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TheStreet Open House

ChinaCache International Holdings Ltd. Announces Fourth Quarter And Full Fiscal Year 2012 Financial Results

2012 net revenues increased 31.6% to RMB813.7 million Full-year gross profit increased 36.9% to RMB254.3 million

BEIJING, April 9, 2013 (GLOBE NEWSWIRE) -- ChinaCache International Holdings Ltd. ("ChinaCache" or the "Company") (Nasdaq:CCIH), the leading total solutions provider of Internet content and application delivery services in China, today announced its unaudited condensed, and consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2012.

Highlights for the Fourth Quarter of 2012

  • Net revenues in the fourth quarter were RMB225.0 million (US$36.1 million), representing a 7.6% increase from the previous quarter and a 25.3% increase year-over-year.
  • Gross profit in the fourth quarter was RMB67.6 million (US$10.9 million), down 1.0% from the previous quarter and up 27.1% year-over-year.
  • Adjusted EBITDA (non-GAAP) in the fourth quarter was negative RMB5.9 million (US$0.9 million), a 124.9% decrease from the prior quarter and a 130.3% decrease year-over-year.
  • Net loss from continuing operations in the fourth quarter was RMB26.7 million (US$4.3 million), compared to a net income from continuing operations of RMB2.9 million in the third quarter of 2012 and a net loss from continuing operations of RMB11.4 million in the corresponding period in 2011.
  • Adjusted net loss (non-GAAP) was RMB19.9 million (US$3.2 million) in the fourth quarter, compared to adjusted net income of RMB8.2 million in the third quarter and an adjusted net loss of RMB3.5 million in the corresponding period in 2011.

Highlights for the Full Year 2012

  • Net revenues in 2012 were RMB813.7 million (US$130.6 million), representing a 31.6% increase from the previous year.
  • Gross profit in 2012 was RMB254.3 million (US$40.8 million), up 36.9% from 2011.
  • Adjusted EBITDA (non-GAAP) in 2012 was RMB69.1 million (US$11.1million), a 34.9% decrease from the previous year.
  • Net loss from continuing operations in 2012 was RMB17.0 million (US$2.7 million), compared to a net loss from continuing operations of RMB11.5 million in 2011.
  • Adjusted net income (non-GAAP) was RMB3.4 million (US$0.5 million) in 2012, compared to an adjusted net income of RMB28.1 million in 2011.

"We continued to ramp our business throughout 2012. We achieved strong year-over-year growth in both revenue and gross profit, and grew our customer base more than 63%. Our bottom-line performance in the fourth quarter was impacted by accruals for bad debt provision of RMB17.1 million. We believe that by taking this charge in the fourth quarter, we will be able to help stabilize our business in the future by bringing our accounts receivables down to a more prudent level and reducing our exposure to bad debt risk," said Mr. Song Wang, Founder, Chairman and Chief Executive Officer of ChinaCache. "In the second half of 2012, we began transitioning our customer acquisition strategy to more effectively target high-quality, long-term customers for whom we can be a value-added service provider. We have now re-aligned our sales efforts to concentrate on specific verticals, which we believe will support our growth and continued leadership in China's CDN and Internet services market."

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