Subaye, Inc. Announces Fiscal Year 2010 Results

Subaye, Inc. SBAY announced its financial results for the fiscal year ending September 30, 2010.

• Full year revenues increased 46.4% to $39.1 million for 2010 as compared to 2009
• Net loss from continuing operations for 2010 totaled $7.9 million, including $13.5 of non-cash depreciation and amortization expenses, $22.1 million in growth-oriented marketing expenses and a one-time $6.2 million non-cash impairment charge
• Adjusted EBITDA increased 53.9% to $34.0 million
• Gross margin increased to 78.8% from 77.5%
• Cash totaled $7.1 million as of September 30, 2010, not including $6.6 million of cash received after yearend from sale of discontinued assets; no debt
• Pricewaterhousecoopers has been hired as the auditor for 2011 as part of SBAY's efforts to address concerns raised by U.S. investors
• Reaffirms FY 2011 guidance of revenue of $71.3 million and net income from continuing operations of $29.2 million. Earnings per share for fiscal year 2011 is projected to be $3.12.  Net income guidance includes non-cash expenses totaling $12.9 million for depreciation and amortization and amortization of stock based compensation and total growth-oriented marketing promotions expenses for FY 2011 of $17.0 million.
• FY 2011 Adjusted EBITDA projected to be  $58.1 million, representing a 70.9% increase over FY 2010