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ChinaNet Online Holdings Reports Second Quarter 2012 Financial Results

Stocks in this article: CNET

The following table presents reconciliations of our non-GAAP financial measures to the unaudited interim consolidated statements of income and comprehensive income for the six months ended June 30, 2011 (all amounts, except number of shares and per share data, are presented in thousands of US dollars):

  Six Months Ended June 30, 2011
  GAAP NON GAAP
  US$ US$
  (Unaudited) (Unaudited)
     
Income from operations $ 6,426 $ 6,426
Other income (expenses):    
Interest income 4 4
Gain on deconsolidation of subsidiaries 230 --
Other income 5 5
  239  
    9
Income before income tax expense, equity method investments and noncontrolling interests   6,665  
Adjusted income before income tax expense, equity method investments and noncontrolling interests   6,435
Income tax expense 751 751
Income before equity method investments and noncontrolling interests 5,914  
Adjusted income before equity method investments and noncontrolling interests     5,684
Share of losses in equity investment affiliates (105) (105)
Net income 5,809  
Adjusted net income   5,579
Net income attributable to noncontrolling interest (3) (3)
Net income attributable to ChinaNet Online Holdings, Inc. 5,806  
Adjusted net income attributable to ChinaNet Online Holdings, Inc.   5,576
Dividend for series A convertible preferred stock (322) (322)
Net income attributable to common s tock holders of ChinaNet Online   $  5,484  
Adjusted net income attributable to common s tock holders of ChinaNet Online     5,254
     
     
Earnings per common share-Basic 0. 32  
Adjusted earnings per common share-Basic   0. 30
  0. 28  
Earnings per common share-Diluted    
Adjusted earnings per common share-Diluted   0.2 7
     
Weighted average number of common shares outstanding:    
Basic 17,387,336 17,387,336
Diluted 20,410,724 20,410,724

Safe Harbor

This release contains certain "forward-looking statements" relating to the business of ChinaNet Online Holdings, Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ChinaNet's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting ChinaNet will be those anticipated by ChinaNet. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ChinaNet undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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