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ChinaNet Online Holdings Reports Second Quarter 2013 Financial Results

Stocks in this article: CNET

Projects $ 36 million Revenue and $ 1.2 million Net Income for Full Year 2013

Management to host earnings conference call on Monday, August 19 th at 8:30 a.m. ET

BEIJING, Aug. 15, 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 second quarter of 2013.

Summary Financials

Second quarter 2013 Results (USD) (Unaudited)
  Q2 2013 Q2 2012 CHANGE
Sales $8.9 million $13.1 million -32%
Gross Profit $3.6 million $3.8 million -4%
Gross Margin 40.5% 28.7% +41%
Net Income Attributable to Common Stockholders $0.4 million $0.9 million -52%
EPS (Diluted) $0.02 $0.04 -50%

Second Quarter 2013 Financial Results

Revenues for the three months ended June 30, 2013 were $8.9 million compared to $13.1 million for the three months ended June 30, 2012, representing a 32% decrease. Low margin TV advertising fell by $3.6 million, accounting for the majority of the year-over-year revenue decline.

Mr. George Chu, Chief Operating Officer of the Company stated, "Despite ongoing challenges in China's economy, we remained profitable during the first half of 2013. Equally important, we started to see some gradual improvement in small business activity toward the end of the quarter as the Chinese government took steps to reinvigorate the economy. While we are encouraged by the increase in the number of customers of our internet advertising segment in the second quarter, which has continued so far in the third quarter, we are investing judiciously in new services such as mobile advertising and marketing and Flying Cloud to position ourselves for a more robust upturn we anticipate occurring in 2014."

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