the fourth quarter ending December 31, net income attributable to the company, which operates tourist attractions and television channels in China, fell to $5.3 million, or 26 cents per diluted share. In the year-ago period, net income was $5.9 million, or 34 cents per diluted share.
Total fourth quarter revenues dropped 15.1% year-over-year to $12.3 million due to significantly lower sales from the company's tourism business. Revenues from the tourism segment dropped 62.5% to $2.2 million. That was partially offset by an increase in revenues from the media segment, which rose 17.9% to $10.1 million.
The results fell short of the 29 cents per share earnings and $13.4 million in revenues expected by analysts.
The Hong Kong-based company said it has already repaired and re-opened its Great Golden Lake tourist attraction that was damaged by the floods and is trying to boost tourist traffic back to previous levels.
For the entire 2010, net income attributable to China Yida was $25.25 million, or $1.27 per diluted share, compared to $25.49 million, or $1.47 per diluted share, in 2009. Revenues for the year were $54.5 million, up 6.4% from $51.2 million.
At year-end, the company had $7.1 million in cash and total liabilities of $14.1 million.
China Yida's shares fell roughly 3% to trade at $7.96 as of 12:36 pm EST.
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