This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CNinsure Reports Third Quarter 2013 Unaudited Financial Results

GUANGZHOU, China, Nov. 21, 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 third quarter ended September 30, 2013 1.

Financial Highlights for Third Q uarter of 2013
  • Total net revenues: RMB430.6 million (US$70.4 million), representing an increase of 6.9% from the corresponding period in 2012.
  • Operating income: RMB1.8 million (US$0.3 million), representing a decrease of 39.1% from the corresponding period in 2012.
  • Net income attributable to the Company's shareholders: RMB29.0 million (US$4.7 million), representing an increase of 26.0% from the corresponding period in 2012.
  • Adjusted EBITDA: RMB28.0million (US$4.6 million), representing a decrease of 10.2% from the corresponding period in 2012.
  • Basic and diluted net income per ADS: RMB0.58 (US$0.09) and RMB0.58 (US$0.09), respectively, representing increases of 26.5% and 26.6%, respectively, from the corresponding period in 2012.

Commenting on the third quarter financial results, Mr Chunlin Wang, CNinsure's chief executive officer, stated, "We are in the midst of a fundamental change in China moving from a low cost country to a high productivity one. Amid this change, we have been able to continue to grow our top line while transiting the Company, and we start to see some positive signs during the third quarter 2013. Gross margin for the third quarter 2013 improved sequentially, primarily driven by a rebound in gross margin of our property and casualty insurance ("P&C") business both quarter-over-quarter and year-over-year. The magnitude of the decline in operating income has also narrowed significantly as compared to the last six quarters. This quarter's financial results reaffirmed our confidence in a recovery in profitability in the coming quarters.

"Significant progress has been made on the application of mobile technology. As of the end of third quarter 2013, total number of CNpad sold hit 2,190 units, generating RMB90 million insurance premiums in aggregate. In addition, we are getting ready for a trial operation of CNpad that enables the sales of life insurance, wealth management, private equity fund and mutual fund products in selected cities in a couple of weeks. We believe additional product offerings will significantly enhance the competitiveness of CNpad, which is expected to help agents improve their efficiency and broaden their revenue sources."

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,081.89 -49.97 -0.29%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,796.6090 -42.0340 -0.87%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs