>SHANGHAI, May 7, 2009 /PRNewswire-Asia via COMTEX/ — Home Inns & Hotels Management Inc. (Nasdaq: HMIN), a leading economy hotel chain in China, today announced its unaudited financial results for the first quarter ended March 31, 2009. First Quarter 2009 Financial Highlights
— Total revenues for the quarter increased 49.1% year-over-year to RMB
532.2 million (US$ 77.9 million).
— Net income attributable to shareholders for the quarter was RMB 0.5
million (US$ 0.07 million), including share-based compensation expenses
of RMB 8.1 million (US$ 1.2 million), gain on buy-back of its own
convertible bonds of RMB 16.4 million (US$ 2.4 million), and RMB 0.04
million (US$ 0.01 million) foreign exchange gain. This compares to a
net loss attributable to shareholders of RMB 50.3 million in the first
quarter of 2008, which included share based compensation of RMB 4.0
million (US$ 0.6 million) and foreign exchange losses of RMB 50.0
million (US$ 7.1 million).
— Loss from operations was RMB 17.1 million (US$ 2.5 million) for the
quarter. Loss from operations excluding share-based compensation
expenses (non-GAAP) was RMB 9.0 million (US$ 1.3 million) for the
quarter. This compares with a loss from operations of RMB 7.8 million
(US$ 1.1 million) and a loss excluding share-based compensation
expenses (non-GAAP) of RMB 3.8 million (US$ 0.5 million) in the same
period of 2008. Higher depreciation and amortization costs to revenue
ratio had a negative impact on this year’s figure.
— EBITDA (non-GAAP) was RMB 68.8 million (US$ 10.1 million). Excluding
foreign exchange gain, share-based compensation expenses, and gain on
buy-back of convertible bonds, adjusted EBITDA (non-GAAP) was RMB 60.4
million (US$ 8.8 million), an increase of 49.9% year-over-year, as
EBITDA was not impacted by the depreciation and amortization costs to
revenue ratio as in the case for loss from operations.
— Diluted loss per ADS was RMB 0.39 (US$ 0.06). Adjusted diluted loss per
ADS (Non-GAAP) was RMB 0.22 (US$ 0.03). As used in this press release,
adjusted basic and diluted earnings per ADS (non-GAAP) both exclude
foreign exchange gain, share-based compensation expenses and gain on
buy-back of convertible bonds. Please refer to “Reconciliations of GAAP
and Non-GAAP Results” at the end of this press release.