China Tracker - Details for Subaye (SBAY)

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Shares Outstanding (MRQ): 9.37 mill
New Shares / Dilution (TTM): 4.14 mill79.22%
New Shares / Dilution (since Dec 31, 2008): 7.76 mill479.55% 
Cash (MRQ): 7.12 mill0.00%
Account Receivables (MRQ): 9.99 mill0.00%
Account Receivables (Q/Q): -1.34 mill  
Long-Term Debt (MRQ): NO DEBT
Revenue Growth (Q/Q): 73.94% 
Revenue Growth (Y/Y): 112.43%
Net Income Growth (Q/Q): -1,032.60% 
Net Income Growth (Y/Y): -779.98%
EPS Growth (Y/Y): -479.41%
Net Margin (Q/Q): -110.4% (20.6%)-131.00% 
Net Margin (Y/Y): -110.4% (34.5%)-145.00% 
EPS | P/E (2 MRQ Projection): -$3.320.00 
CFPS | P/CF (2 MRQ Projection): -$0.930.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: currently none
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-12-23): $3.000.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2005-02-28 
Uplisting to Senior Exchange: on 2010-03-16 at $14.48 (-100.00% since Uplisting)

 Business Outlook

Recent Chain of Events:
2011-11-04 -- Last SEC Filing
2011-11-01 -- CFO Resignation
2011-06-24 -- Delisting from NASDAQ
2011-06-01 -- CFO Appointment
2011-05-20 -- CFO Resignation
2011-05-12 -- CEO Appointment
2011-05-12 -- CEO Resignation
2011-04-08 -- Trading halted by NASDAQ
2011-04-01 -- Auditor Resignation
2011-03-13 -- CFO Appointment
2011-03-10 -- CFO Resignation
2010-12-23 -- Auditor Change
2010-12-23 -- Last Quarterly/Annual Report: FY2010 ended September 30, 2010

(Source: Trading China, 2012-09-30)

On April 1, 2011, PricewaterhouseCoopers Hong Kong informed Subaye, Inc. of its resignation as the Company's independent registered public accounting firm, effective immediately. ... PwC informed the Company that it considers the matters listed below may, in further investigated (i) materially impact the fairness or reliability of the financial information for the three months ended December 31, 2010, and (ii) cause PwC to be unwilling to rely on management's representations.

The Company's failure or inability, over an extended period of time, to adequately address: PwC's inability to obtain information and/or supporting documentation to verify cash settlements from sales agents to the Company. PwC's inability to obtain information and/or supporting documentation to verify the end customer subscriptions for the Company's services or the services rendered by the Company to the end customers. Inadequate documentation to substantiate the marketing and promotion activities performed by sales agents in return for fees paid to such agents and recorded as expenses of the Company. Insufficient explanations by the Company regarding certain commonalities between certain customers and vendors, andno evidence of any business tax payments by the Company for services rendered in China.

(Source: 8-K Filing, 2011-04-07)

Subaye reaffirms guidance for fiscal year 2011 of revenue of $71.3 million and net income from continuing operations of $29.2 million. Net income guidance includes non-cash expenses totaling $12.9 million for depreciation and amortization and stock based compensation as well as $17.0 in marketing promotions costs for FY 2011. FY 2011 Adjusted EBITDA is projected to be $58.1 million for FY 2011. The expected growth in 2011 will come continued growth in our existing markets as well as contributions from new markets that we have recently entered. Using the 9.4 million shares outstanding as of December 22, 2010, earnings per share for fiscal year 2011 would be $3.12. We do not anticipate marketing promotion costs will be significant in the first half of fiscal year 2011.

Subaye's goal for 2011 is to continue to expand aggressively into the new markets in China where we are already active and depending upon our success in those markets, we will enter into additional identified markets. We have committed significant resources and spent significant capital entering these new markets. We now have to deliver the growth that should result from our spending and the allocation of our resources to these particular markets in general. We believe the demand for cloud computing products potentially represents the single most significant market opportunity of all internet-based businesses in China in the next several years. We believe we can continue to grow at a significant pace as a result of maintaining a high quality product offering in a product space and geographic area that is exhibiting signs of significant growth in the years ahead.

(Source: PR Newswire, 2010-12-23)

    see all Business Outlook notes

 Investor Presentations
2011-01-28 (PDF)   DOWNLOAD (right click, save as)
2011-01-25 (HTML)   VIEW
2010-09-13 (HTML)   VIEW
2010-04-19 (HTML)   VIEW
Media & Advertising
READ: Score Cards Explained
DETAILS: Safety/Risk Model for SBAY
Current Price:  n/a
F10k Day (2005-08-03): -100.00%$45.00
2009 Close: -100.00%$13.50
2010 Close: -100.00%$9.73
2011 Close: -100.00%$0.03
High (2012-02-17): -100.00%$0.06
Low (2012-07-25): -100.00%$0.00
Market Capitalization: n/a
Total Shares: 9.37 mill
Float: n/a
Avg Volume: 39.90 k
Short Interest: 172.80 k
Short Ratio: 2.39%4.3 d
Last Quarter: 2010-09-30
Revenue (MRQ): 15.77 mill
Net Income (MRQ): -17.42 mill
Op. Cash Flow (MRQ): -11.56 mill
all financial data provided without warranty