Camelot Information Systems Inc. Announces Unaudited Third Quarter 2013 Financial Results

BEIJING, Nov. 25, 2013 /PRNewswire/ -- Camelot Information Systems Inc. (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry IT services in China ("Camelot" or the "Company"), today announced unaudited financial results for the third quarter ended September 30, 2013.

Third-Quarter Financial and Operating Highlights:

  • Net revenues were $70.9 million in the third quarter of 2013, as compared to $63.0 million in the same period in 2012.
  • Net revenues from enterprise application services (EAS) were $45.8 million, as compared to $41.9 million in the same period in 2012.
  • Net revenues from financial industry IT services (FIS) were $25.0 million, as compared to $21.1 million in the same period in 2012.
  • Gross profit was $14.4 million, as compared to $17.2 million in the same period in 2012.
  • Loss from operations was $1.9 million, as compared to a loss from operations of $31.9 million in the same period in 2012. Adjusted operating loss[1] was $1.4 million, as compared to adjusted operating income[1] of $5.5 million in the same period in 2012.
  • Net loss attributable to Camelot was $1.7 million, as compared to a net loss attributable to Camelot of $31.5 million in the same period in 2012. Adjusted net loss attributable to Camelot[1] was $1.2 million, as compared to adjusted net income attributable to Camelot[1] of $5.8 million in the same period in 2012.

"We achieved solid year-over-year revenue growth in the third quarter of 2013, and revenues exceeded our guidance due to strength in our EAS business line. During the remainder of 2013, we expect solid but more moderate performance in our EAS business line, as we expect the delivery of some contracts to stretch into next year," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "Looking towards 2014, we expect some near-term challenges due to shifts in our customer mix due to economic reforms in China. We still believe that over the long term, the need for greater competitiveness among Chinese enterprises will increase, which should drive further demand for our services, which help companies become more efficient and competitive."

Third-Quarter 2013 Financial Results

Net revenues in the third quarter ended September 30, 2013 increased 12.5% to $70.9 million from $63.0 million in the same period in 2012.

Net Revenues by Service Line (in Thousands, Except Percentage)






Service Line


Three Months Ended
September 30, 2013


Three Months Ended
September 30, 2012

Enterprise application services (EAS)


$45,829


64.7%


$41,887


66.5%

Financial industry IT services (FIS)


25,041


35.3%


21,115


33.5%

Total net revenues


$70,870


100.0%


$63,002


100.0%

EAS net revenues increased 9.4% year-over-year to $45.8 million in the quarter. EAS net revenues amounted to 64.7% of total net revenues in the quarter. FIS net revenues increased 18.6% year-over-year to $25.0 million. FIS net revenues accounted for 35.3% of the quarter's total net revenues.

Cost of revenues increased 23.2% to $56.5 million from $45.8 million in the same period in 2012. Adjusted cost of revenues[1] increased 23.3% to $56.5 million from $45.8 million in the same period in 2012. Adjusted cost of revenues excludes $16,000 of amortization expense for acquisition-related intangible assets.

Gross profit decreased 16.2% to $14.4 million from $17.2 million in the same period in 2012. Adjusted gross profit[1] decreased 16.3% to $14.4 million from $17.2 million in the same period in 2012. The gross margin was 20.3% in the quarter, as compared to 27.3% in the same period in 2012. The adjusted gross margin[1] was 20.3% in the quarter, as compared to 27.4% in the same period in 2012.

Operating expenses were $16.4 million in the quarter, as compared to $49.1 million in the same period in 2012. Operating expenses in the same period of 2012 include charges of $6.6 million for the impairment of intangible assets and $29.6 million for the impairment of goodwill. Adjusted operating expenses[1] were $15.9 million, as compared to $11.8 million in the same period in 2012. Excluding the impairment charges, operating expenses increased year-over-year due to higher sales and marketing expense from higher revenues, higher general and administrative expenses from higher headcount, and higher research and development expense from our initiatives for solution development. Adjusted operating expenses exclude $197,000 of share-based compensation expense and $287,000 of amortization expense for acquisition-related intangible assets.

Operating loss was $1.9 million, as compared to an operating loss of $31.9 million in the same period in 2012. Adjusted operating loss[1] was $1.4 million, as compared to adjusted operating income of $5.5 million in the same period in 2012.

Net loss attributable to Camelot in the third quarter of 2013 was $1.7 million, as compared to a net loss attributable to Camelot of $31.5 million in the same period in 2012. Adjusted net loss attributable to Camelot[1] for the third quarter of 2013 was $1.2 million, as compared to adjusted net income attributable to Camelot of $5.8 million in the same period in 2012.

Nine-Month 2013 Financial Results

In the first nine months of 2013, net revenues increased 5.9% to $193.0 million from $182.2 million in the first nine months of 2012. Revenues in the EAS business line were $124.4 million, an increase of 1.7% from $122.4 million in the same period of 2012. Revenues in the FIS business line were $68.5 million, an increase of 14.6% from $59.8 million in the same period of 2012. Gross profit was $38.3 million, as compared to $46.1 million in the same period of 2012. Adjusted gross profit was $38.4 million, as compared to $46.2 million in the same period of 2012. The gross margin was 19.9%, as compared to 25.3% in the same period of 2012. The adjusted gross margin was 19.9%, as compared to 25.4% in the same period of 2012.

Operating loss was $11.2 million in the first nine months of 2013, as compared to an operating loss of $30.0 million in the same period of 2012. The operating margin was negative 5.8%, as compared to negative 16.5% in the same period of 2012. Adjusted operating loss was $8.7 million, as compared to operating income of $10.6 million in the same period of 2012. The adjusted operating margin[1] was negative 4.5%, as compared to positive 5.8% in the same period of 2012.

Income tax expense was $3.7 million, as compared to $426,000 in the same period of 2012.

Net loss attributable to Camelot was $14.4 million in the first nine months of 2013, as compared to a net loss of $29.9 million in the same period of 2012, or a net loss of $0.31 per diluted ADS as compared to a net loss of $0.67 per ADS in the same period of 2012. Adjusted net loss attributable to Camelot was $11.9 million, or a loss of $0.26 per ADS in the first nine months of 2013, as compared to adjusted net income of $10.7 million, or $0.24 per ADS in the same period of 2012.

Balance Sheet and Cash Flow

As of September 30, 2013, the Company had $59.3 million in cash and cash equivalents, as compared to $95.5 million in cash, cash equivalents, short-term investments, and term deposits, as of December 31, 2012. The decrease was primarily due to a $14.6 million net loss, a $22.7 million increase in accounts receivable, and a $6.0 million decrease in other liabilities, offset by a $5.1 million decrease in other assets, during the first nine months of 2013.

Days' sales outstanding[2] ("DSO") were 216 days in the third quarter of 2013, an increase of ten days from 206 days in the same period of 2012.

Employees

The Company's headcount increased to 6,306 as of September 30, 2013, which included 5,559 information technology (IT) professionals, as compared to 6,198 total employees and 5,408 IT professionals at the end of the second quarter. Of the IT professionals, EAS employee headcount numbered 2,330, and FIS employee headcount numbered 3,229.

Recent Developments

On January 5, 2012, a shareholder (the "Plaintiff") filed a class-action lawsuit against Camelot and current and former directors and officers in United States District Court of the Southern District of New York, alleging various misstatements and omissions regarding the Company's business practices and financial results in violation of U.S. federal securities laws (the "Litigation"). The Company believes that the Litigation is without merit and has denied and continues to deny each and all of the claims alleged by the Plaintiff regarding any improper conduct or violation of U.S. federal securities laws, or any other laws or regulations specified in the Litigation. However, taking into account the uncertainty and risks inherent in any litigation, the Company has concluded that further continuation of the Litigation would be protracted, burdensome and expensive, and that it is desirable that the Litigation be fully and finally settled. Under advice from the Company's counsel, the Plaintiff's counsel, the defendants and the Company's insurance company participated in a mediation session during the third quarter of 2013 to discuss a possible settlement of the Litigation. The Company's counsel has provided a draft settlement agreement and an insurance agreement for management review and comment during the fourth quarter of 2013.

Separately, Camelot and China Minsheng Banking Corp., Ltd. ("CMBC") (Shanghai Stock Exchange: 600016) entered into a "Comprehensive Strategic Partnership of Cooperation" (the "Arrangement") during the third quarter of 2013. Under the Arrangement, CMBC will provide comprehensive financial services, including financing, collections, account receivable administration, and protection against bad debts, to the Company, according to the Company's business requirements and fulfillment criteria.

Conference Call Information

Camelot senior management will host a conference call at 8:00 a.m. (U.S. Eastern Standard Time) / 5:00 a.m. (U.S. Pacific Standard Time) / 9:00 p.m. (Beijing / Hong Kong time) on Monday, November 25, 2013 to discuss the Company's third-quarter 2013 financial results.

The conference call may be accessed by calling:

US Toll free:

(866) 713-8563

US Toll / International:

(617) 597-5311

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:

0809090400



Passcode:

58856649

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

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.

[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.

[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 March 31, 2013.

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, amortization expense for acquisition-related intangible assets, 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 also operates in other areas of the Asia Pacific region, including Taiwan and Japan. Camelot provides services to a wide range of industries, including financial services, resources and energy, manufacturing and automobiles, technology, as well as telecommunications, 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:

Investor Relations Contact:

Camelot Information Systems Inc.

Mr. John Harmon, CFA

Mr. Franklin King, Interim Chief Financial Officer

Tel: +86 (10) 1151 1730 (Beijing)

Tel: +86 (10) 6441 9980 ext. 8120

E-mail: john.harmon@harmoncorp.com

E-mail: investors@camelotchina.com




Ms. Jojo Guo, Investor Relations Manager


Tel: +1 (646) 371-6533


E-mail: investors@camelotchina.com


 

 

- financial tables follow -




CAMELOT INFORMATION SYSTEMS INC.

Condensed Consolidated Balance Sheets (Unaudited)

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






September 30,

2013


December 31,

2012

Assets




Current assets




Cash and cash equivalents

$59,263


$93,876

Term deposits

-


313

Restricted cash

789


1,137

Short-term investments

-


1,284

Billed accounts receivable

46,094


45,279

Unbilled accounts receivable

130,583


105,240

Other current assets

17,829


23,395

Total current assets

254,558


270,524

Property and equipment, net

4,270


4,393

Intangible assets

10,548


11,949

Long term investment

731


-

Other long-term assets

2,231


2,062

Total assets

272,338


288,928





Liabilities and equity




Current liabilities




Consideration payable in connection with business acquisition

-


2,992

Accounts payable

20,075


21,347

Accrued expenses and other payables

28,761


28,665

Other current liabilities

28,344


29,865

Total current liabilities

77,180


82,869

Other non-current liabilities

2,268


2,786

Total liabilities

79,448


85,655

Equity (a)

192,890


203,273

Total liabilities and equity

272,338


288,928





Note:

(a) As of September 30, 2013, there were 190,926,475 ordinary shares issued and 185,269,020 shares outstanding. As of December 31, 2012, there were 190,926,475 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 September 30,


Nine Months
Ended September 30,


2013


2012


2013


2012

Net revenues

$70,870


$63,002


$192,967


$182,211

Cost of revenues(1)(2)

(56,471)


(45,825)


(154,629)


(136,123)

Gross profit

14,399


17,177


38,338


46,088

Selling and marketing(1)(2)

(3,814)


(3,032)


(10,517)


(11,134)

General and administrative(1)(2)

(9,555)


(7,828)


(30,881)


(23,213)

Research and development costs

(2,997)


(1,872)


(8,287)


(5,336)

Changes in fair value of contingent consideration for acquisition


(111)



(208)

Impairment of intangible assets


(6,610)



(6,610)

Impairment of goodwill


(29,597)



(29,597)

Total operating expenses

(16,366)


(49,050)


(49,685)


(76,098)

Government subsidies

41


8


174


8

Loss from operations

(1,926)


(31,865)


(11,173)


(30,002)

Interest expense

(66)


(27)


(114)


(173)

Interest income

79


174


414


733

Loss before provisions for income tax

(1,913)


(31,718)


(10,873)


(29,442)

Income tax expense

158


39


(3,710)


(426)

Net income of an equity investment, net of tax

22



13


Net loss

(1,733)


(31,679)


(14,570)


(29,868)

Noncontrolling interest

80


183


168


(52)

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

(1,653)


(31,496)


(14,402)


(29,920)









Earnings per share








Basic-ordinary shares

(0.01)


(0.18)


(0.08)


(0.17)

Diluted-ordinary shares

(0.01)


(0.18)


(0.08)


(0.17)









Earnings per ADS








Basic-ADSs

(0.04)


(0.71)


(0.31)


(0.67)

Diluted-ADSs

(0.04)


(0.71)


(0.31)


(0.67)









Weighted average shares outstanding








Basic-ordinary shares

185,269,020


177,621,367


185,201,621


177,621,367

Diluted-ordinary shares

185,269,020


177,621,367


185,201,621


177,621,367









Weighted average ADSs outstanding








Basic-ADSs

46,317,255


44,405,342


46,300,405


44,405,342

Diluted--ADSs

46,317,255


44,405,342


46,300,405


44,405,342









Net loss

(1,733)


(31,679)


(14,570)


(29,868)

Other comprehensive loss, net of tax:








     Change in cumulative foreign currency translation adjustments

537


2,342


2,685


693

Comprehensive loss

(1,196)


(29,337)


(11,885)


(29,175)









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

(63)


(165)


(91)


65

Comprehensive loss attributable to Camelot Information Systems Inc.

(1,133)


(29,172)


(11,794)


(29,240)









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



Three Months Ended
September 30,


Nine Months Ended
September 30,


2013


2012


2013


2012

Cost of revenues

-


$19


$44


$62

Selling and marketing

$22


108


266


1,625

General and administrative

175


374


1,192


911

Total share-based compensation expenses

197


501


1,502


2,598









(2) Includes the following amounts of amortization expense for acquisition-related intangible assets for the periods indicated



Three Months Ended
September 30,


Nine Months Ended
September 30,


2013


2012


2013


2012

Cost of revenues

$16


$31


$48


$95

Selling and marketing

214


416


723


1,314

General and administrative

73


71


218


213

Total amortization expense for acquisition-related intangible assets

303


518


989


1,622









(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
September 30,


Nine Months Ended
September 30,


2013


2012


2013


2012

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

($1,653)


($31,496)


($14,402)


($29,920)

Share-based compensation

197


501


1,502


2,598

Acquisition-related intangible amortization

303


518


989


1,622

Changes in fair value of contingent consideration

-


111


-


208

Impairment of intangible assets

-


6,610


-


6,610

Impairment of goodwill

-


29,597


-


29,597

Total adjusted amounts

500


37,337


2,491


40,635

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

(1,153)


5,841


(11,911)


10,715









 


 

CAMELOT INFORMATION SYSTEMS INC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(U.S. Dollars in Thousands)



Three-Month Periods
Ended September 30,


Nine-Month Periods
Ended September 30,


2013


2012


2013


2012

Cash flow from operating activities:








Net Loss

($1,733)


($31,679)


($14,570)


($29,868)

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








    Depreciation of property and equipment

247


236


725


758

    Amortization of intangible assets

496


725


1,559


2,233

    Deferred income taxes

(18)


(1,083)


514


(713)

    Impairment of intangible assets

-


6,610


-


6,610

    Impairment of goodwill

-


29,597


-


29,597

    Provision for account receivable

122


(270)


(760)


(1,061)

    Provision for other current assets

-


-


-


633

    Share-based compensation

197


501


1,502


2,598

    (Gain) loss on disposal of property and equipment

(7)


14


18


25

    Change in fair value of contingent consideration for acquisition

-


111


-


208

    Net income of an equity investment, net of tax

(22)


-


(13)


-

 Changes in operating assets and liabilities:








     Accounts receivable

(3,532)


1,282


(22,667)


(25,790)

     Other assets

7,828


(1,745)


5,101


(2,197)

     Accounts payable

816


(3,415)


(1,559)


(1,671)

     Other liabilities

(9,102)


(1,150)


(5,967)


(3,195)

Net cash used in operating activities

(4,708)


(266)


(36,117)


(21,833)









Cash flow from investing activities:








    Purchase of term deposits

-


(23,197)


(67)


(24,260)

    Maturity of term deposits

-


34,171


387


45,255

    Deposit (withdrawal) of restricted cash

191


(804)


340


2,924

    Maturity of short term investment

-


-


1,286


-

    Proceeds from disposal of property and equipment

35


4


44


8

    Purchase of property and equipment

(286)


(211)


(576)


(522)

    Purchase of intangible assets and other assets

(5)


(1,551)


(5)


(2,573)

    Purchase of businesses, net of cash acquired

-


-


-


(3,500)

    Capital injection into a joint venture

-


-


(708)


-

Net cash (used in) provided by investing activities

(65)


8,412


701


17,332









Cash flow from financing activities:








    Proceeds from bank borrowing

1,212


-


4,555


2,881

    Repayment of bank borrowing

(420)


(2,434)


(1,299)


(10,561)

    Payment of contingent consideration for an acquisition

-


-


(3,012)


(5,100)

Net cash provided by (used in) financing activities

792


(2,434)


244


(12,780)









Effect of foreign exchange rate changes

132


532


559


552









Net (decrease) increase in cash and cash equivalents

(3,849)


6,244


(34,613)


(16,729)

Cash and cash equivalents, beginning of period

63,112


34,155


93,876


57,128

Cash and cash equivalents, end of period

59,263


40,399


59,263


40,399

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
September 30, 2013


Three Months Ended
September 30, 2012


GAAP


Adjustments


Adjusted


GAAP


Adjustments


Adjusted

Cost of revenues

$56,471


($16)

(a)

$56,455


$45,825


($50)

(a)

$45,775

Gross profit

14,399


16

(a)

14,415


17,177


50

(a)

17,227

Operating expenses

16,366


(484)

(a)

15,882


49,050


(37,287)

(a)

11,763

Operating loss

(1,926)


500

(a)

(1,426)


(31,865)


37,337

(a)

5,472

Net loss

(1,653)


500

(a)(d)

(1,153)


(31,496)


37,337

(a)

5,841

Net gross margin

20.3%


0.0%

(b)

20.3%


27.3%


0.1%

(b)

27.4%

Net operating margin

(2.7%)


0.7%

(a)

(2.0%)


(50.6%)


59.3%

(a)

8.7%

Net margin

(2.3%)


0.7%

(a)

(1.6%)


(50.0%)


59.3%

(a)

9.3%

Diluted EPS

($0.01)


$0.00

(c)

($0.01)


($0.18)


$0.21

(c)

$0.03

Diluted EPADS

($0.04)


$0.02

(c)

($0.02)


($0.71)


$0.84

(c)

$0.13














Nine Months Ended
September 30, 2013


Nine Months Ended
September 30, 2012


GAAP


Adjustments


Adjusted


GAAP


Adjustments


Adjusted

Cost of revenues

$154,629


($92)

(a)

$154,537


$136,123


($157)

(a)

$135,966

Gross profit

38,338


92

(a)

38,430


46,088


157

(a)

46,245

Operating expenses

49,685


(2,399)

(a)

47,286


76,098


(40,478)

(a)

35,620

Operating loss

(11,173)


2,491

(a)

(8,682)


(30,002)


40,635

(a)

10,633

Net loss

(14,402)


2,491

(a)(d)

(11,911)


(29,920)


40,635

(a)

10,715

Net gross margin

19.9%


0.0%

(b)

19.9%


25.3%


0.1%

(b)

25.4%

Net operating margin

(5.8%)


1.3%

(a)

(4.5%)


(16.5%)


22.3%

(a)

5.8%

Net margin

(7.5%)


1.3%

(a)

(6.2%)


(16.4%)


22.3%

(a)

5.9%

Diluted EPS

($0.08)


$0.02

(c)

($0.06)


($0.17)


$0.23

(c)

$0.06

Diluted EPADS

($0.31)


$0.05

(c)

($0.26)


($0.67)


$0.91

(c)

$0.24













Notes:

(a) The adjusted adjustments include share-based compensation expense, amortization expense for acquisition-related intangible assets, changes in fair value of contingent consideration and impairment of goodwill and intangible assets, which are presented in the notes (1) and (2) below "Condensed Consolidated Statements of Operations (Unaudited)" for the reconciliation process.

(b) Adjustments to exclude amortization expense for acquisition-related intangible assets and share-based compensation recorded in cost of sales of $16, $50, $92 and $157 for the three-month periods ended September 30, 2013 and 2012, and the nine-month periods ended September 30, 2013 and 2012, 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 loss refers to net income attributable to Camelot.

 


 

SOURCE Camelot Information Systems Inc.



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