ChinaNet Online Holdings Reports Fourth Quarter And Full Year 2012 Financial Results

BEIJING, April 17, 2013 (GLOBE NEWSWIRE) -- ChinaNet Online Holdings, Inc. ("ChinaNet" or the "Company"), (Nasdaq:CNET), 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 fourth quarter and full year 2012.

Summary Financials
Fourth Q uarter 2012 Results (USD) (Unaudited)
 
  Q4 2012 Q4 2011 CHANGE
Sales $8.3 million $6.2 million +34%
Gross Profit $4.8 million $3.0 million +60%
Gross Margin 57.7% 49.0% +18%
Net Income Attributable to Common Stockholders $1.2 million -$3.9 million N/A
Adjusted Net Income Attributable to Common Stockholders $1.4 million (1) -$1.8 million (2) N/A
EPS (Diluted) $0.06 -$0.19 N/A
Adjusted EPS (Diluted) $0.06 (1) -$0.08 (2) N/A

(1) Non-GAAP adjusted net income attributable to common s tockholders and EPS excludes $0.2 million non-cash charge of the changes in fair value of the contingent consideration receivables related to make good provisions upon acquisition of VIEs for the three months ended December 31, 2012.

(2) Non-GAAP adjusted net income attributable to common s tockholders and EPS excludes : (1) $0.7 million non-cash gain on deconsolidation of a subsidiary and $0.2 million of the related deferred income tax expenses ; (2) $0.1 million of non-cash charge of the changes in fair value of the contingent consideration receivables related to make good provisions upon acquisition of VIEs ; and (3) $2.6 million of non-cash stock compensation expenses recognized for restricted stock and options issued to management, directors and employees for the three month ended December 31, 2011.

Fourth Q uarter 2012 Financial Results

Revenues increased by $2.1 million to $8.3 million for the three months ended December 31, 2012 compared to the three months ended December 31, 2011, representing a 34% increase.

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