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Camelot Information Systems Inc. Announces Unaudited Fourth-Quarter and Full-Year 2012 Financial Results

BEIJING, April 26, 2013 /PRNewswire/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry IT services in China, today announced unaudited financial results for the fourth quarter and year ended December 31, 2012.

Fourth-Quarter Financial and Operating Highlights:

  • Net revenues were $71.9 million in the fourth quarter of 2012, an increase of 20.4% from $59.7 million in the fourth quarter of 2011 and an increase of 14.0% from the third quarter
  • Net revenues from enterprise application services (EAS) grew 7.0% year-over year, with growth in other sectors offset by lower sales in the Resources & Energy and Manufacturing & Automotive sectors
  • Net revenues from financial industry IT services (FIS) increased 47.3% year-over-year due to pent-up demand stemming from 2011 and from continuing solid execution
  • Gross profit was $15.9 million, as compared to $15.9 million in the year-ago quarter and $17.2 million in the third quarter
  • Loss from operations was $9.0 million, as compared to a loss from operations of $3.2 million in the year ago quarter and $31.9 million loss from operations in the third quarter. Adjusted operating loss[1] was $2.8 million, as compared to an adjusted operating loss of $1.0 million in the year-ago quarter and adjusted operating income of $5.5 million in the third quarter
  • Net loss attributable to Camelot was $10.6 million, as compared to net income attributable to Camelot of $0.5 million in the year-ago quarter and a net loss attributable to Camelot of $31.5 million in the third quarter. Adjusted net loss1 attributable to Camelot was $4.5 million, as compared to adjusted net income of $2.7 million in the year-ago quarter and adjusted net income attributable to Camelot of $5.8 million in the third quarter
  • On October 16, 2012, the Company signed a share transfer agreement with the original shareholders of Dimension regarding transferring 35% of Dimension to the latter in exchange of 1,152,352 ordinary shares, which was the share consideration issued to the original shareholders during shareholders during acquisition of the entity as of January 1, 2011

[1] For more information about the adjusted (i.e. non-GAAP) financial measures contained in this press release, please see "Use of Non-GAAP Financial Measures" below.

Full-Year Financial and Operating Highlights:

  • Net revenues increased 11.9% to $254.1 million in 2012, as compared to $227.1 million in 2011
  • Adjusted operating income1 was $7.8 million, as compared to adjusted operating income of $13.0 million in 2011
  • Operating loss was $39.0 million, as compared to U.S. GAAP operating loss of $43.1 million in 2011
  • Adjusted net income1 attributable to Camelot was $6.2 million, as compared to adjusted net income attributable to Camelot of $15.3 million in 2011. Adjusted diluted earnings per ADS1 in 2012 were $0.14, as compared to diluted earnings per ADS of $0.34 in 2011
  • Net loss attributable to Camelot was $40.5 million, as compared to U.S. GAAP net income attributable to Camelot of $40.8 million in 2011

"Camelot demonstrated satisfactory revenue growth in the fourth quarter of 2012, despite a continuing soft China macro economy.  Revenues in our EAS segment grew at a reasonable rate, but the growth was offset by declines in the economically sensitive Resources & Energy and Manufacturing & Automotive sectors.  Revenue growth in our FIS segment was healthy, also benefiting from an easy comparison with second half of 2011.  Though our revenues were in line with our guidance, adjusted net-income fell short of our target due to certain one-time payments and charges in the quarter," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "We believe our business remains fundamentally solid though we continue to work within a continuing sluggish macroeconomic environment."

Fourth-Quarter 2012 Financial Results

Net revenues for the fourth quarter ended December 31, 2012 increased 20.4% to $71.9 million from $59.7 million in the year-ago quarter.

Net Revenues by Business Line (in thousands, except percentage)





Business Line

Three Months Ended
December 31, 2012

Three Months Ended
December 31, 2011

Enterprise application services (EAS)

$42,714

59.4%

$39,912

66.9%

Financial industry IT services(FIS)

29,138

40.6%

19,778

33.1%

Total net revenues

$71,852

100.0%

$59,690

100.0%

EAS net revenues increased 7.0% year-over-year to $42.7 million in the quarter and also increased 2.0% from the prior quarter. The increase in quarterly EAS net revenues was primarily due to strength in most sectors, offset by lower revenues from the Resource & Energy and Manufacturing & Automotive sectors. EAS net revenues amounted to 59.4% of total net revenues in the quarter. FIS net revenues increased 47.3% year-over-year to $29.1 million and increased 38.0% from the prior quarter. FIS net revenues accounted for 40.6% of the quarter's total net revenues.

Cost of revenues increased 27.7% to $55.9 million from $43.8 million in the year-ago quarter.  Adjusted cost of revenues increased 27.8% to $55.7 million from $43.5 million in the year-ago quarter. Adjusted cost of revenues excludes $216,000 of share-based compensation expense and $32,000 of acquisition-related intangible expense.

Gross profit increased 0.2% to $15.9 million from $15.9 million in the year-ago quarter.  Adjusted gross profit increased 0.3% to $16.2 million from $16.1 million in the year-ago quarter.   The gross margin was 22.2% in the quarter, as compared to 26.6% in the year-ago quarter.  The adjusted gross margin was 22.5% in the quarter, as compared to 27.0% in the year-ago quarter.

Operating expenses were $25.6 million in the quarter, as compared to $19.3 million in the year-ago quarter. Adjusted operating expenses were $19.7 million, as compared to $17.3 million in the year-ago quarter.  Operating expenses increased faster than revenues year-over-year due to compensation in exchange for shares in a subsidiary, bad debt expense, and other one-time expenses.  Adjusted operating expenses exclude $1.6 million of share-based compensation expense and $403,000 of acquisition-related intangible expense.

Operating loss was $9.0 million, as compared to an operating loss of $3.2 million in the year-ago quarter. Adjusted operating loss was $2.8 million, as compared to an adjusted operating loss of $1.0 million in the year-ago quarter.

Net loss attributable to Camelot for the fourth quarter of 2012 was $10.6 million, as compared to net income of $0.5 million in the year-ago quarter.  Adjusted net loss attributable to Camelot for the fourth quarter of 2012 was $4.5 million, as compared to adjusted net income of $2.7 million in the year-ago quarter.  Adjusted net income includes $3.9 million in compensation received in exchange for shares in a subsidiary.

Full-Year 2012 Financial Results

In 2012, net revenues increased 11.9% to $254.1 million from $227.1 million in 2011.  Revenues in the EAS business line in 2012 were $165.1 million, an increase of 3.7% from $159.2 million in the prior year.  Revenues in the FIS business line in 2012 were $89.0 million, an increase of 30.9% from the prior year.  Gross profit was $62.0 million in the year, as compared to $59.6 million in the prior year.  The gross margin was 24.4% in the year, as compared to 26.2% in the prior year. Adjusted gross profit was $62.4 million in the year, as compared to $62.7 million in the prior year.  The adjusted gross margin was 24.6% in the year, as compared to 27.5% in the prior year.

Operating loss was $39.0 million in the year, as compared to an operating loss of $43.1 million in the prior year.  Adjusted operating income was $7.8 million in the year, as compared to $13.0 million in the prior year.  The adjusted operating margin was 3.1% in the year, as compared to 5.7% in the prior year.

Net loss attributable to Camelot was $40.5 million in 2012, as compared to a net loss of $40.8 million in the prior year, or a loss of $0.91 per diluted ADS as compared to a loss of $0.91 per ADS in the prior year.  Adjusted net income attributable to Camelot was $6.2 million, or $0.14 per ADS in 2012, as compared to $15.3 million, or $0.34 per ADS, in the prior year.

Balance Sheet and Cash Flow

As of December 31, 2012, the Company had $95.5 million in cash and cash equivalents, short-term investments, and term deposits, as compared to $102.4 million in cash, cash equivalents and term deposits as of December 31, 2011. The decrease was mainly due to a $40.4 million net loss, a $14.8 million increase in accounts receivable, $11.0 million in repayment of bank borrowing, offset by $35.3 million in maturity of time deposits, $6.6 million of impairment of goodwill, and $29.6 million of impairment of intangible assets in 2012.

In the fourth quarter of 2012, the Company did not repurchase any shares.

Days' sales outstanding[2] ("DSO") were 180 days in the fourth quarter of 2012, a decrease of 26 days from 206 days in the prior quarter.

[2] Calculated by dividing average accounts receivable, net of deferred revenue, by rolling gross revenues before business tax and related surcharges, and multiplying by 360 days. Rolling gross revenues are for the 12 months ended December 31, 2012.

Employees

The Company's headcount increased to 6,085 as of December 31, 2012, which included 5,343 information technology (IT) professionals, versus 5,966 total employees and 5,230 IT professionals at the end of the third quarter. Of the IT professionals, EAS employee headcount numbered 2,289, and FIS employee headcount numbered 3,054.

Conference-Call Information

Camelot senior management will host a conference call at 8:00 a.m. (U.S. Eastern Daylight Time) / 5:00 a.m. (U.S. Pacific Daylight Time) / 8:00 p.m. (Beijing / Hong Kong time) on Friday, April 26 to discuss the Company's fourth-quarter and full-year 2012 financial results.

The conference call may be accessed by calling:

US Toll free:

(877) 474-9501

US Toll / International:

(857) 244-7554

Hong Kong toll free:

800.96.3844

HK Toll:

852.3002.1672

UK toll free:

08082347616

UK toll:

44.207.365.8426

South China toll free / China Telecom:

10 800 130 1713

North China toll free / China Netcom:

10 800 713 1756

China toll:

86 4008811630

Taiwan toll free:

00801148420

Passcode: 72459964

Please dial in approximately 10 minutes before the scheduled time of the call.

A replay of the conference call may be accessed by phone at the following numbers until 11:59 p.m. Central China Time on May 3, 2013:

US Toll free:

(888) 286-8010

US Toll / International:

(617) 801-6888

Passcode: 98510217

A live webcast of the conference call and recording of the conference call will be available on the investor relations page of Camelot's website at www.camelotchina.com.

USE OF NON-GAAP FINANCIAL MEASURES

To supplement the unaudited consolidated financial statements presented in accordance with U.S. GAAP, Camelot uses the non-GAAP ("adjusted") financial measures of gross profit and margin, operating expenses, operating income and margin, net income attributable to Camelot Information Systems Inc. and margin, and diluted earnings per share and diluted earnings per ADS, which are adjusted from results based on U.S. GAAP to exclude impairment of intangible assets, impairment of goodwill, share-based compensation, acquisition-related intangible amortization, and changes in fair value of contingent consideration. The non-GAAP financial measures are provided as additional information to help our investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of our current financial performance and prospects for the future.  The non-GAAP financial measures 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 the non-GAAP financial measures may differ from the calculations used by other companies, and therefore comparability may be limited.

STATEMENT REGARDING UNAUDITED FINANCIAL INFORMATION

The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is performed on the Company's year-end financial statements, which could result in significant differences from this unaudited financial information.

ABOUT CAMELOT INFORMATION SYSTEMS INC.

Camelot is a leading domestic provider of enterprise application services and financial industry information technology ("IT") services in China, focusing on the high end of the IT value chain. The Company is the largest domestic provider of SAP-based Enterprise Resource Planning services in China as measured by 2010 revenue and by the number of SAP consultants as of December 31, 2010. Camelot also ranked as number-one in the banking testing market in 2010, according to IDC.  Camelot also operates in other areas of the Asia Pacific region, including Taiwan and Japan. The Company provides services to a wide range of industries, including financial services, resources and energy, manufacturing and automobile, technology, as well as telecommunication, media and education.

SAFE HARBOR

This press release contains statements that may 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. These forward-looking statements involve a number of risks and uncertainties that could cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies, the Company's ability to attract and retain skilled professionals, the market of IT services in China, the wages of IT professionals, the Company's ability to serve, retain, and attract customers. Further information regarding these and other risks is included in Camelot's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Camelot does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

 

Company Contacts:

Camelot Information Systems Inc.

Mr. Franklin King, Interim Chief Financial Officer

Tel: +86 (10) 8201 9008

E-mail: investors@camelotchina.com

 

Investor Relations Contacts:

CCG Investor Relations

Mr. Crocker Coulson, President

Tel: +1 (646) 213-1915

E-mail: crocker.coulson@ccgir.com



Ms. Jojo Guo, Investor Relations Manager

Tel: +1 (646) 371-6533

E-mail: investors@camelotchina.com

Mr. John Harmon, CFA, Sr. Acct. Mgr.

Tel: +86 (10) 8573 1014 (Beijing)

E-mail: john.harmon@ccgir.com

– financial tables follow –



 

 CAMELOT INFORMATION SYSTEMS INC.

Condensed Consolidated Balance Sheets (Unaudited)

(U.S. Dollars in Thousands, Except per Share Data)






December 31,
2012


December 31,
2011

Assets




Current assets




Cash and cash equivalents

$84,463


$57,128

Term deposits

9,726


45,318

Restricted cash

1,137


4,626

Short-term investments

1,284


Billed accounts receivable

45,279


47,834

Unbilled accounts receivable

105,240


87,212

Other current assets

23,395


19,659

Total current assets

270,524


261,777

Property and equipment, net

4,393


4,673

Goodwill and other intangible assets

11,949


46,248

Other long-term assets

2,062


2,698

Total assets

$288,928


$315,396





Liabilities and equity




Current liabilities




Consideration payable in connection with business acquisition

$2,992


$5,132

Other current liabilities

79,877


71,099

Total current liabilities

82,869


76,231

Contingent consideration in relation to acquisition


2,822

Other non-current liabilities

2,786


4,255

Total liabilities

85,655


83,308

Equity (a)

203,273


232,088

Total liabilities and equity

$288,928


$315,396





Note:

(a) As of December 31, 2012, there were 190,926,475 ordinary shares issued and 185,069,020 shares outstanding.

 

 

 

CAMELOT INFORMATION SYSTEMS INC.


Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


(U.S. Dollars in Thousands, Except per Share Data)









Three Months Ended
December 31,


Twelve Months Ended
December 31,


2012


2011


2012


2011

Net revenues

$71,852


$59,690


$254,063


$227,120

Cost of revenues(1)(2)

(55,911)


(43,787)


(192,034)


(167,520)

Gross profit

15,941


15,903


62,029


59,600

Selling and marketing(1)(2)

(4,275)


(4,319)


(15,409)


(20,263)

General and administrative(1)(2)

(18,695)


(12,212)


(41,908)


(45,065)

Research and development costs

(2,711)


(2,348)


(8,047)


(5,956)

Changes in fair value of contingent consideration for acquisition

38


(442)


(170)


(1,669)

Impairment of intangible assets



(6,610)


(8,552)

Impairment of goodwill



(29,597)


(21,457)

Total operating expense

(25,643)


(19,321)


(101,741)


(102,962)

Government subsidies

734


189


742


255

Income (loss) from operations

(8,968)


(3,229)


(38,970)


(43,107)

Interest expense

(15)


(189)


(188)


(935)

Interest income

167


476


900


1,194

Income (loss) before provisions for income tax

(8,816)


(2,942)


(38,258)


(42,848)

Income tax benefit(expense)

(1,718)


3,283


(2,144)


1,791

Net Income (Loss)

(10,534)


341


(40,402)


(41,057)

Noncontrolling interest

(92)


120


(144)


233

Net Loss attributable to Camelot Information Systems Inc.(3)

($10,626)


$461


($40,546)


($40,824)









Earnings per share








Basic-ordinary shares

($0.06)


$0.00


($0.23)


($0.23)

Diluted-ordinary shares

($0.06)


$0.00


($0.23)


($0.23)









Earnings per ADS








Basic-ADSs

($0.24)


$0.01


($0.91)


($0.91)

Diluted-ADSs

($0.24)


$0.01


($0.91)


($0.91)









Weighted average shares outstanding








Basic-ordinary shares

177,979,046


177,212,430


177,711,280


179,954,056

Diluted-ordinary shares

177,979,046


185,938,452


177,711,280


179,954,056









Weighted average ADSs outstanding








Basic-ADSs

44,494,762


44,303,108


44,427,820


44,998,514

Diluted-ADSs

44,494,762


46,484,613


44,427,820


44,998,514









Net Income (Loss)

(10,534)


341


(40,402)


(41,057)

Other comprehensive income, net of tax:








Change in cumulative foreign currency translation adjustments

1,460


2,513


2,153


8,229

Comprehensive loss

($9,074)


$2,854


($38,249)


($32,828)









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

(108)


114


(173)


252

Comprehensive loss attributable to Camelot Information Systems Inc.

($9,182)


$2,968


($38,422)


($32,576)



















(1) Includes the following amounts of share-based compensation expenses for the periods indicated





Three Months Ended
December 31,

Twelve Months Ended
December 31,


2012

2011

2012

2011

Cost of revenues

$216

$28

$278

$1,463

Selling and marketing

418

825

2,043

7,427

General and administrative

1,209

159

2,120

10,476

Total share-based compensation expenses

$1,843

$1,012

$4,441

$19,366






(2) Includes the following amounts of amortization expense related to intangible assets acquired for business combination for the periods indicated





Three Months Ended
December 31,

Twelve Months Ended
December 31,


2012

2011

2012

2011

Cost of revenues

$32

$211

$127

$1,594

Selling and marketing

331

527

1,645

3,213

General and administrative

72

71

285

278

Total acquisition-related intangible amortization expenses

$435

$809

$2,057

$5,085






(3) The following table sets forth the reconciliation of our adjusted net loss attributable to Camelot Information Systems Inc. to the U.S. GAAP net loss attributable to Camelot Information Systems Inc.:





Three Months Ended
December 31,

Twelve Months Ended
December 31,


2012

2011

2012

2011

Net loss attributable to Camelot Information Systems Inc.
 (U.S. GAAP)

($10,626)

$461

($40,546)

($40,824)

Share-based compensation

1,843

1,012

4,441

19,366

Acquisition-related intangible amortization

435

809

2,057

5,085

Changes in fair value of contingent consideration

(38)

442

170

1,669

Impairment of intangible assets

-

-

6,610

8,552

Impairment of goodwill

-

-

29,597

21,457

Non-cash compensation expense

3,908

-

3,908

-

Total adjusted amounts

6,148

2,263

46,783

56,129

Adjusted net income (loss) attributable to Camelot Information Systems Inc.

($4,478)

$2,724

$6,237

$15,305

 

CAMELOT INFORMATION SYSTEMS INC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(U.S. Dollars in Thousands)





Three-Month Periods
Ended December 31,

Twelve-Month Periods
Ended December 31,


2012

2011

2012

2011

Cash flow from operating activities:





Net loss

($10,534)

$341

($40,402)

($41,057)

Adjustments to reconcile net loss to net cash provided by(used in) operating activities:





Depreciation of property and equipment

199

269

957

1,087

One time gain from disposal 35% shares of dimension

3,908

-

3,908

-

Amortization of intangible assets

581

863

2,814

5,285

Deferred income taxes

(190)

(1,934)

(903)

(4,060)

Impairment of intangible assets

-

-

6,610

8,552

Impairment of goodwill

-

-

29,597

21,457

Provision for account receivable

1,839

518

778

3,235

Provision for other current assets

-

(1,231)

633

-

Share-based compensation

1,843

1,011

4,441

19,366

Gains on disposal of property and equipment

27

11

52

20

Change in fair value of contingent consideration for acquisition

(38)

442

170

1,669

Changes in operating assets and liabilities:





Accounts receivable

10,978

8,872

(14,812)

(23,364)

Other assets

(1,542)

(2,039)

(3,739)

(3,503)

Accounts payable

2,764

1,678

1,093

(406)

Other liabilities

17,622

4,839

14,427

6,918

Net cash used in operating activities

27,457

13,640

5,624

(4,801)






Cash flow from investing activities:





Purchase of term deposits

(4,664)

(10,342)

(28,900)

(44,785)

Maturity of term deposits

18,996

-

64,227

-

Restricted cash

594

8,003

3,518

2,743

Repayment of loan to unrelated parties

-

13

-

13

Proceeds from disposal of property and equipment

16

11

24

29

Purchase of property and equipment

(146)

(203)

(668)

(867)

Purchase of intangible assets and other asset

1,269

78

(1,304)

-

Purchase of businesses, net of cash acquired

-

-

(3,500)

(11,430)

Net cash provided (used in) by investing activities

16,065

(2,440)

33,397

(54,297)






Cash flow from financing activities:





Proceeds from bank borrowing

331

1,373

3,212

9,205

Repayment of bank borrowing

(437)

(8,472)

(10,998)

(12,230)

Repurchase of ordinary shares

-

-

-

(14,415)

Payment of professional fee related to initial public offering

-

558

-

(406)

Payment of reimbursable issuance cost related to follow-on offering

-

(969)

-

(694)

Payment of contingent consideration and deferred consideration for business
acquisitions

-

(1,188)

(5,100)

(7,961)

Proceeds from stock option exercises

-

41

-

1,335

Net cash used in financing activities

(106)

(8,657)

(12,886)

(25,166)






Effect of foreign exchange rate changes

648

298

1,200

1,036






Net increase (decrease) in cash and cash equivalents

44,064

2,841

27,335

(83,228)

Cash and cash equivalents, beginning of period

40,399

54,287

57,128

140,356

Cash and cash equivalents, end of period

$84,463

$57,128

$84,463

$57,128

 

 

CAMELOT INFORMATION SYSTEMS INC.

Reconciliations of Adjusted Financial Measures to Comparable GAAP Measures (Unaudited)

(US Dollars in Thousands, Except per Share Data and Percentage)





Three Months Ended
December 31, 2012

Three Months Ended
December 31, 2011


GAAP

Adjustments


Adjusted

GAAP

Adjustments


Adjusted

Cost of revenues

$55,911

($248)

(a)

$55,663

$43,787

(239)

(a)

$43,548

Gross profit

15,941

248

(a)

16,189

15,903

239

(a)

16,142

Operating expenses

25,643

(5,900)

(a)

19,743

19,321

(2,024)

(a)

17,297

Operating income(loss)

(8,968)

6,148

(a)

(2,820)

(3,229)

2,263

(a)

(966)

Net income(loss)

(10,626)

6,148

(a)(d)

(4,478)

461

2,263

(a)

2,724

Net gross margin

22.2%

0.3%

(b)

22.5%

26.6%

0.4%

(b)

27.0%

Net operating margin

(12.5%)

8.6%

(a)

(3.9%)

(5.4%)

3.8%

(a)

(1.6%)

Net margin

(14.8%)

8.6%

(a)

(6.2%)

0.8%

3.8%

(a)

4.6%

Diluted EPS

($0.06)

$0.03

(c)

($0.03)

$0.00

$0.01

(c)

$0.01

Diluted EPADS

($0.24)

$0.14

(c)

($0.10)

$0.01

$0.05

(c)

$0.06


Twelve Months Ended
December 31, 2012

Twelve Months Ended
December 31, 2011


GAAP

Adjustments


Adjusted

GAAP

Adjustments


Adjusted

Cost of revenues

$192,034

($405)

(a)

$191,629

$167,520

($3,057)

(a)

$164,463

Gross profit

62,029

405

(a)

62,434

59,600

3,057

(a)

62,657

Operating expenses

101,741

(46,378)

(a)

55,363

102,962

(53,072)

(a)

49,890

Operating
income(loss)

(38,970)

46,783

(a)

7,813

(43,107)

56,129

(a)

13,022

Net income(loss)

(40,546)

46,783

(a)(d)

6,237

(40,824)

56,129

(d)

15,305

Net gross margin

24.4%

0.2%

(b)

24.6%

26.2%

1.3%

(b)

27.5%

Net operating margin

(15.3%)

18.4%

(a)

3.1%

(19.0%)

24.7%

(a)

5.7%

Net margin

(16.0%)

18.4%

(a)

2.5%

(18.0%)

24.7%

(a)

6.7%

Diluted EPS

($0.23)

$0.26

(c)

$0.04

($0.23)

$0,31

(c)

$0.09

Diluted EPADS

($0.91)

$1.05

(c)

$0.14

($0.91)

$1.25

(c)

$0.34



















Notes:


(a) The non-GAAP adjustments include share-based compensation expenses, amortization expense related to
intangible assets acquired for business acquisition, changes in fair value of contingent consideration and impairment
of goodwill and intangible assets, where were presented in the notes (1) and (2) below Condensed Consolidated
Statements of Operations (Unaudited) for the reconciliation process


(b) Adjustments to exclude acquisition-related intangible asset amortization expense and share-based compensation recorded in cost of sales of $248, $239, $405 and $3,057 for the three-month periods ended December 31, 2012 and 2011, and the twelve-month periods ended December 31, 2012 and 2011, respectively.


(c) Adjusted diluted EPS is computed by dividing adjusted net income attributable to Camelot Information Systems Inc. by the weighted average number of diluted ordinary shares outstanding used in computing the GAAP diluted EPS for the respective periods.


(d) Net income refers to net income attributable to Camelot.

 

 

 


 

 

 

SOURCE Camelot Information Systems Inc.

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