Kongzhong Corp. (KONG)

[surf1944]

KongZhong Corporation Reports Unaudited First Quarter 2008 Financial Results
Thursday May 15, 6:00 pm ET

BEIJING, May 15 /Xinhua-PRNewswire/ -- KongZhong Corporation (NASDAQ: KONG - News), a leading wireless value-added services (WVAS) and wireless media company in China, today announced its unaudited first quarter 2008 financial results.

First Quarter 2008 Financial Highlights:
-- Total revenues increased 8% sequentially to $21.39 million, exceeding
the Company's first-quarter revenue guidance of $20 million to $21
million.
-- Total mobile advertising revenues were $212,000.
-- US GAAP net income was $0.09 million. Basic earnings per ADS were
$0.00. Diluted earnings per ADS were $0.00.
-- Non-GAAP net income was $0.95 million. Non-GAAP diluted earnings per
ADS were $0.03. Non-GAAP Financial Measures are described and
reconciled to the corresponding GAAP measures in the section titled
"Non-GAAP Financial Measures".

Commenting on the results, KongZhong's Chairman and Chief Executive Officer, Yunfan Zhou, said, "Our WVAS revenues increased in Q1 mainly as a result of seasonal factors. However, seasonal factors also resulted in our lower mobile advertising revenues. We expect our mobile advertising revenues to increase rapidly in Q2. In 2008, we will continue pursuing our wireless Internet strategic initiative."

Financial Results:

(Note: Unless otherwise indicated, all financial statement amounts used in this press release are based on US GAAP and denominated in US dollars.)

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