ku6 media co ltd-spn adr (KUTV) Snapshot

Ku6 Media Co., Ltd. announced a change of members of its board of directors, effective from June 13, 2013. Mr. Robert Chiu joined Ku6 Media as a director, replacing former director Ms. Grace Wu who has resigned for personal reasons. Meanwhile, Mr. Robert Chiu was appointed to be a member of the Corporate Development and Finance Committee and the Compensation and Leadership Development Committee of the board of directors, to replace Ms. Grace Wu's positions in these two committees. Mr. Robert Chiu is currently the President of Shanda Interactive Entertainment Limited (Shanda Interactive). He also serves as the Chairman of Cloudary Corporation.

Ku6 Media Co., Ltd. announced that Mr. Fang Du has joined the company to replace Mr. Jeff Shi as the Chief Executive Officer. Mr. Fang Du joined Zhe Jiang TV in 1994 and previously served as its Deputy Director and Chief of Program Center since 2005. Mr. Du has almost 20 years experience in television program planning and production.

Ku6 Media Co., Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported total revenues of $3,068,000 compared to $4,680,000 a year ago. The company generates substantially all of its revenues from online advertising, primarily through an advertising agency agreement with Shengyue. Operating loss was $2,334,000 compared to $1,675,000 a year ago. Loss before income tax expense was $1,672,000 compared to $1,789,000 a year ago. Net loss was $1,672,000 compared to $1,789,000 a year ago. Basic and diluted loss per ADS was $0.04 which remained constant a year ago. Net cash used in operating activities was $2,271,000 compared to $1,069,000 a year ago. Purchases of property and equipments were $41,000 compared to $152,000 a year ago. On Non-GAAP basis, operating loss was $2,981,000 compared to $1,166,000 a year ago. Non-GAAP net loss was $2,319,000 compared to $1,280,000 a year ago. Adjusted EBITDA loss was $2,044,000 compared to $341,000 a year ago.