BEIJING, April 27, 2012 /PRNewswire-Asia/ -- iSoftStone Holdings Limited (NYSE: ISS, "iSoftStone" or the "Company"), a leading China-based IT services provider, today announced that it has filed its annual report on Form 20-F for the year ended December 31, 2011 with the Securities and Exchange Commission. The annual report and Chairman's letter to shareholders can be accessed on the Company's investor relations website at http://ir.isoftstone.com under the section titled "Financial Reports - Annual Reports."
Chairman's Letter to Shareholders
The year 2011 was a major milestone for iSoftStone – it was our ten-year anniversary and first year as a public company.
Despite a challenging economic environment in 2011, we have proven to the market our ability to navigate through uncertainties and execute our strategies. We delivered four quarters of consistent performance: net revenue in 2011 was up 44%, mostly on organic growth, and net income increased to US$19.0 million in 2011 from a net loss of $3.6 million in 2010.Top line growth was largely driven by our vertically focused and geographically balanced market strategy. As the IT services industry in China continues to mature, clients are looking for partners who understand their businesses and industry trends, and have solutions tailored to meet their individual business needs. By managing our businesses around four key verticals – Communications, Technology, Banking, Financial Services and Insurance (BFSI), and Energy, Transportations and Public (ETP) – we have been able to understand the full context of our clients' challenges and have extensive experience in addressing them. As we continue to build in these verticals, we intend to move up the value chain, deepen our relationships with clients, and raise the barrier-to-entry against competitors. While some developed countries have been challenged by debt crises and economic slowdowns, China maintained its growth momentum in 2011, fueled by social and economic development drivers such as urbanization and industrial transformation. This growth has continued to create more opportunities for iSoftStone. For example, net revenues from our Greater China clients increased 50% in 2011, outpacing our revenue growth from the rest of the world. We continued to win business from our global clients. Last year, 12 more Fortune 500 companies chose iSoftStone as a partner for their IT outsourcing needs. We have also continued to increase business with existing clients, with the number of our accounts of more than $1 million in revenues growing 50% to 45 at yearend 2011 from 30 at yearend 2010. The year 2011 was also a breakthrough for iSoftStone. Strategic initiatives in which we have invested, such as Smart City and eHealthcare, began to yield fruit and are developing into new growth drivers.
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