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HiSoft Reaffirms Third Quarter And Full Year 2012 Guidance

Stocks in this article: HSFT













BEIJING, Oct. 31, 2012 /PRNewswire-FirstCall/ -- HiSoft Technology International Limited ("HiSoft" or the "Company") (NASDAQ: HSFT), a leading China-based provider of outsourced information technology and research and development services headquartered in Dalian, China, today reaffirmed previously issued guidance for the third quarter ended September 30, 2012 and full year 2012, in advance of the extraordinary general meeting of HiSoft shareholders, which is scheduled to occur at 9:00 a.m. Beijing time on November 6, 2012, to consider certain proposals in connection with the proposed merger of HiSoft and VanceInfo Technologies Inc.

Based on current market and operating conditions and current book orders, the Company expects:

For the third quarter of 2012:

  • Net revenues to be at least US$77 million.
  • Non-GAAP diluted net income per ADS [1] to be between US$0.31 and US$0.32, excluding merger related costs.

For the full year of 2012:

  • Net revenues to be at least US$297 million.
  • Non-GAAP diluted net income per ADS [2] to be between US$1.20 and US$1.23, excluding merger related costs.

These estimates are based on current market and operating conditions, are subject to change, and may be influenced positively or negatively by factors outside the Company's control, including but not limited to macroeconomic events in the markets in which the Company operates. See "Safe Harbor Statement" below for additional information regarding forward-looking statements.  These estimates also do not include any expected or potential impact from any currently proposed or future merger or acquisition.

Investors should be aware that the above estimates are preliminary, unaudited and subject to further adjustments as a result of the Company's normal period-end closing procedures to be completed prior to the Company's upcoming earnings announcement with respect to its financial results for the quarter ended September 30, 2012.  Further details will be provided in the Company's upcoming third quarter 2012 earnings announcement which is currently scheduled for Thursday, November 15, 2012.

[1] Each American depositary share ("ADS") represents 19 common shares.

[2] Non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP basic and diluted net income per ADS and corresponding margins presented in this press release exclude share-based compensation expense, amortization of acquired intangible assets, change in fair value of contingent consideration payable for business acquisition and acquisition expenses.

About HiSoft Technology International Limited

HiSoft Technology International Limited (NASDAQ: HSFT) is a leading China-based provider of outsourced information technology and research and development services headquartered in Dalian, China. HiSoft provides its services to leading companies around the world through a combination of onshore and offshore delivery capabilities. HiSoft leverages its skilled technology specialists and client-centric delivery centers to offer customers reliable and high-quality technology solutions.

For more information about HiSoft, please visit http://www.hisoft.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond HiSoft's control, which may cause HiSoft's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in HiSoft's filings with the U.S. Securities and Exchange Commission. HiSoft does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

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