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BEIJING, May 29, 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 consolidated financial results for the first quarter ended March 31, 2013.
Highlights for the First Quarter of 2013
Net revenues in the first quarter were RMB230.7 million (US$37.2 million), representing a 2.5% increase from the previous quarter and a 26.8% increase year-over-year.
Gross profit in the first quarter was RMB71.2 million (US$11.5 million), an increase of 5.3% from the previous quarter and 26.6% year-over-year.
Gross margin in the first quarter was 30.9%, compared to 30.1% in the fourth quarter of 2012 and 30.9% in the corresponding quarter in 2012. Adjusted gross margin (non-GAAP) in the first quarter was 35.5%.
Adjusted net loss (non-GAAP) was RMB7.5 million (US$1.2 million) in the first quarter, compared to adjusted net loss of RMB19.9 million in the fourth quarter of 2012.
"We are pleased to report that net revenues in the first quarter exceeded the high end of our guidance, reaching RMB 231 million. Gross margin in the first quarter improved to 30.9%, up 80 basis points quarter-over-quarter. We delivered sequential improvements across many of our key operating metrics in the first quarter, which speaks to the effectiveness of our enhanced business development and efficiency optimization initiatives," said Mr. Song Wang, Founder, Chairman and Chief Executive Officer of ChinaCache. "Our company-wide efforts to grow ChinaCache's presence in the enterprise segment are continuing to generate results through increases in customer count and revenue contribution, as well as through the ongoing expansion of our footprint in the enterprise market. Over the longer-term, we believe that mobile Internet is going to become a major driver of demand for services such as ours, as the rapid increase in mobile data traffic is severely straining China's wireless networks. ChinaCache will seize these opportunities and further lead the Chinese market to transition from traditional CDN market to the new generation of CDN."