Sky-mobi Ltd. (NASDAQ: MOBI) said that its board of directors has approved a fiscal year-end change from March 31 to December 31, beginning in the calendar year ending December 31, 2014.
Additionally, the company also announced that its board of directors has approved a program to repurchase up to USD20m of the company´s American depositary shares (ADSs) over the next 12-month period, ending on May 30, 2015.
The board said its decision to change its fiscal year end is intended to improve its comparability with industry peers on both a quarterly and annual basis, to align company´s reporting cycle with the calendar year and to provide more consistent quarter-to-quarter comparisons.
The company expects to purchase shares on the open market, in negotiated transactions or otherwise in compliance with all of the conditions of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing of the shares repurchased will be at the discretion of management and will depend on a number of factors, including price, market conditions and regulatory requirements. The company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.
Sky-mobi Ltd. is a leading mobile application platform in China. Its website is at www.sky-mobi.com.