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Projects $36 million Revenue and $1.2 million Net Income for Full Year 2013
Management to Host Conference Call on Tuesday, May 21 st at 8:30 a.m. ET
BEIJING, May 21, 2013 (GLOBE NEWSWIRE) -- ChinaNet Online Holdings, Inc. (Nasdaq:CNET) ("ChinaNet" or the "Company"), a leading B2B (business to business) Internet technology company providing online-to-offline ("O2O") sales channel expansion services for small and medium-sized enterprises (SMEs) and entrepreneurial management and networking services for entrepreneurs in the People's Republic of China, today announced financial results for the first quarter of 2013 and guidance for fiscal year 2013.
First quarter 2013 Results (USD)(Unaudited)
Net Income/(Loss) Attributable to Common Stockholders
First Quarter 2013 Financial Results
Revenues for the three months ended March 31, 2013 were $7.0 million compared to $14.9 million for the three months ended March 31, 2012, representing a 53% decrease. Low margin TV advertising fell by $7.7 million, accounting for the majority of the year-over-year revenue decline.
Mr. George Chu, Chief Operation Officer of the Company, stated, "Our financial results for the first quarter of 2013 reflect successful execution of our long term strategy. We continued to invest in new services such as mobile advertising and marketing, brand management and sales channel building and flying cloud during the 2012 economic downturn. We expect 2013 to be a challenging year as the overall economy has slowed further due to the economic policies set by the government. However, our expansion strategy and targeted investments in technology and new products will not be held back because these investments have already helped us win new business and enter new markets. Our strong financial position allows us to maintain these strategic investments, which will only strengthen our company for the eventual rebound in our clients' spending."