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CNinsure Reports Fourth Quarter And Fiscal Year 2012 Unaudited Financial Results

GUANGZHOU, China, March 4, 2013 (GLOBE NEWSWIRE) -- CNinsure Inc., (Nasdaq:CISG), (the "Company" or "CNinsure"), a leading independent insurance intermediary company operating in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012. 1

Financial Highlights:

Highlights for Fourth Quarter 2012

  • Total net revenues: RMB435.8 million (US$70.0 million), representing an increase of 4.1% from the corresponding period in 2011.
  • Operating income: RMB6.4 million (US$1.0 million), compared to operating loss of RMB1.0 billion for the corresponding period in 2011.
  • N on-GAAP operati ng income : RMB19.3 million (US$3.1 million), which excluded share-based compensation expenses, representing a decrease of 73.6% from the corresponding period of 2011. Non-GAAP operating income for the fourth quarter of 2011 excluded impairment losses on goodwill and intangible assets and share-based compensation expenses.
  • Net income attributable to the Company's shareholders: RMB20.1 million (US$3.2 million), compared to net loss attributable to the Company's shareholders of RMB718.6 million for the corresponding period of 2011.
  • Non-GAAP net income attributable to the Company's shareholders: RMB28.5 million (US$4.6 million), which excluded share-based compensation expenses and refunds from the selling shareholder of an acquired subsidiary, representing a decrease of 62.6% from the corresponding period in 2011. Non-GAAP net income attributable to the Company's shareholders for the fourth quarter of 2011 excluded impairment losses on goodwill and intangible assets, share-based compensation expenses,refunds from the selling shareholder of certain acquired subsidiaries, and net income from discontinued operations 2.
  • Basic and diluted net inc ome per ADS: RMB0.40 (US$0.06) and RMB0.40 (US$0.06), compared to basic and diluted net loss per ADS of RMB14.34 and RMB14.34 for the corresponding period in 2011 respectively.
  • Non-GAAP basic and diluted net income per ADS: RMB0.57 (US$0.09) and RMB0.57 (US$0.09), representing decreases of 62.5% and62.7% from the corresponding period in 2011 respectively.

Highlights for Fiscal Year 2012

  • Total net revenues: RMB1.6 billion (US$254.6 million), representing an increase of 4.6% from 2011.
  • Operating income: RMB65.8 million (US$10.6 million), compared to operating loss of RMB748.8 million for 2011.
  • Non-GAAP operating income: RMB132.7 million (US$21.3 million), which excluded share-based compensation expenses in 2012, representing a decrease of 64.7% from 2011. Non-GAAP operating income for 2011 excluded impairment loss on goodwill and intangible assets, share-based compensation expenses, and professional fees relating to a non-binding going-private proposal that was later withdrawn.
  • Net income attributable to the C ompany's shareholders: RMB130.5 million (US$20.9 million) compared to net loss attributable to the Company's shareholders of RMB299.4 million for 2011.
  • Non-GAAP net income attributable to the Company's shareholders: RMB192.9 million (US$31.0 million), which excluded share-based compensation expenses and refunds from the selling shareholder of an acquired subsidiary, representing a decrease of 47.5% from 2011. Non-GAAP net income attributable to the Company's shareholders for 2011 excluded impairment losses on goodwill and intangible assets, share-based compensation expenses, profession fees relating to a non-binding going-private proposal that was later withdrawn, refunds from the selling shareholder of certain acquired subsidiaries and cash bonus received from the Shenzhen municipal government, and net income from discontinued operations.
  • Basic and diluted net income per ADS: RMB2.60 (US$0.42) and RMB2.60 (US$0.42), compared to basic and diluted net loss per ADS of RMB5.97 and RMB5.97 for 2011 respectively.
  • Non-GAAP basic and diluted net income per ADS: RMB3.85 (US$0.62) and RMB3.84 (US$0.62), respectively, representing decreases of 47.5% and 47.7%, respectively, from 2011.

Commenting on the fourth quarter and fiscal year 2012 financial results, Mr. Chunlin Wang, CNinsure's chief executive officer, stated, "We are pleased that our top line for the fourth quarter and full year of 2012 grew 4.1% and 4.6%, respectively, which were above our expectations. We are also pleased that our gross margin for the fourth quarter of 2012 was slightly improved over last quarter. While maintaining our market position in the property and casualty ("P&C") insurance business amidst a challenging market environment, we are encouraged by the stellar performance of our other business lines, such as the continued high persistency rate of the term life insurance business, the strong growth of our insurance brokerage business, and that our claims adjusting business further gaining market shares, closing its gap with the market top player.

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