SINA Reports Second Quarter 2019 Unaudited Financial Results

BEIJING,Aug. 19,2019 -- SINA Corporation (the "Company" or "SINA") (NASDAQ: SINA),a leading online media company serving China and the global Chinese communities,today announced its unaudited financial results for the second quarter ended June 30,2019.

Second Quarter 2019 Highlights

Net revenues decreased 1% year-over-year to $533.1 million. Non-GAAP net revenues decreased 1% year-over-year to $530.4 million,representing an increase of 5% on a constant currency basis [1].

Advertising revenues decreased 5% year-over-year to $433.6 million.

Non-advertising revenues increased 19% year-over-year to $99.4 million. Non-GAAP non-advertising revenues increased 20% year-over-year to $96.8 million.

Net income attributable to SINA was $51.4 million,or $0.73 for diluted net income per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $54.0 million,or $0.76 for non-GAAP diluted net income per share attributable to SINA's ordinary shareholders.

[1]On a constant currency (non-GAAP) basis,we assume that the exchange rate in the second quarter of 2019 had been the same as it was in the second quarter of 2018,or RMB6.40=US$1.00.

Second Quarter 2019 Financial Results

For the second quarter of 2019,SINA reported net revenues of $533.1 million,a decrease of 1% compared to $537.4 million for the same period last year. Non-GAAP net revenues for the second quarter of 2019 were $530.4 million,a decrease of 1% compared to $534.8 million for the same period last year.

Advertising revenues for the second quarter of 2019 were $433.6 million,a decrease of 5% compared to $454.1 million for the same period last year,primarily due to a decline in portal advertising revenues and negative currency translation impact.

Non-advertising revenues for the second quarter of 2019 were $99.4 million,an increase of 19% compared to $83.3 million for the same period last year. Non-GAAP non-advertising revenues for the second quarter of 2019 were $96.8 million,an increase of 20% compared to $80.7 million for the same period last year. The year-over-year growth in non-advertising revenues was mainly attributable to the revenues derived from Weibo's live streaming business acquired in the fourth quarter of 2018 and increased revenues generated from SINA fin-tech businesses.

Gross margin for the second quarter of 2019 was 77%,compared to 80% for the same period last year. Advertising gross margin for the second quarter of 2019 was 80%,compared to 82% for the same period last year. Non-advertising gross margin for the second quarter of 2019 was 61%,down from 69% for the same period last year,resulted from the relatively lower gross margin of the acquired live streaming business of Weibo.

Operating expenses for the second quarter of 2019 totaled $282.7 million,compared to $294.7 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2019 totaled $256.0 million,compared to $272.1 million for the same period last year. The year-over-year decrease in operating expenses was primarily attributable to a reduction in sales and marketing expenses through cost efficiency achieved in channel marketing campaigns.

Income from operations for the second quarter of 2019 was $126.0 million,compared to $136.2 million for the same period last year. Operating margin was 24%,compared to 25% for the same period last year. Non-GAAP income from operations for the second quarter of 2019 was $152.8 million,compared to $159.1 million for the same period last year. Non-GAAP operating margin was 29%,compared to 30% for the same period last year.

Non-operating income for the second quarter of 2019 was $19.7 million,compared to $1.2 million for the same period last year. Non-operating income for the second quarter of 2019 included (i) a $15.7 million net interest and other income; (ii) a $4.3 million net earning from equity method investments,which is reported one quarter in arrears; and (iii) a $0.3 million net loss on sale of investments,fair value changes and impairment on investments,which is excluded under non-GAAP measures. Non-operating income for the second quarter of 2018 included (i) a $20.1 million net interest and other income; (ii) a $16.4 million net loss on sale of investments,which is excluded under non-GAAP measures; and (iii) a $2.5 million net loss from equity method investments,which is reported one quarter in arrears.

Income tax expenses for the second quarter of 2019 were $46.7 million,compared to $27.9 million for the same period last year,largely attributable to the deferred tax charges recognized from the fair value changes of investments.

Net income attributable to SINA's ordinary shareholders for the second quarter of 2019 was $51.4 million,compared to $35.1 million for the same period last year. Diluted net income per share attributable to SINA's ordinary shareholders for the second quarter of 2019 was $0.73,compared to $0.47 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the second quarter of 2019 was $54.0 million,compared to $66.5 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the second quarter of 2019 was $0.76,compared to $0.89 for the same period last year.

As of June 30,2019,SINA's cash,cash equivalents and short-term investments totaled $2.0 billion,compared to $2.3 billion as of December 31,2018. For the second quarter of 2019,net cash provided by operating activities was $128.6 million,capital expenditures totaled $5.0 million,and depreciation and amortization expenses amounted to $11.6 million.

Non-GAAP Measures

This release contains the following non-GAAP financial measures: non-GAAP net revenues,non-GAAP advertising revenues,non-GAAP non-advertising revenues,non-GAAP advertising and non-advertising gross margin,non-GAAP operating expenses,non-GAAP income from operations,non-GAAP operating margin,non-GAAP net income attributable to SINA's ordinary shareholders and non-GAAP diluted net income per share attributable to SINA's ordinary shareholders. These non-GAAP financial measures should be considered in addition to,not as a substitute for,measures of the Company's financial performance prepared in accordance with U.S. GAAP. The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly,care should be exercised in understanding how the Company defines its non-GAAP financial measures.

The Company's non-GAAP financial measures exclude recognition of deferred revenues related to the license granted to Leju,stock-based compensation,amortization of intangible assets,adjustment for non-GAAP to GAAP reconciling items on the share of equity method investments,gain (loss) on sale of investment,deemed disposal,fair value changes and impairment on investment,adjustment for non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests,amortization of convertible debt issuance cost,and income tax effects of above non-GAAP to GAAP reconciling items. The Company's management uses these non-GAAP financial measures in their financial and operating decision-making,because management believes these measures reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner,and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does,if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses,gain/loss and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Management compensates for these limitations by also considering the Company's financial results prepared in accordance with U.S. GAAP. Reconciliations of the Company's non-GAAP measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

Conference Call

SINA will host a conference call from 8:10 a.m. – 8:40 a.m. Eastern Time on August 19,2019 (or 8:10 p.m. – 8:40 p.m. Beijing Time on August 19,2019) to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available through the Company's corporate website at http://ir.sina.com. The conference call can be accessed as follows:

US:

+1 845 675 0437

Hong Kong:

+852 3018 6771

Mainland China:

400 620 8038

International:

+65 6713 5090

Passcode for all regions:

8595969

A replay of the conference call will be available through morning Eastern Time August 27,2019. The dial-in number is +61 2 8199 0299. The passcode for the replay is 8595969.

About SINA

SINA is a leading online media company serving China and the global Chinese communities. Its digital media network of SINA.com (portal),SINA mobile (mobile portal and mobile apps) and Weibo (social media) enables internet users to access professional media and user generated content in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances.

SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA mobile provides news information,professional and entertainment content customized for mobile users through mobile applications and mobile portal site SINA.cn.

Weibo is a leading social media platform for people to create,distribute and discover content. Based on an open platform architecture,Weibo provides unprecedented and simple way for people and organizations to publicly express themselves in real time,interact with others on a massive global platform and stay connected with the world.

Through these properties and other product lines,SINA offer an array of online media and social media services to its users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.

Safe Harbor Statement

This press release contains forward-looking statements that relate to,among other things,SINA's expected financial performance and SINA's strategic and operational plans (as described,without limitation,in quotations from management in this press release). SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about the Company's beliefs and expectations,are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. SINA assumes no obligation to update the forward-looking statements in this press release and elsewhere. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include,but are not limited to failure to meet internal or external expectations of future performance given the rapidly evolving markets; condition of the global financial and credit market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on online advertising sales and value-added services for a majority of its revenues; failure to successfully develop,introduce,drive adoption of or monetize new features and products,including portal,Weibo and fin-tech products; failure to enter and develop the small and medium enterprise market by the Company or through cooperation with other parties,such as Alibaba; failure to successfully integrate acquired businesses; risks associated with the Company's investments,including adverse impacts on our financial results from equity pick-up,fair value changes and impairment; and failure to compete successfully against new entrants and established industry competitors. Further information regarding these and other risks is included in SINA's 2018 annual reports on Form 20-F and other filings with the Securities and Exchange Commission.

Contact:

Investor Relations

SINA Corporation

Phone: +86 10 5898 3336

Email: ir@staff.sina.com.cn

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. Dollars in thousands,except per share data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2019

2018

2019

2019

2018

Net revenues:

Advertising

$ 433,633

$ 454,091

$ 388,025

$ 821,658

$ 821,172

Non-advertising

99,421

83,269

87,114

186,535

156,940

533,054

537,360

475,139

1,008,193

978,112

Cost of revenues(1):

Advertising

85,589

80,583

84,379

169,968

163,698

Non-advertising

38,722

25,890

31,144

69,866

51,482

124,311

106,473

115,523

239,834

215,180

Gross profit

408,743

430,887

359,616

768,359

762,932

Operating expenses:

Sales and marketing(1)

147,721

183,589

145,478

293,199

323,276

Product development(1)

91,981

83,877

94,049

186,030

169,014

General and administrative(1)

43,016

27,242

33,160

76,176

61,174

282,718

294,708

272,687

555,405

553,464

Income from operations

126,025

136,179

86,929

212,954

209,468

Non-operating income:

Earning (loss) from equity method investments,net

4,316

(2,527)

(16,253)

(11,937)

(4,299)

Gain (loss) on sale of investments,fair value changes and impairment

on investments,net

(315)

(16,396)

80,806

80,491

(9,170)

Interest and other income,net

15,744

20,116

13,102

28,846

37,214

19,745

1,193

77,655

97,400

23,745

Income before income taxes

145,770

137,372

164,584

310,354

233,213

Income tax expenses

(46,720)

(27,858)

(65,235)

(111,955)

(46,608)

Net income

99,050

109,514

99,349

198,399

186,605

Less: Net income attributable to non-controlling interests

47,626

74,462

66,266

113,892

122,859

Net income attributable to SINA's ordinary shareholders

$ 51,424

$ 35,052

$ 33,083

$ 84,507

$ 63,746

Basic net income per share

$ 0.74

$ 0.49

$ 0.48

$ 1.21

$ 0.89

Diluted net income per share(2)

$ 0.73

$ 0.47

$ 0.46

$ 1.20

$ 0.85

Shares used in computing basic net income per share

69,709

71,210

69,461

69,586

71,324

Shares used in computing diluted net income per share

69,944

73,553

69,759

69,852

73,793

(1) Stock-based compensation in each category:

Cost of revenues

$ 2,620

$ 2,890

$ 2,536

$ 5,156

$ 5,431

Sales and marketing

6,031

6,474

5,620

11,651

11,354

Product development

8,415

7,735

9,654

18,069

15,222

General and administrative

11,200

6,915

10,978

22,178

14,323

(2) Net income attributable to SINA's ordinary shareholders is adjusted for diluted shares issued by our subsidiary and equity method investments.

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)

June 30,

December 31,

2019

2018

Assets

Current assets:

Cash and cash equivalents

$ 1,432,065

$ 1,545,800

Short-term investments

599,048

799,534

Restricted cash

117,065

97,032

Accounts receivable,net

613,796

527,897

Financing receivables,net(1)

216,090

-

Prepaid expenses and other current assets

570,784

362,435

Subtotal

3,548,848

3,332,698

Property and equipment,net

256,837

262,846

Operating lease right-of-use assets,net(2)

32,820

-

Goodwill and intangible assets,net

315,867

319,575

Long-term investments

2,300,967

1,889,843

Other assets

67,708

81,127

Total assets

$ 6,523,047

$ 5,886,089

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$ 180,150

$ 172,562

Amount due to customers

89,445

97,032

Accrued expenses and other current liabilities

665,302

540,807

Short-term bank loan

70,838

78,229

Deferred revenues

153,609

139,306

Short-term operating lease liabilities(2)

14,675

-

Funding debts(1)

137,056

-

Income taxes payable

96,289

115,725

Subtotal

1,407,364

1,143,661

Convertible debt

886,195

884,123

Long-term funding debts(1)

43,688

-

Long-term deferred revenues

38,435

43,652

Long-term operating lease liabilities(2)

20,026

-

Other long-term liabilities

109,741

51,781

Total liabilities

2,505,449

2,123,217

Shareholders' equity

SINA shareholders' equity

2,835,718

2,717,791

Non-controlling interests

1,181,880

1,045,081

Total shareholders' equity

4,017,598

3,762,872

Total liabilities and shareholders' equity

$ 6,089

(1) In 2019,the Company set up few trusts,which were administered by third-party trust company to invest in consumer

loans to the individual borrowers recommended by the Company. The trusts are considered as variable interest entities

under ASC 810. Accordingly,the financing receivables due from the borrowers and the loan payables to the third party

investors of the trust units are recorded on the Company's consolidated balance sheet as financing receivables and funding

debts,respectively.

(2) The Company adopted the new leasing guidance (ASU 2016-2) started from January 1,which requires that a

lessee recognize the assets and liabilities that arise from operating leases. The Company recognized a right-of-use asset

and a liability relating to lease payments (the Lease Liability) in the statements of financial position for lease contracts

having terms beyond 12 months period.

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)

Three months ended

Six months ended

June 30,

2019

2018

2019

2019

2018

Net revenues

Portal:

Portal Advertising

$ 62,973

$ 84,173

$ 46,896

$ 109,869

$ 148,305

Other

43,740

30,631

34,916

78,656

57,405

Subtotal

106,713

114,804

81,812

188,525

205,710

Weibo:

Advertising and marketing

370,660

369,942

341,141

711,801

672,891

Weibo VAS

61,176

56,647

58,036

119,212

103,581

Subtotal

431,836

426,589

399,177

831,013

776,472

Elimination

(5,495)

(4,033)

(5,850)

(11,345)

(4,070)

$ 533,054

$ 537,360

$ 475,139

$ 1,193

$ 978,112

Cost of revenues

Portal:

Portal Advertising

$ 25,011

$ 28,546

$ 21,660

$ 46,671

$ 57,919

Other

22,823

20,146

16,884

39,707

36,615

Subtotal

47,834

48,692

38,544

86,378

94,534

Weibo

81,972

61,790

82,817

164,789

124,692

Elimination

(5,009)

(5,838)

(11,333)

(4,046)

$ 124,311

$ 106,473

$ 115,523

$ 239,834

$ 215,180

Gross margin

Portal

55%

58%

53%

54%

54%

Weibo

81%

86%

79%

80%

84%

77%

80%

76%

76%

78%

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

(U.S. Dollars in thousands,except per share data)

Three months ended

June 30,2019

June 30,2018

March 31,2019

Non-GAAP

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 433,633

$ 433,633

$ 454,091

$ 454,091

$ 388,025

$ 388,025

Non-advertising revenues

99,421

(2,609)

(a)

96,812

83,269

(2,609)

(a)

80,660

87,114

(2,609)

(a)

84,505

Net revenues

$ 533,054

$ (2,609)

$ 530,445

$ 537,360

$ (2,609)

$ 534,751

$ 475,139

$ (2,609)

$ 472,530

(2,609)

(a)

(2,609)

(a)

2,620

(b)

2,890

(b)

2,536

(b)

Gross profit

$ 408,743

$ 11

$ 408,754

$ 430,887

$ 281

$ 431,168

$ 359,616

$ (73)

$ 359,543

(25,646)

(b)

(21,124)

(b)

(26,252)

(b)

(1,107)

(c)

(1,523)

(c)

(1,124)

(c)

Operating expenses

$ 282,718

$ (26,753)

$ 255,965

$ 294,708

$ (22,647)

$ 272,061

$ 272,687

$ (27,376)

$ 245,311

(2,609)

(a)

28,266

(b)

24,014

(b)

28,788

(b)

1,107

(c)

1,523

(c)

1,124

(c)

Income from operations

$ 126,025

$ 26,764

$ 152,789

$ 136,179

$ 22,928

$ 159,107

$ 86,929

$ 27,303

$ 114,232

(2,124

(c)

(4,881)

(d)

40

(d)

15,307

(d)

315

(e)

16,396

(e)

(80,806)

(e)

(39,281)

(f)

(8,849)

(f)

(7,436)

(f)

1,037

(g)

1,035

(g)

1,035

(g)

18,605

(h)

(85)

(h)

40,367

(h)

Net income attributable to SINA's ordinary shareholders

$ 51,424

$ 2,559

$ 53,983

$ 35,052

$ 31,465

$ 66,517

$ 33,083

$ (4,230)

$ 28,853

Diluted net income per share *

$ 0.73

$ 0.76

$ 0.47

$ 0.89

$ 0.46

$ 0.40

Shares used in computing diluted net income per share

69,944

-

69,553

-

73,759

-

69,759

Gross margin - advertising

80%

1%

81%

82%

1%

83%

78%

1%

79%

Gross margin - non-advertising

61%

-1%

60%

69%

-1%

68%

64%

-1%

63%

Operating margin

24%

5%

29%

25%

5%

30%

18%

6%

24%

Six months ended

June 30,2018

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 821,658

$ 821,658

$ 821,172

$ 821,172

Non-advertising revenues

186,535

(5,218)

(a)

181,317

156,940

(5,218)

(a)

151,722

Net revenues

$1,193

$ (5,218)

$1,002,975

$ 978,112

$ (5,218)

$ 972,894

(5,218)

(a)

(5,218)

(a)

5,156

(b)

5,431

(b)

Gross profit

$ 768,359

$ (62)

$ 768,297

$ 762,932

$ 213

$ 763,145

(51,898)

(b)

(40,899)

(b)

(2,231)

(c)

(3,158)

(c)

Operating expenses

$ 555,405

$ (54,129)

$ 501,276

$ 553,464

$ (44,057)

$ 509,407

(5,218)

(a)

57,054

(b)

46,330

(b)

2,231

(c)

3,158

(c)

Income from operations

$ 212,954

$ 54,067

$ 267,021

$ 209,468

$ 44,270

$ 253,738

(5,158

(c)

10,426

(d)

(411)

(d)

(80,491)

(e)

9,170

(e)

(46,717)

(f)

(17,032)

(f)

2,072

(g)

2,070

(g)

58,972

(h)

(64)

(h)

Net income attributable to SINA's ordinary shareholders

$ 84,507

$ (1,671)

$ 82,836

$ 63,746

$ 38,003

$ 101,749

Diluted net income per share *

$ 1.20

$ 1.16

$ 0.85

$ 1.35

Shares used in computing diluted net income per share

69,852

-

69,793

-

73,793

Gross margin - advertising

79%

1%

80%

80%

1%

81%

Gross margin - non-advertising

63%

-2%

61%

67%

-1%

66%

Operating margin

21%

6%

27%

21%

5%

26%

(a) To exclude the recognition of deferred revenue related to the license granted to Leju.

(b) To exclude stock-based compensation.

(c) To adjust amortization of intangible assets.

(d) To exclude non-GAAP to GAAP reconciling items on the share of equity method investments,net of share of amortization of intangibles not on their books.

(e) To exclude (gain) loss on sale of investments,(gain) loss on deemed disposal,net.

(f) To exclude non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests.

(g) To exclude the amortization of convertible debt issuance cost.

(h) To exclude the provision (benefit) for income tax related to item (c) and (e). Other non-GAAP to GAAP reconciling items have no income tax effect.**

*

Net income attributable to SINA's ordinary shareholders is adjusted for diluted shares issued by our subsidiary and equity method investments.

**

The Company considered the tax implication arising from the reconciliation items,and those items recorded in entities in tax free jurisdictions were without relevant tax

implications. For impairment on investments,valuation allowances were made for those differences the Company does not expect they can be realized in the foreseeable future.

UNAUDITED RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO GAAP RESULTS*

Three months ended

June 30,2019

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

To exclude stock-based compensation

$ 178

$ 833

$ 287

To exclude amortization of intangible assets resulting

from business acquisitions

1,048

1,115

1,062

Toexcludelossondisposal and impairment on investments

90

75

6,713

To exclude (gain) loss resulting from the fair value changes in

investments,net

(5,525)

(1,313)

7,915

To exclude tax impacts related to amortization of intangible assets

(244)

(253)

(248)

Earning (loss) from equity method investments,net

$ 3,888

$ (4,453)

$ (565)

$ (2,944)

$ 457

$ (2,487)

$ (16,675)

$ 15,729

$ (946)

Share of amortization of equity investments' intangibles

not on their books

365

(365)

-

351

(351)

-

358

(358)

-

Share of tax impacts related to amortization of

equity investments' intangibles not on their books

63

(63)

-

66

(66)

-

64

(64)

-

$ 4,316

$ (4,881)

$ (565)

$ (2,527)

$ 40

$ (2,253)

$ 15,307

$ (946)

Six months ended

June 30,2018

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

To exclude stock-based compensation

$ 465

$ 1,417

To exclude amortization of intangible assets resulting

from business acquisitions

2,110

2,238

Toexcludelossondisposal and impairment on investments,net

6,803

1,744

To exclude (gain) loss resulting from the fair value changes in

investments,net

2,390

(4,652)

To exclude tax impacts related to amortization of intangible assets

(492)

(431)

Loss from equity method investments,net

$ (12,787)

$ 11,276

$ (1,511)

$ (5,026)

$ 316

$ (4,710)

Share of amortization of equity investments' intangibles

not on their books

723

(723)

-

575

(575)

-

Share of tax impacts related to amortization of

equity investments' intangibles not on their books

127

(127)

-

152

(152)

-

$ (11,937)

$ 10,426

$ (1,511)

$ (4,299)

$ (411)

$ (4,710)

* Earning (loss) from equity method investments is recorded one quarter in arrears.

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