ChinaCache International Holdings Ltd. Announces Third Quarter 2010 Financial Results
BEIJING, Nov. 5, 2010 (GLOBE NEWSWIRE) -- ChinaCache International Holdings Ltd., ("ChinaCache" or the "Company") (Nasdaq:CCIH), the leading provider of Internet content and application delivery services in China, today announced its unaudited interim condensed consolidated financial results for the quarter ended September 30, 2010.
Highlights for Third Quarter 2010
- Net revenues increased 57.9% from the corresponding period in 2009 to RMB109.1 million (US$16.3 million)
- Net loss was RMB37.7 million (US$5.6 million), compared to net loss of RMB3.1 million in the corresponding period in 2009
- Adjusted net income (Non-GAAP), which excludes share-based compensation expenses, foreign exchange loss or gain, penalties on uncertain tax positions, post acquisition settlement consideration, impairment of goodwill and acquired intangible assets, was RMB14.8 million (US$2.2 million), compared to RMB65,000 in the corresponding period in 2009
- Adjusted EBITDA (Non-GAAP) was RMB35.1 million (US$5.2 million), a 84.6% increase from the corresponding period in 2009
"We had a record third quarter marked by significant growth particularly in our mobile Internet, media and entertainment, and enterprise and E-commerce verticals," said Mr. Song Wang, co-founder, chairman and chief executive officer of ChinaCache. "We saw healthy demand for our content and application delivery services for mobile data, media and enterprise applications and we continue to make progress in offering our value-added services with our solutions.""During the quarter we further expanded our presence in the mobile Internet market by signing additional contracts with China Mobile subsidiaries," continued Mr. Wang. "We also recently announced our expansion into the cable TV industry, an important industry vertical, demonstrating the critical role for our solutions in China's network convergence market." "Since 1998, ChinaCache has focused on providing solutions tailored for the Chinese market that enhance the reliability and scalability of customers' online services and applications and improve end-user experience," concluded Mr. Wang. "We will continue investing to strengthen our position as China's leading Internet content and application delivery services provider."
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