SINA Reports Its First Quarter Fiscal Year 2003 Financial Results

Record Net Revenues of $10.3 Million - 71% Year Over Year Growth and 21% Quarterly Sequential Growth; Positive Cash Flow of $2.5 Million

BEIJING & SAN MATEO, Calif.--(BUSINESS WIRE)--Nov. 4, 2002-- SINA (Nasdaq:SINA - News), a leading online media company and value-added information service provider for China and global Chinese communities today announced its financial results for the first quarter of fiscal year 2003. Financial Highlights:

*Quarterly net revenues grew by 71% year over year to a record high of $10.3 million

*Non-advertising revenues grew by 320% year over year to $3.9 million and accounted for 37% of the total revenue

*Advertising revenues grew by 26% year over year to $6.5 million

*Quarterly pro forma net income of $241,000, compared to a quarterly pro forma loss of $2.9 million for the same period of last year

*Quarterly US GAAP net loss narrowed by 70% sequentially and 89% from the same period of last year to $559,000

*Positive cash flow from operations reached $3.1 million and overall positive cash flow was $2.5 million for the quarter

*Gross margin further improved to a record high of 61%