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ChinaCache International Holdings Ltd. Announces First Quarter 2014 Financial Results

Stocks in this article: CCIH

BEIJING, May 15, 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 first quarter ended March 31, 2014.

Highlights for the First Quarter of 2014

  • Net revenues in the first quarter were RMB323.9 million (US$52.1 million), exceeded prior guidance by approximately 5.2%, and representing a 40.4% increase year-over-year.
  • Gross profit in the first quarter was RMB98.3 million (US$15.8 million), an increase of 38.0% year-over-year.
  • Adjusted EBITDA (non-GAAP) in the first quarter was RMB25.4 million (US$4.1 million), a 25.2% increase from the prior quarter and a significant improvement of 159.8% year-over-year.
  • Net income attributable to ordinary shareholders in the first quarter was RMB6.3 million (US$1.0 million), compared with a net loss attributable to ordinary shareholders of RMB14.0 million in the fourth quarter of 2013 and a net loss attributable to ordinary shareholders of RMB8.5 million in the corresponding period in 2013.
  • Adjusted net income (non-GAAP) was RMB2.7 million (US$0.4 million) in the first quarter, compared with adjusted net loss (non-GAAP) of RMB7.2 million in the fourth quarter of 2013 and adjusted net loss (non-GAAP) of RMB7.5 million in the corresponding period in 2013.

"I am very pleased to report another very successful quarter. With the continued growth of our business, simplified organization structure and improved efficiency, we had a very good start to 2014. We achieved financial and operating breakeven in the first quarter, due to the hard work and dedication of our employees and management team," said Mr. Song Wang, Founder, Chairman and Chief Executive Officer of ChinaCache. "During the first quarter, we announced a strategic partnership with China Telecom to build and manage a content delivery network. We also announced in April that we have signed a framework agreement with relating to the development of the cloud infrastructure to meet their rapidly growing cloud computing and storage needs. With these two agreements, we have aligned with industry leaders and have created partnerships that are very beneficial for each party. We believe there are many promising opportunities in this fast-growing industry, and we are very excited for our prospects in 2014. We continue to make significant progresses in all of our business segments, including Enterprise and mobile Internet technology. We remain focused on delivering strong financial results while also investing in opportunities that will lead to sustainable growth in the long-term."

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