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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

ChinaNet participated in the 2010 Taipei International Chain and Franchise Autumn Exhibition in September to promote its brand to the over 200 franchise businesses in attendance. With thousands of SMEs in Taiwan looking to expand into China and vice versa, the Company sees tremendous long term growth potential. ChinaNet will initially offer a series of its premium services to franchise owners in Taiwan and expects to sign approximately 10 to 15 new international customers by the end of 2010.

Management is in the final stages of due diligence on several small acquisitions which include technology solutions and advertising service platforms. These opportunities are aimed at helping the company accelerate its IIM and online management tools, which will drive new franchisor additions while helping existing customers meet their expansion targets while providing a much broader spectrum of services to their franchisee base.

Conference Call

The conference call will take place at 8:00 am ET on Tuesday, November 16, 2010. Interested participants should call 1-877-941-1429 when calling within the United States or 1-480-629-9666 when calling internationally (passcode 4384506).

A playback will be available through November 23, 2010. To listen, please call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally. Utilize the pass code 4384506 for the replay.

This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link, or visiting ViaVid's website at , where the webcast can be accessed through November 23, 2010.

Non-GAAP reconciliation
  Nine months ended September 30, Three months ended September 30,
  2010 2009 2010 2009
  (US $) (US $) (US $) (US $)
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Income from operations $10,183 $6,257 $3,844 $2,726
Other income (expenses):        
 Changes in fair value of warrants (note1) -- -- -- --
 Interest income 8 9 4 4
 Other income 8 8 4 2
 Other expenses (1) (100) 0 (99)
  15 (83) 8 (93)
Income before income tax expense 10,198 6,174 3,852 2,633
 Income tax expense 304 1,653 25 696
Net income 9,894 4,521 3,827 1,937
Net loss attributable to noncontrolling interest 127 -- 50 --
Net income attributable to ChinaNet Online Holdings, Inc.   10,021   4,521   3,877   1,937
Other comprehensive income        
 Foreign currency translation gain 442 13 365 8
Comprehensive income $10,336 $4,534  $4,192  $1,945 
Net income attributable to ChinaNet Online Holdings, Inc. 10,021 4,521 3,877 1,937
Beneficial conversion feature of Series A convertible preferred stock (note2) -- -- -- --
Dividend of Series A convertible preferred stock (612) -- (190) --
Net income attributable to common shareholders of ChinaNet Online Holdings, Inc.   $9,409   $4,521 $3,687 $1,937
Earnings per share        
Earnings per common share        
Basic $0.56 $0.31 $0.22 $0.12
Diluted $0.48  $0.30 $0.19 $0.11
Weighted average number of common shares outstanding:        
Basic 16,676,752 14,495,560 16,939,961 15,774,300
 Diluted 20,905,796 15,126,526 20,916,463 17,646,624

About ChinaNet Online Holdings, Inc.

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