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ChinaCache International Holdings Ltd. Announces Fourth Quarter And Full Fiscal Year 2013 Financial Results

Stocks in this article: CCIH

Record 2013 net revenues increased 35.6% to RMB1.1 billion

Full-year gross profit increased 36.3% to RMB346.6 million

4Q 2013 net revenues increased 50.8% year-over-year.

BEIJING, March 12, 2014 (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 fourth quarter and full fiscal year ended December 31, 2013.

Highlights for the Fourth Quarter of 2013

  • Net revenues in the fourth quarter jumped to RMB339.4 million (US$56.1 million), and exceeded the top end of ChinaCache's guidance by 14%. This represents a 23.2% increase from the previous quarter and a 50.8% increase year-over-year.
  • Gross profit in the fourth quarter was RMB107.2 million (US$17.7 million), an increase of 22.3% from the previous quarter and up 58.4% year-over-year.
  • Adjusted EBITDA (non-GAAP) in the fourth quarter was RMB20.3 million (US$3.4 million), a 421.9% increase from the prior quarter and a year-over-year increase of RMB26.2 million.
  • Net loss attributable to ordinary shareholders in the fourth quarter was RMB11.9 million (US$2.0 million), compared to a net loss attributable to ordinary shareholders of RMB22.7 million in the third quarter of 2013 and a net loss attributable to ordinary shareholders of RMB26.7 million in the corresponding period in 2012.
  • Adjusted net loss (non-GAAP) was RMB5.0 million (US$0.8 million) in the fourth quarter, compared to adjusted net loss of RMB16.0 million in the third quarter and an adjusted net loss of RMB19.9 million in the corresponding period in 2012.

Highlights for the Full Year 2013

  • Net revenues in 2013 reached a record high of RMB1,103.2 million (US$182.2 million), representing a 35.6% increase from the previous year.
  • Gross profit in 2013 was RMB346.6 million (US$57.3 million), up 36.3% from 2012.
  • Adjusted EBITDA (non-GAAP) in 2013 was RMB46.2 million (US$7.6 million), a 33.2% decrease from the previous year.
  • Net loss attributable to ordinary shareholders in 2013 was RMB32.1 million (US$5.3 million), compared to a net loss attributable to ordinary shareholders of RMB17.0 million in 2012.
  • Adjusted net loss (non-GAAP) was RMB15.8 million (US$2.6 million) in 2013, compared to an adjusted net income of RMB3.4 million in 2012.

"2013 was a year of dynamic growth for our Company. We made critical advancements across our operations and reached record revenue for both the year and the fourth quarter," said Mr. Song Wang, Founder, Chairman and Chief Executive Officer of ChinaCache. "During the year, we continued to ramp up our business and made key investments in our ERP and CRM systems, operations platforms, talent and mobile internet. This strategy has enabled us to markedly improve customer engagement and mobile Internet technology development, as well as our international market expansion capabilities and operating efficiency to drive our near- and longer-term success.

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