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.
|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%|
|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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