China Dangdang (DANG) Q1 Highlights; Shares Up 5%

Shares of E-Commerce China Dangdang (Nasdaq: DANG), often refereed to as the Amazon.com of China, are up 5% following first quarter earnings this morning.

Highlights:

• Revenue were up 53.4% from last year to $105.0 million, beating the consensus of $103.37.
  
• General merchandise revenue was up 161.6% to $25.1 million.
  
• Adjusted EBITDA was $1.2 million, up 27.7% from last years.
  
• Diluted earnings per ADS was $0.01, beating the consensus of $0.00.
  
• Sees total Q2 net revenues in the range of RMB779 million to RMB789 million, representing year-over-year growth in the range of 51% to 53%.Management Comments:
  CEO Peggy Yu - "I am pleased to report strong first quarter results. In a highly competitive environment we managed to grow revenues in the first quarter of 2011 by 53.4% year-over-year. General merchandise grew at an accelerated pace compared with last fiscal year. We continue to strengthen our market leadership in media and increase our market share in general merchandise in the first quarter of 2011."

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