SINA Reports Fourth Quarter and Fiscal Year 2007 Financial Results

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SINA Reports Fourth Quarter and Fiscal Year 2007 Financial Results

SHANGHAI, China, Feb. 20 /Xinhua-PRNewswire/ -- SINA Corporation (Nasdaq: SINA), a leading online media company and mobile value-added service (MVAS) provider for China and for the global Chinese communities, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2007.

    Fourth Quarter 2007 Highlights
    -- Net revenues increased 25% year-over-year and 10% quarter-over-quarter
       to $70.7 million, exceeding the Company's previous guidance between
       $68.0 million and $70.0 million.
    -- Advertising revenues grew 40% year-over-year and 9% quarter-over-
       quarter to $50.1 million, exceeding the Company's previous guidance
       between $49.0 million and $50.0 million.
    -- Non-advertising revenues decreased 1% year-over-year and increased 11%
       quarter-over-quarter to $20.6 million, exceeding the Company's previous
       guidance between $19.0 million and $20.0 million.
    -- GAAP net income increased 49% year-over-year to $17.5 million. Diluted
       net income per share was $0.29, compared to $0.20 for the same period
       last year.
    -- Non-GAAP(1) net income increased 35% year-over-year to $20.5 million.
       Non-GAAP diluted net income per share was $0.34, compared to $0.26 for
       the same period last year.

       (1) Non-GAAP measures are disclosed below and reconciled to the
           corresponding GAAP measures in the section below titled
           "Reconciliation of Non-GAAP to GAAP Results."

    Fiscal 2007 Highlights
    -- Net revenues increased 16% year-over-year to $246.1 million.
    -- Advertising revenues grew 41% year-over-year to $168.9 million.
    -- Non-advertising revenues decreased 17% year-over-year to $77.2 million.
    -- GAAP net income increased 45% year-over year to $57.7 million. Diluted
       net income per share was $0.97, compared to $0.69 for fiscal 2006.
    -- Non-GAAP net income increased 30% year-over-year to $67.1 million.
       Non-GAAP diluted net income per share was $1.12, compared to $0.88 for
       fiscal 2006.

"We are pleased to report another quarter of solid results with record revenues and earnings. Our advertising business continues to be strong and for the first time in the last two years we saw a quarter-over-quarter increase in our mobile value-added service business," said Charles Chao, CEO of SINA. "Our relentless pursuit for content and product excellence has paid off as we saw another year of strong advertising growth. With our mobile business showing signs of stabilization and our advertising business continuing to experience strong momentum, I believe SINA is well positioned to take advantage of the robust Chinese Internet market."

Financial Results

For the fourth quarter of 2007, SINA reported net revenues of $70.7 million, compared to $56.4 million in the same period in fiscal 2006 and $64.3 million for the third quarter of 2007. Advertising revenues for the fourth quarter of 2007 totaled $50.1 million, representing a 40% increase from the same period last year and a 9% increase from last quarter. The growth in advertising came mainly from China, which recorded advertising revenues of $49.1 million for the fourth quarter of 2007, representing an increase of 41% from the same period last year and 10% sequentially. Advertising revenues in the fourth quarter of 2007 represented 71% of total revenues, up from 63% in the same period last year.

Non-advertising revenues for the fourth quarter of 2007 totaled $20.6 million, a 1% decrease from the same period in 2006 and an 11% increase over the previous quarter. MVAS revenues amounted to $18.6 million for the fourth quarter of 2007, representing a 3% decline from the same period in 2006 and a 12% increase quarter over quarter.

For fiscal 2007, SINA reported net revenues of $246.1 million, compared to $212.9 million in 2006. Advertising revenues for fiscal 2007 totaled $168.9 million, an increase of 41% from 2006. The growth in advertising came mostly from China, which generated $165.2 million in advertising revenues for fiscal 2007, representing a year-over-year growth of 41%. Non-advertising revenues for fiscal 2007 amounted to $77.2 million, a decrease of 17% from 2006. The decline in non-advertising revenues came mostly from MVAS, which generated $70.5 million in revenues for fiscal 2007, representing an 18% year-over-year decline.

Gross margin for the fourth quarter of 2007 was 62%, flat over the same period last year and last quarter. Advertising gross margin for the fourth quarter of 2007 was 64%, compared to 65% in the same period last year and flat over the previous quarter. Non-GAAP advertising gross margin for the fourth quarter of 2007 was 65%, compared to 66% in the same period last year and flat over last quarter.

MVAS gross margin for the fourth quarter of 2007 was 56%, compared to 61% for the same period in 2006 and flat over last quarter. The year-over-year decline in MVAS gross margin was primarily due to lower MVAS revenues and increased content and channel costs.

Gross margin for fiscal 2007 was 62%, down from 63% for fiscal 2006. Advertising gross margin for fiscal 2007 was 62%, compared to 65% for fiscal 2006. Non-GAAP advertising gross margin was 63% for fiscal 2007, compared to 66% in fiscal 2006. The year-over-year decline in advertising gross margin can be mostly attributed to increased costs associated with bandwidth and content. MVAS gross margin for fiscal 2007 was 58%, compared to 60% in the prior year. The decrease in MVAS gross margin was primarily related to lower MVAS revenues without a proportionate decrease in related content and channel costs.

Operating expenses for the fourth quarter of 2007 totaled $28.3 million, an increase of 15% from the same period last year and 14% from last quarter. Non-GAAP operating expenses were $25.8 million for the fourth quarter of 2007, an increase of 15% from the fourth quarter of 2006 and 12% from last quarter. The increase was mainly due to increased marketing expenses related to corporate branding and MVAS business.

Operating expenses for fiscal 2007 were $100.4 million, a 2% increase from fiscal 2006. Non-GAAP operating expenses were $92.3 million for 2007, an increase of 4% from fiscal 2006.

Net income for the fourth quarter of 2007 was $17.5 million, an increase of 49% from the same period last year and 2% from last quarter. Diluted net income per share for the fourth quarter of 2007 was $0.29, compared to $0.20 in the same period last year and $0.28 last quarter. Non-GAAP net income was $20.5 million for the fourth quarter of 2007, an increase of 35% from the same period last year and 7% from the previous quarter. Non-GAAP diluted net income per share for the fourth quarter of 2007 was $0.34, compared to $0.26 in the same period last year and $0.32 last quarter.

Net income for fiscal 2007 totaled $57.7 million or $0.97 diluted net income per share, compared to $39.9 million or $0.69 diluted net income per share for fiscal 2006. Non-GAAP net income was $67.1 million for fiscal 2007 or $1.12 non-GAAP diluted net income per share, compared to $51.6 million or $0.88 for fiscal 2006.

As of December 31, 2007, SINA's cash, cash equivalents and short-term investments totaled $478.0 million, compared to $362.8 million and $439.4 million as of December 31, 2006 and September 30, 2007, respectively. Cash flow from operating activities for the fourth quarter of 2007 was $31.9 million, compared to $14.9 million for the same period last year and $19.6 for last quarter. For fiscal 2007, cash flow from operating activities was $89.1 million, compared to $63.1 million for fiscal 2006.

Management Promotion

The Company announced today that Hong Du, Senior Vice President, Sales & Marketing, has been promoted to Chief Operating Officer. Ms. Du has been with the Company since 1999 and has held other positions within the Company, including Vice President, Sales and Vice President, Sales & Marketing.

Business Outlook

The Company estimates that its total revenues for the first quarter of 2008 will be between $66 million and $68 million, with advertising revenues to be between $45 million and $46 million and non-advertising revenues to be between $21 million and $22 million.

Excluding any new shares that may be granted, the Company estimates its stock-based compensation for the first quarter of 2008 to be between $3.5 million to $4.0 million.

Based on the Company's current understanding of the new Chinese Enterprise Income Tax Regulation (EIT), which became effective starting January 1, 2008, the Company estimates its effective tax rate for 2008 at this time to be between 14% and 25%. There are currently divergent views on how the new EIT will be implemented. The Company's ultimate applicable effective tax rate will depend on many factors, including whether certain of its legal entities will receive a renewal of their high tech status under the new EIT and how dividend taxation rules will be applied.

Non-GAAP Measures

This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of the Company's performance, should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures.

Reconciliations of the Company's non-GAAP measures to the nearest GAAP measures are set forth in the section below titled "Reconciliation of Non-GAAP to GAAP Results." These non-GAAP measures include non-GAAP gross profit, non- GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP diluted net income per share and non-GAAP advertising gross margin.

The Company's management uses non-GAAP financial measures to gain an understanding of the Company's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects. The Company's non-GAAP financial measures exclude certain special items, including stock-based compensation charge, amortization of intangible assets, amortization of convertible debt issuance costs, gain and loss on the sale of business and investment, gain and loss on investment, and write-off of prepaid license fee from its internal financial statements for purposes of its internal budgets. Non-GAAP financial measures are used by the Company's management in their financial and operating decision-making, because management believes they reflect the Company's ongoing business in a manner that allows meaningful period-to-period comparisons. The Company's management believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: 1) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose, and 2) in comparing in a consistent manner the Company's current financial results with the Company's past financial results. The Company's management further believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains and losses (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of its core operating results and business outlook.

The Company's management believes excluding stock-based compensation from its non-GAAP financial measures is useful for itself and investors as such expense will not result in future cash payment and is otherwise unrelated to the Company's core operating results.

The Company's management believes excluding the non-cash amortization expense of intangible assets resulting from business acquisitions from its non-GAAP financial measures of operating expenses, income from operations and net income and excluding the non-cash amortization expense of intangible assets resulting from equity-method investments from its non-GAAP financial measure of net income are useful for itself and investors because they enable a more meaningful comparison of the Company's cash performance between reporting periods. In addition, such charges will not result in cash settlement in the future.

The Company's management believes excluding non-cash amortization expense of issuance cost relating to convertible bonds from its non-GAAP financial measure of net income is useful for itself and investors as such expense does not have any impact on cash earnings.

The Company's management believes excluding gain and loss on the sale of business and investment and gain and loss on investment from its non-GAAP financial measure of net income is useful for itself and investors because such gain and loss are not indicative of the Company's core operating results.

The Company's management believes excluding the non-cash write off of prepaid license fees from its non-GAAP financial measures is useful for itself and investors as such expense does not impact cash earnings and is not indicative of the Company's core operating results and business outlook.

The non-GAAP financial measures have limitations. They do not include all items of income and expense that affect the Company's operations. Specifically, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to the Company. Management compensates for these limitations by also considering the Company's financial results as determined in accordance with GAAP.

Conference Call

SINA will host a conference call at 8:00 p.m. Eastern Time on February 20, 2008 to present an overview of the Company's financial performance and business operations. A live Webcast of the call will be available from 8:00 p.m. - 9:00 p.m. ET on Wednesday, February 20, 2008 (9:00 a.m. - 10:00 a.m. Beijing Time on February 21, 2008). The call can be accessed through the Company's corporate web site at http://corp.sina.com . A dial-in to the conference is also available. The number is +1-617-801-9702 and the pass code is 25546372. A replay of the conference call will be available through February 27, 2008 at midnight eastern time. The dial-in number is +1-617-801- 6888. The pass code for the replay is 32717837.

About SINA

SINA Corporation (Nasdaq: SINA) is a leading online media company and mobile value-added service provider for China and for global Chinese communities. With a branded network of localized web sites targeting Greater China and overseas Chinese, the Company provides services through five major business lines including SINA.com (online news and content), SINA Mobile (mobile value-added services or "MVAS"), SINA Community (Web 2.0-based services and games), SINA.net (search and enterprise services) and SINA E- Commerce (online shopping). Together these business lines provide an array of services including region-focused online portals, MVAS, search and directory, interest-based and community-building channels, free and premium email, blog services, audio and video streaming, online games, classified listings, fee- based services, e-commerce and enterprise e-solutions.

Safe Harbor Statement

This announcement contains forward-looking statements that relate to, among other things, SINA's expected financial performance (as described without limitation in the "Business Outlook" section and in quotations from management in this press release) and SINA's strategic and operational plans. SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in its proxy statements, in its offering circulars and prospectuses, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. SINA assumes no obligation to update the forward-looking statements in this release and elsewhere. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, SINA's limited operating history, the uncertain regulatory landscape in the People's Republic of China, including how the new EIT will be implemented, the changes by mobile operators in China to their policies for MVAS, the Company's ability to develop and market other MVAS products, fluctuations in quarterly operating results, the Company's reliance on online advertising sales and MVAS for a majority of its revenues, the Company's reliance on mobile operators in China to provide MVAS, any failure to successfully develop and introduce new products and any failure to successfully integrate acquired businesses. Further information regarding these and other risks is included in SINA's Annual Report on Form 10-K for the year ended December 31, 2006 and its other filings with the Securities and Exchange Commission.

    For more information, please contact:

     Cathy Peng
     SINA Corporation
     Tel:   +8610-8262-8888 x3112
     Email: ir@staff.sina.com.cn

     Tyler Wilson
     The Ruth Group
     Tel:   1-646-536-7018
     Email: twilson@theruthgroup.com




                                 SINA CORPORATION
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (U.S. Dollar in thousands, except per share data)

                                   Three months ended      Twelve months ended
                                  December 31, September 30,   December 31,
                                 2007     2006     2007       2007      2006
    Net revenues:
        Advertising             $50,130  $35,735  $45,830   $168,926  $120,067
        Non-advertising          20,559   20,670   18,519     77,201    92,787
                                 70,689   56,405   64,349    246,127   212,854
    Cost of revenues:
        Advertising  (a)         18,017   12,581   16,614     63,466    42,529
        Non-advertising           8,735    9,076    7,851     31,236    36,881
                                 26,752   21,657   24,465     94,702    79,410
    Gross profit                 43,937   34,748   39,884    151,425   133,444

    Operating expenses:
        Sales and marketing (a)  15,198   12,460   12,276     50,555    49,972
        Product development (a)   5,905    4,888    5,905     21,942    19,573
        General and
         administrative (a)       6,903    6,756    6,291     26,738    27,172
        Amortization of
         intangibles                258      415      257      1,176     1,820
                                 28,264   24,519   24,729    100,411    98,537
    Income from operations       15,673   10,229   15,155     51,014    34,907

    Non-operating income:
       Interest and other
        income, net               3,748    2,441    3,734     12,731     8,549
       Gain on sale of business
        and investments, net         --      373       --        830     2,033
       Gain (loss) on
        investment in Tidetime
        Sun                          --      123       --         --      (147)
       Share of loss of equity
        investments                  --       --       --         --      (690)
       Amortization of
        convertible debt
        issuance cost                --     (171)      --       (342)     (685)
                                  3,748    2,766    3,734     13,219     9,060

    Income before income taxes   19,421   12,995   18,889     64,233    43,967
    Provision for income taxes   (1,910)  (1,273)  (1,735)    (6,504)   (4,051)

    Net income                  $17,511  $11,722  $17,154    $57,729   $39,916


    Basic net income per share    $0.32    $0.22    $0.31      $1.05     $0.74
    Diluted net income per
     share                        $0.29    $0.20    $0.28      $0.97     $0.69

    Shares used in computing
     basic
      net income per share       55,477   54,103   55,304     55,038    53,696
    Shares used in computing
     diluted
       net income per share      60,545   58,780   60,210     60,020    58,549

    Net income used for diluted
     net income
      per share calculation:
    Net income                  $17,511  $11,722  $17,154    $57,729   $39,916
    Amortization of convertible
     debt issuance cost              --      171       --        342       685
                                $17,511  $11,893  $17,154    $58,071   $40,601


    (a) Stock-based
        compensation included
        under SFAS 123R was as
        follows:
          Cost of revenues -
           advertising             $543     $475     $341     $1,788    $1,743
          Sales and marketing       350      366      211      1,234     1,511
          Product development       352      491      356      1,593     1,808
          General and
           administrative         1,515      897      816      4,097     4,412



                            SINA CORPORATION
               RECONCILIATION OF NON-GAAP TO GAAP RESULTS
            (U.S. Dollar in thousands, except per share data)

                                                  Three months ended
                                                   December 31, 2007
                                                                     Non-GAAP
                                          Actual  Adjustments        Results

                                                       543    (a)
    Gross profit                          $43,937     $543           $44,480

                                                    (2,217)   (a)
                                                      (258)   (b)
    Operating expenses                    $28,264  $(2,475)          $25,789

                                                     2,760    (a)
                                                       258    (b)
    Income from operations                $15,673   $3,018           $18,691

                                                     2,760    (a)
                                                       258    (b)
    Net income                            $17,511   $3,018           $20,529

    Diluted net income per share            $0.29                      $0.34

    Shares used in computing diluted
     net income per share                  60,545                     60,545

    Net income used in computing diluted
     net income per share:
    Net income                            $17,511                    $20,529
    Amortization of convertible debt
     issuance costs                            --                         --
                                          $17,511                    $20,529

    Gross margin - advertising                64%       1%               65%




                                                  Three months ended
                                                  December 31, 2006
                                                                     Non-GAAP
                                            Actual   Adjustments     Results

                                                           475 (a)
                                                         1,113 (f)
    Gross profit                            $34,748     $1,588       $36,336

                                                        (1,754)(a)
                                                          (415)(b)
    Operating expenses                      $24,519    $(2,169)      $22,350

                                                         2,229 (a)
                                                         1,113 (f)
                                                           415 (b)
    Income from operations                  $10,229     $3,757       $13,986

                                                         2,229 (a)
                                                         1,113 (f)
                                                           415 (b)
                                                           171 (c)
                                                          (373)(d)
                                                          (123)(e)
    Net income                              $11,722     $3,432       $15,154


    Diluted net income per share              $0.20                    $0.26

    Shares used in computing diluted
     net income per share                    58,780                   58,780

    Net income used in computing diluted
     net income per share:
    Net income                              $11,722                  $15,154
    Amortization of convertible debt
     issuance costs                             171                       --
                                            $11,893                  $15,154

    Gross margin - advertising                  65%         1%           66%



                                                  Three months ended
                                                  September 30, 2007
                                                                     Non-GAAP
                                           Actual    Adjustments     Results

                                                           341 (a)
    Gross profit                            $39,884       $341       $40,225

                                                        (1,383)(a)
                                                          (257)(b)
    Operating expenses                      $24,729    $(1,640)      $23,089

                                                         1,724 (a)
                                                           257 (b)
    Income from operations                  $15,155     $1,981       $17,136

                                                         1,724 (a)
                                                           257 (b)
    Net income                              $17,154     $1,981       $19,135

    Diluted net income per share              $0.28                    $0.32

    Shares used in computing diluted
     net income per share                    60,210                   60,210

    Net income used in computing diluted
     net income per share:
    Net income                              $17,154                  $19,135
    Amortization of convertible debt
     issuance costs                              --                       --
                                            $17,154                  $19,135

    Gross margin - advertising                  64%         1%           65%



                                                   Twelve months ended
                                                    December 31, 2007
                                                                     Non-GAAP
                                             Actual  Adjustments     Results

                                                        1,788  (a)
    Gross profit                            $151,425   $1,788        $153,213

                                                       (6,924) (a)
                                                       (1,176) (b)
    Operating expenses                      $100,411  $(8,100)        $92,311

                                                        8,712  (a)
                                                        1,176  (b)
    Income from operations                   $51,014   $9,888         $60,902

                                                        8,712  (a)
                                                        1,176  (b)
                                                          342  (c)
                                                         (830) (d)
    Net income                               $57,729   $9,400         $67,129


    Diluted net income per share               $0.97                    $1.12

    Shares used in computing diluted
     net income per share                     60,020                   60,020

    Net income used in computing diluted
     net income per share:
    Net income                               $57,729                  $67,129
    Amortization of convertible debt
     issuance costs                              342                       --
                                             $58,071                  $67,129

    Gross margin - advertising                   62%       1%             63%




                                            Twelve months ended
                                             December 31, 2007
                                                                    Non-GAAP
                                    Actual       Adjustments        Results


                                                     1,788 (a)
    Gross profit                   $151,425         $1,788          $153,213

                                                    (6,924)(a)
                                                    (1,176)(b)
    Operating expenses             $100,411        $(8,100)          $92,311

                                                     8,712 (a)
                                                     1,176 (b)
    Income from operations          $51,014         $9,888           $60,902

                                                     8,712 (a)
                                                     1,176 (b)
                                                       342 (c)
                                                      (830)(d)
    Net income                      $57,729         $9,400           $67,129

    Diluted net income per
     share                            $0.97                            $1.12

    Shares used in computing
     diluted net income per share    60,020                           60,020

    Net income used in
     computing diluted
     net income per share:
    Net income                      $57,729                          $67,129
    Amortization of convertible
     debt issuance costs                342                               --
                                    $58,071                          $67,129

    Gross margin - advertising          62%             1%               63%



                                            Twelve months ended
                                             December 31, 2006
                                                                    Non-GAAP
                                    Actual       Adjustments        Results

                                                     1,743 (a)
                                                     1,113 (f)
    Gross profit                   $133,444         $2,856          $136,300

                                                    (7,731)(a)
                                                    (1,820)(b)
    Operating expenses              $98,537        $(9,551)          $88,986

                                                     9,474 (a)
                                                     1,113 (f)
                                                     1,820 (b)
    Income from operations          $34,907        $12,407           $47,314

                                                     9,474 (a)
                                                     1,113 (f)
                                                     1,820 (b)
                                                       685 (c)
                                                    (2,033)(d)
                                                       147 (e)
                                                       499 (b)
    Net income                      $39,916        $11,705           $51,621

    Diluted net income per
     share                            $0.69                            $0.88

    Shares used in computing
     diluted net income per share    58,549                           58,549

    Net income used in
     computing diluted
     net income per share:
    Net income                      $39,916                          $51,621
    Amortization of convertible
     debt issuance costs                685                               --
                                    $40,601                          $51,621

    Gross margin - advertising          65%             1%               66%


     (a)  To adjust stock-based compensation charges
     (b)  To adjust  amortization of intangible assets
     (c)  To adjust amortization of convertible debt issuance cost
     (d)  To adjust gain on the sale of business and investments
     (e)  To adjust (gain) loss on investment in Tidetime Sun
     (f)  To adjust a write-off of prepaid license fee



                                 SINA CORPORATION
                          UNAUDITED SEGMENT INFORMATION
                            (U.S. Dollar in thousands)

                                   Three months ended      Twelve months ended
                                  December 31, September 30,   December 31,
                                 2007     2006     2007       2007      2006

    Net revenues
        Advertising             $50,130  $35,735  $45,830   $168,926  $120,067
        Mobile related           18,635   19,304   16,601     70,489    86,257
        Others                    1,924    1,366    1,918      6,712     6,530
                                $70,689  $56,405  $64,349   $246,127  $212,854

    Cost of revenues
        Advertising             $18,017  $12,581  $16,614    $63,466   $42,529
        Mobile related            8,111    7,617    7,328     29,339    34,255
        Others                      624    1,459      523      1,897     2,626
                                $26,752  $21,657  $24,465    $94,702   $79,410



                                 SINA CORPORATION
                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                            (U.S. Dollar in thousands)

                                                 December 31,      December 31,
                                                     2007              2006
                              Assets
       Current assets:
           Cash and cash equivalents               $271,666          $163,177
           Short -term investments                  206,333           199,574
           Accounts receivable, net                  56,719            45,031
           Other current assets                       8,840            10,330
                 Total current assets               543,558           418,112

       Property and equipment, net                   26,846            27,101
       Goodwill and intangible assets, net           89,358            90,534
       Other assets                                   2,501             3,062
       Total assets                                $662,263          $538,809

               Liabilities and Shareholders' Equity
       Current liabilities:
           Accounts payable                            $940            $1,614
           Accrued liabilities                       56,931            41,993
           Income taxes payable                       9,079             7,389
           Convertible debt                          99,000           100,000
                Total current liabilities           165,950           150,996

       Other long-term liabilities                    1,337                --
                Total liabilities                   167,287           150,996

       Shareholders' equity                         494,976           387,813

       Total liabilities and shareholders'
        equity                                     $662,263          $538,809


SOURCE  SINA Corporation
    -0-                   02/20/2008
    /CONTACT:  Cathy Peng of SINA Corporation, +86-10-8262-8888 x3112, or
ir@staff.sina.com.cn; or Tyler Wilson of The Ruth Group, +1-646-536-7018, or
twilson@theruthgroup.com, for SINA /
    /Web Site: http://corp.sina.com /
    (SINA)

CO:  SINA Corporation
ST:  China
IN:  CPR MLM TLS MEN
SU:  ASI ERN CCA






JH
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8375 02/20/2008 17:00 EST http://www.prnewswire.com