CDC Corporation Reports Net Income of $5.6 Million and $16.5 Million for the Third Quarter and First Nine Months, Respectively, in 2009 Compared to Net Loss of $10.0 Million and $33.1 Million for Comparable Periods in 2008.

Business Wire › November 23, 2009

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ATLANTA & HONG KONG -- CDC Corporation (NASDAQ: CHINA), a leading global enterprise software, IT services and new media company, today announced financial results for the quarter ended September 30, 2009. For the third quarter of 2009, CDC Corporation reported revenue of (U.S.)$76.6 million and net income attributable to controlling interest of (U.S.)$5.6 million, or (U.S.) $0.05 per share. This compares to revenue of (U.S.)$104.1 million and a net loss attributable to controlling interest of $10.0 million, or a loss per share of (U.S.) $0.09 for the third quarter of 2008.

Third quarter operating cash flow was $12.1 million, compared to $11.2 million in the second quarter of 2009, and a 52 percent increase from (U.S.)$8.0 million in the third quarter of 2008. This marks eight consecutive quarters of cash generated from operations.

Third quarter adjusted EBITDA (a) from continuing operations (b) or Adjusted EBITDA* was (U.S.)$9.0 million compared to Adjusted EBITDA of (U.S ) $13.7 million in the third quarter of 2008.

For the nine months ended September 30, 2009, CDC Corporation reported Adjusted EBITDA of (U.S.)$28.7 million compared to (U.S.)$26.2 million for the same period in 2008. Net income attributable to controlling interest for the nine months ended September 30, 2009, was (U.S.)$16.5 million, or (U.S.)$0.14 per share, compared to a net loss attributable to controlling interest of (U.S.)$33.1 million, or a loss per share of (U.S.)$0.31 for the same period in 2008.

As of September 30, 2009, Non-GAAP Cash and Cash Equivalents(a) of (U.S.)$162.0 million.

"We are pleased with our overall pe...

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