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Archive for May 17th, 2013

UTStarcom to Host Conference Call to Discuss First Quarter 2013 Earnings on May 24, 2013

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BEIJING, May 17, 2013 /PRNewswire/ — UTStarcom Holdings Corp. (“UTStarcom” or the “Company”) (NASDAQ: UTSI), a leading provider of media operational support services and broadband equipment products and services, announced today that it will host a conference call to discuss the Company’s financial results for the first quarter 2013 before U.S. markets open on Friday, May 24, 2013.

The call will take place at 7:00 a.m. U.S. Eastern Time on Friday, May 24, 2013 (7:00 p.m. Beijing/Hong Kong Time). The conference call dial-in numbers are as follows:

United States:

+ 1-800-860-2442

International:

+ 1-412-858-4600

China:

10-800-712-2304

Hong Kong:

800-962475

The conference ID number is 10029246.

A replay of the call will be available one hour after the end of the conference until 9:00 a.m. U.S. Eastern Time on May 31, 2013.

The conference call replay numbers are as follows:

United States:

+ 1-877-344-7529

International:

+ 1-412-317-0088

The conference ID number for accessing the recording is 10029246.

Investors will also have the opportunity to listen to the live conference call and the replay over the Internet through the investor relations section of UTStarcom’s web site at: http://www.utstar.com

About UTStarcom Holdings Corp.

UTStarcom is focused on providing next generation media operational support services in the rapidly growing markets for TV over IP services and broadband equipment products and services. UTStarcom is committed to meeting the evolving needs of cable and broadband service providers to enable a more personalized entertainment experience. The Company sells its media operational support services and broadband equipment products and services to operators in both emerging and established broadband and cable markets around the world.

UTStarcom was founded in 1991 and listed on the NASDAQ in 2000. It has operational headquarters in Beijing, China and research and development operations in China and India. In year 2011, the Company deployed a revamped growth strategy that concentrates on providing media operation support services. For more information about UTStarcom, visit the Company’s Web site at http://www.utstar.com.

For investor and media inquiries, please contact:

Jing Ou-Yang
UTStarcom, Inc.
Tel: +86-10-8520-5153
Email: jouyang@utstar.com

May Shen (Beijing)
Tel: +86-10-8591-1951
Email: May.Shen@fticonsulting.com

Daniel DelRe (Hong Kong)
Tel: +852-3768-4547
Email: Daniel.DelRe@fticonsulting.com

Rob Dougherty (San Francisco)
Tel: +415-293-4427
Email: Rob.Dougherty@fticonsulting.com

View in PR Newswire Asia website: UTStarcom to Host Conference Call to Discuss First Quarter 2013 Earnings on May 24, 2013

Written by asiafreshnews

May 17, 2013 at 10:23 pm

Posted in All releases

7 Days Group Holdings Limited Files Annual Report on Form 20-F

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GUANGZHOU, China, May 17, 2013 /PRNewswire/ — 7 Days Group Holdings Limited (“7 Days Group” or the “Company”) (NYSE: SVN), a leading economy hotel chain based in China, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2012 with the Securities and Exchange Commission. The annual report can be accessed on the Company’s investor relations website at http://en.7daysinn.cn/.

7 Days Group will provide a hard copy of its complete audited financial statements for the fiscal year ended December 31, 2012, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company’s IR representatives stated below, or in writing to 7 Days Group Holdings Limited, 5C-11 Creative Industry Zone, 397 XinGangZhong Road, Guangzhou, Guangdong 510310, PRC.

About 7 Days Group Holdings Limited

7 Days Group is a leading and fast growing national economy hotel chain based in China. It converts and operates limited service economy hotels across major metropolitan areas in China under its award-winning “7 Days Inn” brand. The Company strives to offer consistent and high-quality accommodations and services primarily to the growing population of value conscious business and leisure travelers who demand affordable, clean, comfortable, convenient and safe lodging, and to respond to its guests’ needs.

Contacts:

Investor Contact:
Vivian Chen, Investor Relations Director
7 Days Group Holdings Limited
+86-20-8922-5858
IR@7daysinn.cn

Investor Relations (US):
Mahmoud Siddig, Managing Director
Taylor Rafferty
Tel: +1 (212) 889-4350
7DaysInn@taylor-rafferty.com

Investor Relations (HK):
Candy Cheung, Senior Consultant
Taylor Rafferty
+852 3196 3712
7DaysInn@taylor-rafferty.com

View in PR Newswire Asia website: 7 Days Group Holdings Limited Files Annual Report on Form 20-F

Written by asiafreshnews

May 17, 2013 at 10:23 pm

Posted in All releases

China Shen Zhou Mining & Resources, Inc. Discloses Preliminary Financials for First Quarter of 2013

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BEIJING, May 17, 2013 /PRNewswire-FirstCall/ — China Shen Zhou Mining & Resources, Inc. (the “Company”) (NYSE Amex: SHZ), on May 16, 2013 filed a Form 12b-25 with the Securities and Exchange Commission disclosing that it was unable to file with the SEC its quarterly report on Form 10-Q for the period ended March 31, 2013 by the May 15, 2013 deadline.

The Company will require additional time due to ongoing discussions with the SEC concerning the accounting treatment for certain development costs incurred at the Company’s mines.

At this time, the outcome of this matter cannot be predicted, however the Company is committed to proper financial reporting and will comply with all requirements in order to resolve this issue.

At this time the Company cannot provide an estimate on when it expects to file the Form 10-Q.

Estimated preliminary financial information as of and for the quarter ended March 31, 2013 is listed in the following table:

The Company cautions that all of these results are preliminary and subject to change following the completion of the discussions with the SEC and our subsequent review. Financial results for such period and the preliminary and unaudited financial information provided herein does not represent all of the information that would normally be included in a quarterly report on Form 10-Q with respect to the Company’s financial results.

Estimated preliminary financial information is as follows (in thousands):

Net loss for the three months ended March 31, 2013: ……………….$1,201 – 1,513
Total assets as of March 31, 2013: …………………………………….$86,951-98,782
Total liabilities as of March 31, 2013: ………………………………….$40,081-43,031
Total stockholders’ equity as of March 31, 2013: ……………………..$46,870-55,751

About China Shen Zhou Mining & Resources, Inc.

China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite and nonferrous metals such as zinc, lead, and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b) fluorite extraction and processing in Jingde County, Anhui Province; (c) zinc/copper/lead processing in Wulatehouqi of Inner Mongolia; and (d) zinc/copper exploration, mining and processing in Xinjiang.

For more information, please visit http://www.chinaszmg.com/

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “believes”, “expects” or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov .

Contact Information

Ziming Li
Investor Relations
China Shen Zhou Mining & Resources, Inc
Tel: 86-10-88909976
Investors@chinaszky.com

View in PR Newswire Asia website: China Shen Zhou Mining & Resources, Inc. Discloses Preliminary Financials for First Quarter of 2013

Written by asiafreshnews

May 17, 2013 at 10:23 pm

Posted in All releases

ReneSola and Positive Energy Solar Announce Solar Grants

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SANTA FE, N.M., May 17, 2013 /PRNewswire/ — ReneSola Ltd (“ReneSola”) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic (“PV”) products, and Positive Energy, Inc. (“Positive Energy Solar”), New Mexico‘s leading residential and commercial solar installer, have announced three 2.5-kilowatt solar grants for non-profit organizations in Las Cruces, Santa Fe, and Albuquerque, New Mexico.

“Positive Energy Solar is committed to clean, affordable solar electricity in our communities,” said Regina Wheeler, chief executive officer of Positive Energy Solar. “Through these grants, non-profits that might not otherwise be able to, can reduce long-term energy costs and use clean, renewable energy that is aligned with their values.”

“ReneSola is humbled to have been asked by Positive Energy Solar to support a program that is providing solar for not only the most creative and deserving non-profits, but also for the community as a whole,” said Brian Armentrout, director of marketing at ReneSola. “We’ll use social media throughout the campaign, allowing people to help us decide where the systems will be best utilized. Both Positive Energy Solar and ReneSola understand the importance of providing such donations and capitalizing on this effort to educate the public about the tremendous financial and environmental benefits associated with solar electricity.”

ReneSola’s chief executive officer, Xianshou Li, added, “It is a pleasure to work with Positive Energy Solar to help non-profits utilize clean, renewable energy. We look forward to taking this step with them in advocating a broader use of solar power.”

The first step in the process is for applicants to create a video about how having solar power would benefit their organization. The videos will be posted on the solar grants Facebook page and the organizations whose videos get the most likes will make it to the next stage of evaluation. For complete grant criteria and step-by-step application instructions, please visit http://www.positiveenergysolar.com/pv-grant/.

About ReneSola

Founded in 2005, ReneSola (NYSE:SOL) is a leading brand and technology provider of solar PV products. Leveraging its proprietary technologies, economies of scale, and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain, and Australia. For more information, please visit www.renesola.com.

About Positive Energy Solar

Positive Energy Solar has a long history of community involvement. Positive Energy Solar and its employees routinely support community agencies through financial contributions and volunteering. Positive Energy Solar has installed over 850 systems throughout New Mexico. Some of the more recognizable systems are the PNM Sunflowers in Algodones on I-25, the 100kW on the Santa Fe Community Convention Center, and a 100kW carport at Las Cruces City Hall that is currently undergoing installation. Positive Energy Solar is New Mexico‘s leading residential and commercial solar installer. Customers trust Positive Energy Solar to provide maximum value from their investment in solar. For more information, please visit www.positiveenergysolar.com.

Safe Harbor Statement

This press release contains statements that constitute ”forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it “believes,” “expects” or “anticipates” will occur, what “will” or “could” happen, and other similar statements), you must remember that the Company’s expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company’s situation may change in the future.

For investor and media inquiries, please contact:

In China:
Mr. Tony Hung
ReneSola Ltd
Tel: +86-573-8473-9011
E-mail: ir@renesola.com

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
E-mail: sol@ogilvy.com

In the United States:

Mr. Brian Armentrout
ReneSola Ltd
Tel: +1-603-748-6933
E-mail: marketing@renesola.com

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
E-mail: sol@ogilvy.com

View in PR Newswire Asia website: ReneSola and Positive Energy Solar Announce Solar Grants

Written by asiafreshnews

May 17, 2013 at 10:23 pm

Posted in All releases

Insider Trading News for NetApp, Facebook, Advanced Micro Devices, Boston Scientific, Hess, and Cliffs Natural Resources

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HONG KONG, May 17, 2013 /PRNewswire/ — Insiderslab.com has issued insider trading reports for investors of US market. Today’s report includes NetApp (NASDAQ:NTAP), Facebook (NASDAQ:FB), Advanced Micro Devices (NYSE:AMD), Boston Scientific (NYSE:BSX), Hess (NYSE:HES), and Cliffs Natural Resources (NYSE:CLF).

(Read full report by clicking the link below, you may need to copy and paste the full link to your browser.)

Report Highlights:

NetApp Inc. (NASDAQ:NTAP): By the end of last trading session, shares of NetApp (NASDAQ:NTAP) soared US$2.24 (or 6.17%) to US$38.46 with 25.04 million shares exchanging hands, compared to daily average volume of 8.45 million. The trading price ranged between US$36.46 and US$39.15. During the last trading session, the share reached a new 52-week high of US$39.15. Insiderslab.com found company Executive Chairman, Daniel J. Warmenhoven, sold his shares for about US$18.71 million on May 1, which was part of the selling of US$25.29 million in the past three months. Why did the company insiders sell their shares when shares climbed higher, even reaching the 52-week high? Investors may want to find out how NetApp insiders like CEOs, CFOs and Directors are thinking about the future of the company. Check this insider trade report for NTAP here.

Read Full Report: http://www.insiderslab.com/PR3/051713A/NTAP/NetApp.pdf

Facebook Inc (NASDAQ:FB): By the end of last trading session, Facebook (NASDAQ:FB) shares dropped US$0.47 (or 1.77%) to US$26.13 with about 35.51 million shares exchanging hands for the session, compared to its average volume of 37.62 million shares. Insiderslab.com found company Director, Jim Breyer, sold his shares at a price of US$28.54 for about US$38.00 million on May 3. Investors may want to find out how Facebook insiders like CEOs, CFOs and Directors are thinking about the future of the company.

Read Full Report: http://www.insiderslab.com/PR3/051713A/FB/Facebook.pdf

Advanced Micro Devices, Inc. (NYSE:AMD): By the end of last trading session, Advanced Micro Devices (NYSE:AMD) plunged US$0.55 (or 12.56%) to US$3.83 with about 80.22 million shares exchanging hands for the session, compared to its average volume of 32.79 million shares. Insiderslab.com found company Director, Craig A. Conway, sold his shares for about US$7.84 K in the past three months. There were 5 directors who exercised their options but did not sell on May 10. Insiderslab.com believes that it is a clever way to check if insiders like CEOs, CFOs, and Directors in AMD are starting to buy more company shares. See insider trade report for AMD here.

Read Full Report: http://www.insiderslab.com/PR3/051713A/AMD/AdvancedMicroDevices.pdf

Today Insiderslab.com also observed abnormal trade volume for the following companies; insiders may involve trading in these companies. It will take some time for insiders to report their trades. Read these reports and add these companies into your Insider Trade Radar.

Boston Scientific Corporation (NYSE:BSX):

Read Full Report: http://www.insiderslab.com/PR3/051713A/BSX/BostonScientific.pdf

Hess Corp. (NYSE:HES):

Read Full Report: http://www.insiderslab.com/PR3/051713A/HES/Hess.pdf

Cliffs Natural Resources Inc (NYSE:CLF):

Read Full Report: http://www.insiderslab.com/PR3/051713A/CLF/CliffsNaturalResources.pdf

Insider Filing Source Reference: All observations, analysis and reports are based on public information released by the U.S. Securities and Exchange Commission.

About Insiderslab.com:

Insiderslab.com covers insider trade data in major stock markets in the U.S., Hong Kong, Mainland China, and Singapore. Insiderslab.com features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.

Important Disclaimer:

Please visit insiderslab.com/disclaimers/disclaimers.php for details.

View in PR Newswire Asia website: Insider Trading News for NetApp, Facebook, Advanced Micro Devices, Boston Scientific, Hess, and Cliffs Natural Resources

Written by asiafreshnews

May 17, 2013 at 10:23 pm

Posted in All releases

Keek Adds Private Video Messaging To Its Social Video Platform

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— NEW FEATURE LETS USERS GROUP CHAT WITH UP TO 36 PEOPLE IN REAL TIME

TORONTO, May 17, 2013 /PRNewswire/ — Keek, the leading mobile social video network, announced today that it has added a new private messaging function to its social video platform. Keek users can now chat instantly via video or text with up to 36 people at once.

(Photo: http://photos.prnewswire.com/prnh/20130517/NY13961)

(Logo: http://photos.prnewswire.com/prnh/20130117/NY44000LOGO-b)

This new feature is currently available on the latest version of the Keek iPhone app and keek.com. Keek Private Messages can be sent worldwide at no charge. Users can add contacts to their private conversations via SMS, email or other networks, see online status, send messages to users offline and more. People can now also share keeks privately with other Keek users or groups.

“The Keek community has an exciting new way to connect with each other,” says Isaac Raichyk, Founder and CEO of Keek. “In addition to sharing keeks publicly, users can now stay in touch privately with their family and friends.”

The new Keek Private Messages feature utilizes proprietary technology developed internally by Keek. This advanced system achieves new levels of speed compared to similar services and supports an unprecedented number of users chatting simultaneously on a mobile device.

The release of Keek Private Messages occurs during a thriving period for the social video network. In the last 30 days, Keek has been the #1 social networking app in 30 countries. More than 250,000 people are joining Keek daily. In April, Keek served more than 3.5 billion pageviews; users posted more than 5 million keeks and watched more than 600 million videos.

Please visit www.keek.com/about to learn more about Keek Private Messages.

About Keek

Keek is one of the fastest growing social networking platforms. Keek allows users to create 36-second videos (“keeks”) and share them with others around the world. Keek is simple to use, extremely fast and 100% free. The app is available in the App Store, Google Play and BlackBerry World.

http://www.keek.com

Media Contact:
Miranda McCurlie
O: +1-416-782-0200 ext. 252
M: +1-416-566-8919
Email: press@keek.com

View in PR Newswire Asia website: Keek Adds Private Video Messaging To Its Social Video Platform

Written by asiafreshnews

May 17, 2013 at 10:23 pm

Posted in All releases

Reveal Insider Trading for DDR, Weatherford International, Yahoo, PulteGroup, SunPower, and Newmont Mining

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HONG KONG, May 17, 2013 /PRNewswire/ — Pennystocksinsiders.com (PSI) has issued US market insider trading reports for the following hot stocks and Penny Stocks: DDR (NYSE:DDR), Weatherford International (NYSE:WFT), Yahoo! (NASDAQ:YHOO), PulteGroup (NYSE:PHM), SunPower (NASDAQ:SPWR), and Newmont Mining (NYSE:NEM).

(Read full report by clicking the link below, you may need to copy and paste the full link to your browser.)

Report Highlights:

DDR Corp (NYSE:DDR): By the end of last trading session, the shares DDR (NYSE:DDR) dropped 1.18% (or US$0.23) to US$19.18 with 21.66 million shares exchanged hands, compared to its average daily volume 2.65 million shares. The real estate investment trust will buy out Blackstone’s shares in 30 shopping centers. The shareholders can expect a seconder quarter dividend for US$0.135 per share, which will increase 12.5% than last quarter. Pennystocksinsiders.com found company insiders sold his/her shares for about US$1.25 million in the past three months. Pennystocksinsiders.com thinks that it is a clever way to check if insiders like CEOs, CFOs, and Directors in DDR are starting to buy or sell more company shares. Check this insider trade report for DDR here.

Read Full Report: http://www.Pennystocksinsiders.com/PR/051713A/DDR/DDR.pdf

Weatherford International Ltd (NYSE:WFT): By the end of last trading session, Weatherford International (NYSE:WFT) shares rose 3.64% (or US$0.49) to US$13.94 with about 20.46 million shares exchanged hands for the session, compared to its average volume of 9.95 million shares. Through the last trading session, the share reached a new 52-week high of US$14.18. Pennystocksinsiders.com found company Director, William E. Macaulay, sold his shares for about US$3.17 million on May 3. Pennystocksinsiders.com thinks that it is a clever way to check if insiders like CEOs, CFOs, and Directors in Weatherford International are starting to buy or sell more company shares. See insider trade report for WFT here.

Read Full Report: http://www.Pennystocksinsiders.com/PR/051713A/WFT/WeatherfordInternational.pdf

Yahoo! Inc. (NASDAQ:YHOO): By the end of last trading, Yahoo! (NASDAQ:YHOO) shares lost US$0.76 (or 2.78%) to US$26.58 with about 18.19 million shares exchanged hands for the session, compared to its average volume of 17.51 million shares. Yahoo is showing more interest in Tumblr, a New York base, microblogging platform and social networking website. Whether buying out or putting “strategic” investments, the company can bring more 18-to-24-year-old fans to Yahoo if the deal can be done. Pennystocksinsiders.com found company insiders sold his/her shares for about US$2.32 million in the past 90 days. Want to know when company insiders will buy their shares? Want to monitor this company on an on-going basis?

Read Full Report: http://www.Pennystocksinsiders.com/PR/051713A/YHOO/Yahoo.pdf

Today Pennystocksinsiders.com also observed abnormal trade volume for the following companies; insiders may involve trading in these companies. It will take some time for insiders to report their trades. Read these reports and add these companies into your Insider Trade Radar.

PulteGroup, Inc. (NYSE:PHM):

Read Full Report: http://www.Pennystocksinsiders.com/PR/051713A/PHM/PulteGroup.pdf

SunPower Corporation (NASDAQ:SPWR):

Read Full Report: http://www.Pennystocksinsiders.com/PR/051713A/SPWR/SunPower.pdf

Newmont Mining Corp (NYSE:NEM):

Read Full Report: http://www.Pennystocksinsiders.com/PR/051713A/NEM/NewmontMining.pdf

Insider Filing Source Reference: All observations, analysis, and reports are based on public information released by the U.S. Securities and Exchange Commission.

About Pennystocksinsiders.com:

Pennystocksinsiders.com features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.

Important Disclaimer:

Please visit Pennystocksinsiders.com/disclaimers/index.php for details.

View in PR Newswire Asia website: Reveal Insider Trading for DDR, Weatherford International, Yahoo, PulteGroup, SunPower, and Newmont Mining

Written by asiafreshnews

May 17, 2013 at 10:23 pm

Posted in All releases

Yongye International Provides Update on Status of Proposed Go Private Offer

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BEIJING, May 17, 2013 /PRNewswire-FirstCall/ — Yongye International, Inc. (NASDAQ: YONG) (“Yongye” or the “Company”), a leading developer, manufacturer, and distributor of crop nutrient products in the People’s Republic of China, today announced that, on May 16, 2013, the special committee (the “Special Committee”) of the board of directors (the “Board of Directors”) was provided a letter (the “Letter”) issued by Abax Global Capital (Hong Kong) Limited (“Abax”) to Full Alliance International Limited (“Full Alliance”). The Letter, dated as of May 15, 2013, informs Full Alliance that Abax remains interested in pursuing the proposed going private transaction described in the proposal letter delivered to the Board of Directors on October 15, 2012, on the terms and conditions as outlined in the amended and restated financing commitment letter (the “Commitment Letter”) issued by Abax to Full Alliance on April 1, 2013, and as amended on April 16, 2013, which expired on May 15, 2013. According to the Letter, Abax continues to be focused on this transaction and will re-engage in the going private transaction as soon as the trading suspension is lifted. Please refer to the enclosed Exhibit A for a copy of the Letter.

As a reminder, no decisions have been made by the Special Committee with respect to the Company’s response to the proposed going private transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that this or any other transaction will be approved or consummated.

About Yongye International

Yongye International, Inc. is a leading crop nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye’s principal product is a liquid crop nutrient, from which the Company derived substantially all of the sales in 2012. The Company also produces powder animal nutrient product which is mainly used for dairy cows. Both products are sold under the trade name “Shengmingsu,” which means “life essential” in Chinese. The Company’s patented formula utilizes fulvic acid as the primary compound base and is combined with various micro and macro nutrients that are essential for the health of the crops. The Company sells its products primarily to provincial level distributors, who sell to the end-users either directly or indirectly through county-level and village-level distributors. For more information, please visit the Company’s website at www.yongyeintl.com.

Safe Harbor Statement

This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC’s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Exhibit A

May 15, 2013

Full Alliance International Limited

c/o Suite 608, Xueyuan International Tower

No. 1 Zhichun Road

Haidian District

Beijing, China 100083

Attention:

Mr. Zishen Wu

Ms. Xingmei Zhong

Ladies and Gentlemen:

Reference is made to the financing commitment letter, dated December 28, 2012, which was amended and restated on April 1, 2013 and further amended on April 16, 2013 (the “Commitment Letter“), issued to Full Alliance International Limited (“Holdco” or “you“) by Abax Global Capital (Hong Kong) Limited, on behalf of funds managed and/or advised by it and its nominee entities and its and their affiliates (“Abax” or “we“), in connection with the proposed going private transaction relating to Yongye International, Inc. (the “Company“).

We would like to inform you that Abax remains interested in pursuing the proposed going private transaction described in the proposal letter delivered to the Board of Directors of the Company on October 15, 2012 on the terms and conditions as outlined in our Commitment Letter.

Abax continues to be focused on this transaction and will re-engage in the going private transaction as soon as the trading suspension is lifted.

Should you have any questions regarding the foregoing, please do not hesitate to contact us. We look forward to progressing on the transaction.

Very truly yours,

ABAX GLOBAL CAPITAL (HONG KONG)

LIMITED

By:

/s/ Donald Yang

Name:

Donald Yang

Title:

Managing Partner and Chief Investment Officer

Contacts:

Yongye International

Ms. Kelly Wang
Finance Director – Capital Markets
Phone: +86-10-8231-9608; +86-10-8232-8866 x 8827
E-mail: ir@yongyeintl.com

FTI Consulting

Mr. John Capodanno
Phone: +1-212-850-5705
E-mail: john.capodanno@fticonsulting.com

Ms. May Shen
Phone: +86 10 8591 1951
Email: may.shen@fticonsulting.com

View in PR Newswire Asia website: Yongye International Provides Update on Status of Proposed Go Private Offer

Written by asiafreshnews

May 17, 2013 at 8:23 pm

Posted in All releases

Comebuy.com’s Discounts and Coupons Offer Major Advantages Beyond Compare

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DONGGUAN, China, May 17, 2013 /PRNewswire/ — Comebuy is an online global e-commerce company that provides electronics products, tablet PCs, cell phones, video games, iPad/iPhone accessories, flashlights and communications products, with competitive prices and adequate inventory that can be shipped quickly. Comebuy.com’s advantages are as follows:

1. Preferential Prices

Many customers of all ages are convinced that the price of Comebuy is more competitive compared to eBay or other sites. Shoppers can find 10-30% discounts from Comebuy.

2. Competitive Quality

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View in PR Newswire Asia website: Comebuy.com’s Discounts and Coupons Offer Major Advantages Beyond Compare

Written by asiafreshnews

May 17, 2013 at 8:23 pm

Posted in All releases

iSoftStone Reports Financial and Operating Results for the First Quarter 2013

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BEIJING, May 17, 2013 /PRNewswire/ — iSoftStone Holdings Limited (“iSoftStone” or “the Company,” NYSE: ISS), a leading China-based IT services provider, today reported its unaudited financial and operating results for the first quarter ended March 31, 2013.

First quarter 2013 results

  • Net revenues increased 11.0% to $95.9 million in the first quarter 2013 from $86.3 million in the first quarter 2012.
  • Gross profit increased 11.1% to $30.9 million in the first quarter 2013 from $27.8 million in the first quarter 2012.
  • Net income decreased 9.9% to $3.0 million in the first quarter 2013 from $3.3 million in the first quarter 2012.
  • Non-GAAP net income (note 1) decreased 23.8% to $5.6 million in the first quarter 2013 from $7.3 million in the first quarter 2012.
  • Diluted earnings per American Depositary Share (“ADS”) were $0.05 in the first quarter 2013 compared with $0.06 in the first quarter 2012. Each ADS represents 10 ordinary shares.
  • Non-GAAP diluted earnings per ADS (note 1) were $0.10 in the first quarter 2013 compared with $0.12 in the first quarter 2012.
  • Total number of employees increased 15.3% to 14,599 as of March 31, 2013 from 12,661 as of March 31, 2012.

Mr. T.W. Liu, iSoftStone’s Chairman and Chief Executive Officer, said, “We are pleased with the financial results we achieved during the first quarter of 2013. Net revenues for the quarter were $96 million, up 11% from the same quarter last year. Both revenues and net income were in line with our expectation.

“During the next three quarters of 2013, we will continue to expand our business drivers, work aggressively to increase margins and cash flow, and invest in emerging technologies, like mobile, big data, and cloud computing, to help clients accelerate their business transformations.

“Although the market continues to be challenging, our strategy remains focused on opportunities that should create long-term growth and value. We expect to create satisfied clients, higher employee performance, and greater value for shareholders in 2013 and in the years ahead.”

Results of operations for the first quarter 2013

Net revenues

Net revenues increased $9.5 million or 11.0% to $95.9 million in the first quarter 2013 from $86.3 million in the first quarter 2012, mainly due to strong demand for IT services from clients in Greater China, partially offset by lower demand from some global clients, primarily in Japan and the United States.

Net revenues by service line

We derive net revenues by providing an integrated suite of IT services and solutions, including (a) IT services, which primarily includes application development and maintenance (“ADM”), as well as R&D services and infrastructure and software services, (b) Consulting & Solutions, and (c) Business Process Outsourcing (“BPO”), services. The following table shows our net revenues by service line.

US$ in thousands, except %

2012Q1

%

2013Q1

%

IT services

ADM

29,150

33.8%

32,495

33.9%

R&D

26,945

31.2%

23,408

24.4%

Infrastructure and software

1,758

2.0%

1,607

1.7%

IT services, total

57,853

67.0%

57,510

60.0%

Consulting & Solutions

25,575

29.6%

33,634

35.1%

BPO services

2,921

3.4%

4,726

4.9%

Total net revenues

86,349

100.0%

95,870

100.0%

Net revenues from IT services decreased $0.3 million or 0.6% to $57.5 million in the first quarter 2013 from $57.9 million in the first quarter 2012. Net revenues from Consulting & Solutions increased $8.1 million or 31.5% to $33.6 million in the first quarter 2013 from $25.6 million in the first quarter 2012, mainly due to wining of a new public sector consulting & solutions project. We expect that these types of consulting & solutions businesses will continue to be one of our growth drivers in the future. Net revenues from BPO services increased 61.8% to $4.7 million in the first quarter 2013 from $2.9 million in the first quarter 2012 mainly due to three new project wins.

Net revenues by geographic markets

We classify our net revenues by the following geographic markets: Greater China (which includes China, Taiwan, Hong Kong, and Macau) and Global (which includes the United States, Europe, Japan, and others), based on the headquarters locations of our clients. The following table shows our net revenues by geographic markets.

US$ in thousands, except %

2012Q1

%

2013Q1

%

Greater China

51,439

59.6%

65,754

68.6%

Global:

United States

22,225

25.7%

19,291

20.1%

Europe

5,779

6.7%

5,231

5.5%

Japan

6,280

7.3%

4,786

5.0%

Others

626

0.7%

808

0.8%

Global total

34,910

40.4%

30,116

31.4%

Total net revenues

86,349

100.0%

95,870

100.0%

Reflecting our growth in the Chinese market and the country’s relative economic strength, in the first quarter 2013, net revenues in Greater China continued to grow more than the net revenues in the Global market, especially with Japan and United States experiencing weaker macro-economic conditions than in Greater China. Our net revenues from Greater China clients increased $14.3 million or 27.8% to $65.8 million in the first quarter 2013 from $51.4 million in the first quarter 2012. Net revenues from U.S. clients decreased $2.9 million or 13.2% to $19.3 million in the first quarter 2013 from $22.2 million in the first quarter 2012 mainly due to reduced demand from one major client in the U.S. market. Net revenues from European clients decreased 9.5% to $5.2 million in the first quarter 2013 from $5.8 million in the first quarter 2012. Net revenues from Japanese clients decreased $1.5 million or 23.8% from the prior first quarter due to lower demand from Japanese clients.

Net revenues by client industry

We focus on serving clients in four target industry verticals, each with large and growing demand for IT services and solutions: technology; communications; banking, financial services and insurance (“BFSI”); and energy, transportation, and public sector. The following table shows our net revenues by client industry.

US$ in thousands, except %

2012Q1

%

2013Q1

%

Technology

24,896

28.8%

23,385

24.4%

Communications

32,938

38.2%

33,803

35.3%

BFSI

15,785

18.3%

18,732

19.5%

Energy, transportation, and public

7,773

9.0%

14,162

14.8%

Others

4,957

5.7%

5,788

6.0%

Total net revenues

86,349

100.0%

95,870

100.0%

Net revenues from technology clients decreased $1.5 million or 6.1% to $23.4 million in the first quarter 2013 from $24.9 million in the first quarter 2012 due to reduced demand from one major technology client in China. Net revenues from communications clients increased $0.9 million or 2.6% to $33.8 million in the first quarter 2013 from $32.9 million in the first quarter 2012. Net revenues from BFSI clients increased $2.9 million or 18.7% to $18.7 million in the first quarter 2013 from $15.8 million in the first quarter 2012 attributable largely to business intelligence projects and IT services projects for a domestic bank and an insurance company. Net revenues from energy, transportation, and public sector clients increased $6.4 million or 82.2% to $14.2 million in the first quarter 2013 from $7.8 million in the first quarter 2012 due to wining of a new public sector consulting & solutions project. Net revenues from all other industries increased $0.8 million to $5.8 million in the first quarter 2013 from $5.0 million in the first quarter 2012, mainly resulting from three new project wins from a global human resources solution company, a global BPO company, and a Chinese publishing company.

In January 2013, our 75% owned subsidiary, iSoftStone Technology Service Co., Ltd. (“ISST”) started operations. We expect the substantial majority of our technology and communications business will be conducted through ISST. In addition to our client and partner Huawei, clients that are expected to be served by ISST include telecommunications carriers, telecommunications equipment manufacturers, e-commerce and internet companies, and makers of computer software, semiconductors, and computer peripherals, primarily located in China. During the first quarter 2013, which was the first quarter that ISST was operational, ISST had net revenues of $38 million.

Net revenues by largest five clients

Net revenues from our largest five clients totaled $48.9 million or 51.0% of total net revenues in the first quarter 2013 compared with $41.4 million or 47.9% in the first quarter 2012.

Net revenues by pricing method

We provide our services on a time-and-expense basis, a fixed-price basis, or for certain BPO services, on the basis of volume of work processed for our clients. The following table shows our net revenues by pricing method.

US$ in thousands, except %

2012Q1

%

2013Q1

%

Time-and-expense basis

29,389

34.0%

36,237

37.8%

Fixed-price basis

56,325

65.3%

58,832

61.4%

Volume basis (BPO)

635

0.7%

801

0.8%

Total net revenues

86,349

100.0%

95,870

100.0%

Net revenues from time-and-expenses basis projects increased $6.8 million or 23.3% to $36.2 million in the first quarter 2013 from $29.4 million in the first quarter 2012. Net revenues from fixed-price basis projects increased $2.5 million or 4.5% to $58.8 million in the first quarter 2013 from $56.3 million in the first quarter 2012.

Cost of revenues, gross profit, and gross profit margin

Cost of revenues increased $6.4 million or 11.0% to $65.0 million in the first quarter 2013 from $58.6 million in the first quarter 2012 primarily due to service delivery employees added to enable and match the growth of our business.

Gross profit increased $3.1 million or 11.1% to $30.9 million in the first quarter 2013 from $27.8 million in the first quarter 2012. Gross profit margin was 32.2% both in the first quarter 2013 and 2012.

Operating expenses

Operating expenses increased by $3.0 million or 12.7% to $26.4 million in the first quarter 2013 from $23.4 million in the first quarter 2012 primarily due to higher salary and compensation expenses in connection with expansion in the number of employees to support the business growth and annual salary increases for operations personnel.

Income from operations

Income from operations increased $0.3 million or 8.1% to $4.4 million in the first quarter 2013 from $4.1 million in the first quarter 2012.

Non-GAAP income from operations (Note 1) decreased $1.1 million or 13.4% to $7.0 million in the first quarter 2013 from $8.1 million in the first quarter 2012 due to higher operating expenses explained above.

Interest expense

Interest expense was $1.2 million in the first quarter 2013 compared with $0.3 million in the first quarter 2012. Interest expense in the first quarter 2013 and 2012 was incurred on short-term bank borrowings and the increase was due to more short-term bank loans borrowed to fund our working capital needs.

Income taxes

Income tax expense was $0.3 million in the first quarter 2013 compared with $0.7 million in the first quarter 2012. We currently estimate that the effective tax rate should be approximately 15% for the year 2013.

Net income

Net income decreased $0.3 million or 9.9% to $3.0 million in the first quarter 2013 from $3.3 million in the first quarter 2012 due to the factors explained above.

Non-GAAP net income (Note 1) decreased $1.7 million or 23.8% to $5.6 million in the first quarter 2013 from $7.3 million in the first quarter 2012.

Earnings per ADS

Basic earnings per ADS were $0.05 in the first quarter 2013 and $0.06 in the first quarter 2012.

Diluted earnings per ADS were $0.05 in the first quarter 2013 and $0.06 in the first quarter 2012.

Non-GAAP diluted earnings per ADS (note 1) were $0.10 in the first quarter 2013 and $0.12 in the first quarter 2012.

Cash and Cash Flow

As of March 31, 2013, we had a cash balance of $99.9 million. Our net cash used in operating activities in the first quarter 2013 was $17.3 million. Our net cash used in investing activities in the first quarter 2013 was $7.3 million, including capital expenditures of $7.0 million. Within the capital expenditures, $1.7 million related to the leasehold improvement of the newly leased office facility in Beijing. In the first quarter 2013, we borrowed $6.4 million of short-term bank loans to fund our growth and repaid $1.6 million of matured short-term bank loans.

Days sales outstanding, or DSO, was 188 days for the first quarter 2013 and 158 days for the first quarter 2012. DSO is calculated by dividing average accounts receivable, net of deferred revenues, by the period’s gross revenues, and multiplying by the number of days in the period. The longer DSO in the first quarter 2013 was mainly due to faster revenue growth from domestic China clients, especially the clients in BFSI and public sectors, who tend to have longer payment cycles.

Recent Development

On May 1, 2013, we entered into a sales and purchase agreement to acquire 100% of the equity ownership of Beijing Ruantong Xutian Technology Development Company Limited, the limited purpose company formed solely to own and lease the facility that we are currently leasing to be used as our headquarters under a 10-year lease agreement entered into in August 2012. The agreed purchase price is RMB540 million (about $86.6 million), and the acquisition is expected to be completed in June 2013. The sale and purchase agreement is subject to customary conditions for transactions in China, including obtaining required government consents and tax clearances.

In determining the purchase option and the price of the 100% equity ownership, our management and Board of Directors considered, among other factors, the facility’s value based on an independent appraisal by Jones Lang LaSalle Corporate Appraisal and Advisory Limited that indicated the purchase price was lower than the appraised value. We also considered the benefits of ownership including better economics favoring owning versus leasing due to substantially lower immediate and long-term costs, avoidance of possible future rent increases, flexibility in using and modifying the facility, improved financial and operating stability, and a greater sense of permanence from owning that should help to attract additional business and to recruit and retain employees to support our long-term operating and financial success.

We will fund the purchase of the equity ownership by (a) assuming the current owner’s existing debt on the facility of RMB215 million (about $34.5 million) having an eight year maturity and a current annual interest rate of 7.2%, (b) RMB100 million (about $16.0 million) from our existing cash balances, and (c) approximately RMB225 million (about $36.1 million) from borrowings under our existing short-term credit facilities and from medium-term credit facilities currently being negotiated.

The currently leased facility has an area of approximately 43,200 square meters and can host up to 4,000 seats. The facility, replacing four existing rented office buildings, will be used as our company headquarters and will help accommodate the growth of our business and the higher number of employees, especially IT employees serving clients in Beijing. The building is located within the Zhongguancun Software Park in northwest Beijing.

Further information about the lease, facility, and lessor can be found on numbered page 47 of the Form 20-F that iSoftStone filed with the U.S Securities and Exchange Commission on April 24, 2013. That document is available online from the SEC or from www.isoftstone.com in the Investors section under SEC Filings.

Outlook for the second quarter 2013 and year 2013

For the second quarter 2013, iSoftStone expects to achieve the following targets:

  • Net revenues for the second quarter 2013 to be at least $108 million.
  • Net income for the second quarter 2013 to be at least $4.8 million.
  • Non-GAAP net income for the second quarter 2013 to be at least $8 million.
  • Non-GAAP diluted earnings per ADS for the second quarter 2013 to be at least $0.14, assuming 59 million average ADSs will be outstanding in the second quarter 2013. One ADS represents 10 ordinary shares.

For the year 2013, iSoftStone expects to achieve the following targets:

  • Net revenues in 2013 to be at least $467 million.
  • Net income in 2013 to be at least $28 million.
  • Non-GAAP net income in 2013 to be at least $41 million.
  • Non-GAAP diluted earnings per ADS in 2013 to be at least $0.68, assuming 60 million average ADSs will be outstanding in 2013. One ADS represents 10 ordinary shares.

The above quarterly and annual outlook for net income reflects an estimated effective income tax rate of 15% and the contractual allocation of all ISST profits to iSoftStone in 2013.

Non-GAAP measures

To supplement our financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we use various non-GAAP financial measures that are adjusted from results based on U.S. GAAP to exclude share-based compensation, amortization of intangible assets from acquisitions, and changes in fair value of contingent consideration in business combinations.

Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

Note 1

Our non-GAAP information (including non-GAAP operating expenses, income from operations, net income, and diluted earnings per ADS) excludes share-based compensation, changes in fair value of contingent consideration in connection with business combination, and amortization of intangible assets from acquisitions. For reconciliations of our non-GAAP measures to our U.S. GAAP measures, please see the reconciliation tables at the end of this earnings release.

Conference Call on May 17, 2013

iSoftStone will host an earnings conference call and live webcast covering its first quarter 2013 financial results on May 17, 2013 at 8:00 a.m. Eastern Daylight Time (New York), which is also 8:00 p.m. in Beijing and Hong Kong on May 17.

The dial-in details for the live conference call are:

U.S. toll-free

1 866 519 4004

U.K. toll-free

080 8234 6646

Norway toll-free

8001 0719

Netherlands toll-free

0800 022 1931

China toll-free mobile

400 620 8038

China toll-free land line

800 819 0121

Hong Kong local

852 2475 0994

Hong Kong toll-free

800 930 346

U.S. toll

1 718 354 1231

International toll

+65 6723 9381

Conference ID

5365 6505

Participant password

ISS

A live and archived webcast of the conference call will be available on the Investors section of iSoftStone’s website at www.isoftstone.com. To join the webcast, please go to iSoftStone’s website at least 15 minutes before the start of the call to register and download and install any necessary audio software.

A telephone replay of the call will be available about two hours after the conclusion of the conference call through 11:59 p.m. Eastern Daylight Time on May 24, 2013. The dial-in details for the telephone replay are:

U.S. toll-free

1 855 452 5696

United Kingdom toll-free

0 808 234 0072

China toll-free mobile

400 120 0932

China toll-free land line

800 870 0205

Hong Kong toll-free

800 963 117

Singapore toll-free

800 616 2305

Japan toll-free

012 095 9034

International toll

+61 2 8199 0299

U.S. New York toll

1 646 254 3697

Conference ID

5365 6505

Safe harbor statement

This news release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include our preliminary unaudited results for the first quarter 2013, our financial outlook for the second quarter and year 2013, the planned acquisition our headquarters and IT operations building in Beijing and the continued success of our strategy (including the success of our focus on optimizing business mix, expanding key verticals, improving operational efficiencies and boosting capabilities in emerging technologies and domain expertise, and improving profit margin and operating cash flow), and our ability to make continued long-term investments, particularly in light of a challenging global economic environment and slowdown of the China and global economy.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the first quarter 2013 are preliminary, unaudited, and subject to audit adjustment. Our planned purchase of our Beijing headquarters and IT operations building is subject to various conditions and may not close when planned or at all and we may not achieve lower immediate and long-term costs of ownership versus leasing. In addition, we may not meet our financial outlook for the second quarter and year 2013, continue to execute our strategy, including expanding our business drivers, focusing on cash flow and margin improvement, and investing in technical competencies and domain expertise to support future growth, or otherwise grow our business in the manner planned, successfully complete planned acquisitions, strategic investments or joint ventures or recognize the anticipated benefits of our acquisitions, strategic investments or joint venture, on a timely basis or at all. Our clients may vary their purchasing patterns in response to the economic environment in Greater China and globally. In addition, other risks and uncertainties that could cause our actual results to differ from what we currently anticipate include: our ability to effectively manage our rapid growth; intense competition from China-based and international IT services companies; our ability to attract and retain sufficiently trained professionals to support our operations; and our ability to anticipate and develop new services and enhance existing services to keep pace with rapid changes in technology and in our selected industries. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see “Risk Factors” that begins on page 7 of our 2012 Annual Report on Form 20-F that we filed with the U.S. Securities and Exchange Commission on April 24, 2013, which can be found on our website at www.isoftstone.com and at www.sec.gov.

All projections (including our second quarter 2013 and year 2013 financial outlook) in this release are based on limited information currently available to us, which is subject to change. Although these projections and the factors influencing them will likely change, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Such information speaks only as of the date of this release.

About iSoftStone Holdings Limited

Founded in 2001, iSoftStone is a leading China-based IT services provider serving both greater China and global clients. iSoftStone provides an integrated suite of IT services and solutions, including consulting & solutions, IT services, and business process outsourcing services. The company focuses on industry verticals that include technology, communications, banking, financial services, insurance, energy, transportation, and public sectors.

iSoftStone’s American depositary shares began trading on the New York Stock Exchange on December 14, 2010.

For more information, please visit www.isoftstone.com.

iSoftStone Holdings Limited
Mr. Jonathan Zhang
Chief Financial Officer
ir@isoftstone.com

Christensen

Mr. Tom Myers
tmyers@christensenir.com
Beijing +86 139 1141 3520

Mr. Victor Kuo
vkuo@christensenir.com
Beijing +86 10 5826 4939

www.isoftstone.com

iSoftStone Holdings Limited

Unaudited Condensed Consolidated Statement of Operations

(US dollars in thousands, except per share data)

Three months
ended March 31,

2012

2013

Revenues

87,772

96,168

Business tax

(1,423)

(298)

Net revenues

86,349

95,870

Cost of revenues

(58,568)

(65,006)

Gross profit

27,781

30,864

Operating expenses:

General and administrative expenses

(14,645)

(16,694)

Selling and marketing expenses

(7,944)

(7,487)

Research and development expenses

(856)

(2,245)

Total operating expenses

(23,445)

(26,426)

Changes in fair value of contingent consideration in connection with business
combination

(399)

(105)

Other expense, net

(61)

(52)

Government subsidies

216

142

Income from operations

4,092

4,423

Interest income

375

330

Interest expense

(287)

(1,249)

Income before provision for income taxes and loss in equity method investments,
net of income taxes

4,180

3,504

Income taxes expense

(702)

(297)

Income after income taxes before loss in equity method investments, net of income
taxes

3,478

3,207

Loss in equity method investments, net of income taxes

(149)

(206)

Net income

3,329

3,001

Less: Net income (loss) attributable to noncontrolling interest

41

(94)

Net income attributable to iSoftStone Holdings Limited

3,288

3,095

Earnings per share (In US$)

Basic

0.01

0.01

Diluted

0.01

0.01

Earnings per ADS (In US$)

Basic

0.06

0.05

Diluted

0.06

0.05

Weighted average shares (In thousands)

Basic

558,629

568,646

Diluted

591,248

579,452

iSoftStone Holdings Limited

Unaudited Condensed Consolidated Statement of Comprehensive Income

(US dollars in thousands, except per share data)

Three months
ended March 31,

2012

2013

Net income

3,329

3,001

Other comprehensive income, net of tax of nil

Changes in cumulative foreign currency translation adjustment

(590)

788

Comprehensive income

2,739

3,789

Less: comprehensive income (loss) attributed to the noncontrolling interest

40

(86)

Comprehensive income attributed to iSoftStone Holdings Limited

2,699

3,875

iSoftStone Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

( US dollars in thousands)

December 31,

March 31,

2012

2013

Cash

116,597

99,945

Restricted cash

8,743

9,114

Accounts receivable, net of allowance

202,202

219,259

Other current assets

19,772

22,928

Total current assets

347,314

351,246

Property and equipment

67,768

68,907

Land use right

3,202

3,193

Intangible assets

5,945

5,268

Goodwill

26,983

27,003

Other non-current assets

15,298

25,810

Total assets

466,510

481,427

Accounts payable

21,895

22,494

Deferred revenue

9,693

8,987

Short-term borrowings

54,012

59,010

Other current liabilities

43,878

46,003

Total current liabilities

129,478

136,494

Other non-current liabilities

4,048

2,117

Total liabilities

133,526

138,611

Shareholders’ equity (Note a)

330,073

335,966

Noncontrolling interest

2,911

6,850

Total liabilities and shareholders’ equity

466,510

481,427

Note a: As of March 31, 2013, the number of ordinary shares issued and outstanding was 570,395,847.

iSoftStone Holdings Limited

Unaudited Condensed Consolidated Statement of Cash Flows

(US dollars in thousands)

Three months

ended March 31,

2012

2013

Cash flows from operating activities:

Net income

3,329

3,001

Adjustments to reconcile net income to net cash used in operating activities:

Share-based compensation

3,039

1,908

Depreciation and amortization of property and equipment

2,237

2,647

Amortization of intangible assets

634

688

Amortization of land use right

18

18

(Recovery) provision of allowance for doubtful accounts

(61)

54

Loss on equity method investments

149

206

Loss on disposal of property and equipment

45

35

Changes in fair value of contingent consideration in connection with business combinations

399

105

Changes in operating assets and liabilities:

Accounts receivable

(18,596)

(16,528)

Other assets

(4,981)

(3,012)

Accounts payable

(3,926)

(4,698)

Other liabilities

(1,430)

(1,757)

Net cash used in operating activities

(19,144)

(17,333)

Cash flows from investing activities:

Purchase of property and equipment

(5,488)

(6,958)

Restricted cash

(2,351)

(372)

Net cash used in investing activities

(7,839)

(7,330)

Cash flows from financing activities:

Proceeds from exercise of options

1,569

110

Proceeds from short term borrowings

1,585

6,428

Payment of short term borrowings

(1,585)

(1,607)

Deferred and contingent consideration paid for business acquisitions

(3,783)

(1,120)

Capital contribution from noncontrolling interest shareholder

436

4,025

Net cash used in financing activities

(1,778)

7,836

Effect of exchange rate changes

(563)

175

Net decrease in cash

(29,324)

(16,652)

Cash at beginning of period

101,196

116,597

Cash at end of period

71,872

99,945

iSoftStone Holdings Limited

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(US dollars in thousands, except per share data)

1. Reconciliation of Non-GAAP financial operating expenses, income from operations, and net income to comparable GAAP measures.

Three months ended March 31, 2012

Three months ended March 31, 2013

GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP

Operating expenses

(23,445)

3,346(a)

(20,099)

(26,426)

2,242(c)

(24,184)

Income from operations

4,092

4,016(a)(b)

8,108

4,423

2,599(c)(d)

7,022

Net income

3,329

4,016(a)(b)

7,345

3,001

2,599(c)(d)

5,600

Notes:

(a) Adjustments to exclude share-based compensation of $2,920 and amortization of intangible assets from acquisitions of $426 from
the unaudited condensed consolidated statements.

(b) Adjustments to exclude share-based compensation of $119, amortization of intangible assets from acquisitions of $152, and changes
in fair value of contingent consideration connection with business combinations of $399 from the unaudited condensed consolidated
statements.

(c) Adjustments to exclude share-based compensation of $1,787 and amortization of intangible assets from acquisitions of $455 from
the unaudited condensed consolidated statements.

(d) Adjustments to exclude share-based compensation of $121, amortization of intangible assets arising from acquisitions of $131, and
changes in fair value of contingent consideration in connection with business combinations of $105 from the unaudited condensed
consolidated statements.

2. Reconciliation of diluted EPS to Non-GAAP diluted EPS

Three months ended March 31, 2012

Three months ended March 31, 2013

GAAP

measures

Adjustments

Non-GAAP

measures

GAAP

measures

Adjustments

Non-GAAP

measures

Weighted average

ordinary shares

outstanding used

in computing

diluted EPS

(in thousands)

591,248

591,248

579,452

579,452

Diluted earnings per

share (in US$)

0.01

0.01

0.01

0.01

Diluted earnings per

ADS (in US$)

0.06

0.12

0.05

0.10

Note:

(a) In the earning release for the fourth quarter 2012, we estimated 58.5 million average ADSs or 585 million shares would be outstanding
in the first quarter 2013. The difference from the estimate to the actual number of 579.5 million shares was primarily due to the delay of
new option grants and the smaller impact of existing stock options resulting from a lower stock price than our original estimates.

View in PR Newswire Asia website: iSoftStone Reports Financial and Operating Results for the First Quarter 2013

Written by asiafreshnews

May 17, 2013 at 8:23 pm

Posted in All releases