Piper Jaffray Updating Bona Film Group Model

In a report published by Piper Jaffray, Bona Film Group's BONA model is updated post 4Q earnings results and conference call.

Piper Jaffray said that Bona reported 4Q results and 2011 guidance mostly in-line with its estimates and consensus. “Revenue of $17.8M was below our estimate of $22.9M but in-line with consensus of $17.9M while non-GAAP net income of $3.4M compared to our estimate of $3.6M and consensus of $2.5M. Gross margin of 48.4% improved YoY from 47.5%. While the later than expected release of The Road Less Travelled led to film distribution performance below our estimates, cinema results were solid. Looking forward, while 1Q11 net income guidance of $1.8-$2.2M was significantly below our estimate of $5.2M and consensus of $5.1M driven largely by the delay of The Grand Master, full year 2011 non-GAAP net income guidance of approximately $20.0M was ahead of our estimate of $19.3M and in-line with consensus of $20.2M.”

Bona Film Group closed yesterday at $20.92.