Sky-mobi Announces Fiscal Year End Change, US$20 Mln Stock Buyback Program

(RTTNews) - Sky-mobi Ltd. (MOBI) said Friday 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.

The company said itss 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.

Additionally, the company also said that its board has approved a program to repurchase up to US$20 million of the company's American depositary shares over the next 12-month period, ending on May 30, 2015.