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Changyou.com Expands COO’s Role, Reports Quarterly Results

Chinese online game developer Changyou.com Limited today named a new president and announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2009.

The company’s total revenues reached USD70.7 million, an increase of 3% quarter-over-quarter and 21% year-over-year, within the company’s guidance. Net income reached a record USD38.9 million, an increase of 3% quarter-over-quarter and 34% year-over-year.

Dewen Chen, Changyou’s chief operating officer, has also been promoted to president, a role he will serve in addition to his duties as chief operating officer.

Revenues from game operations for the fourth quarter of 2009 increased 3% quarter-over-quarter and 22% year-over-year to USD68.6 million. Overseas licensing revenues for the fourth quarter of 2009 increased 15% quarter-over-quarter and 5% year-over-year to USD2.1 million. Gross profit for the fourth quarter of 2009 increased 2% quarter-over-quarter and 21% year-over-year to USD65.3 million. Gross margin in the fourth quarter of 2009 was 92%, compared to 93% in the previous quarter and 92% in the fourth quarter of 2008.

For the fourth quarter of 2009, total operating expenses decreased 3% quarter-over-quarter and increased 4% year-over-year to USD21.0 million. Non-GAAP operating expenses totaled USD17.7 million, down 3% quarter-over-quarter and 6% year-over-year.

Total revenues for the fiscal year 2009 were USD267.6 million, an increase of 33% from USD201.8 million for the fiscal year 2008.

As of December 31, 2009, Changyou had a net cash balance of USD226.9 million, down from USD312.9 million as of September 30, 2009. The decrease in the net cash balance is due to the payment of a USD96.8 million pre-IPO cash dividend to Sohu.com (Game) Limited, an indirect, wholly-owned subsidiary of Sohu, during the fourth quarter of 2009. This dividend was declared on April 1, 2009, prior to the company’s IPO, and was described in the company’s IPO prospectus.

Changyou estimates total revenues for the first quarter of 2010 to be between USD70.0 million and USD73.0 million. Changyou estimates non-GAAP net income for the first quarter of 2010 to be between USD41.0 million and USD42.5 million.

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