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ChinaNet Online Holdings Reports Third Quarter 2010 Earnings; Adjusted Net Income Grew 100% To $3.9 Million With Adjusted Diluted EPS Of $0.19

  • Revenues increased 9.5% in the third quarter, driven by 50.3% increase in Internet Advertising and 48.6% reduction in lower margin TV sales
  • Gross margins expanded by 1460 bps year-over-year to 65.0%
  • 28.com added ~50 new clients, bringing the total to 750
  • Cash increases to $22.2 million on September 30, 2010, as operating cash flows more than doubled to $11.2 million for YTD10
  • Reaffirms 2010 net income guidance of at least $14.1 million

BEIJING, Nov. 16, 2010 (GLOBE NEWSWIRE) -- ChinaNet Online Holdings, Inc. ("ChinaNet") (Nasdaq:CNET), a leading full-service media development and internet technology company for small and medium-sized enterprises (SMEs) in the People's Republic of China ("China"), today announced its third quarter 2010 financial results.

Summary Financials

 
Third Quarter 2010 Results (USD) (unaudited)
(three months ended September 30,) 2010 2009 CHANGE
Sales $8.9 million $8.1 million +9.5%
Gross Profit $5.8 million $4.1 million +41.2%
Gross Margin 65.0% 50.4% +30.0%
Adjusted Net Income (1)  $3.9 million $1.9 million +100.1%
Adjusted EPS (1) $0.19 $0.11 +68.2%

(1) Non-GAAP net income and EPS excludes non-cash loss related to changes in fair value of warrants for the three month period ended September 30, 2009 of $1.3 million.

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