2014

Ninetowns' Corrections of Second Half and Full Year 2009 Financial Results

BEIJING, June 29 /PRNewswire-Asia/ -- Ninetowns Internet Technology Group Company Limited (Nasdaq: NINE) ("Ninetowns" or the "Company"), one of China's leading providers of online solutions for international trade, today reports certain corrections to its previously released second half and full year 2009 financial results.

1. Reasons for corrections

Certain corrections have been made to the second half and full year 2009 financial results in order to,

    i.  Reclassify amounts attributable to discontinued operations in 2008;
    ii. Reclassify 2009 unrealized losses on investments in available for sale
        securities from other comprehensive income to earnings.


    2. Matters to be corrected
    1) Second Half 2009 Financial Highlights
    2) Full Year 2009 Financial Highlights
    3) Second Half 2009 Financial Results
    4) Full Year 2009 Financial Results
    5) Condensed Consolidated Statements of Operations for six months ended
       December 31, 2008, June 30, 2009 and December 31, 2009
    6) Condensed Consolidated Statements of Operations for the years ended
       December 31, 2008 and 2009

For each corrected item below, we have set forth the relevant item both before and after correction.

    1) Second Half 2009 Financial Highlights

    < Before correction >
    -- Net income was RMB48,287 (US$7,074), as compared to a net loss of
       RMB140.9 million (US$20.6 million) for the second half of 2008.

    < After correction >
    -- Net loss was RMB1.6 million (US$0.2 million), as compared to a net loss
       of RMB140.9 million (US$20.6 million) for the second half of 2008.

    < Before correction >
    -- Both basic and diluted net income per ADS (each ADS represents one
       ordinary share) were nil, compared to a basic and diluted net loss per
       ADS of RMB4.02 (US$0.59) for the second half of 2008.

    < After correction >
    -- Both basic and diluted net loss per ADS (each ADS represents one
       ordinary share) were RMB0.05 (US$0.01), compared to a basic and diluted
       net loss per ADS of RMB4.02 (US$0.59) for the second half of 2008.

    2) Full Year 2009 Financial Highlights

    < Before correction >
    -- Net income was RMB3.0 million (US$0.4 million), as compared to net loss
       of RMB169.6 million (US$24.9 million) for 2008.

    < After correction >
    -- Net income was RMB1.3 million (US$0.2 million), as compared to net loss
       of RMB169.6 million (US$24.9 million) for 2008.

    < Before correction >
    -- Both basic and diluted net income per ADS was RMB0.09 (US$0.01),
       compared to basic and diluted net loss per ADS of RMB4.85 (US$0.71) for
       2008.

    < After correction >
    -- Both basic and diluted net income per ADS was RMB0.04 (US$0.01),
       compared to basic and diluted net loss per ADS of RMB4.85 (US$0.71) for
       2008.

    3) Second Half 2009 Financial Results

< Before correction >

Operating Expenses. For the second half of 2009, total operating expenses were RMB72.0 million (US$10.5 million), representing an increase of 8% from RMB66.7 million (US$9.8 million) in the second half of 2008.

< After correction >

Operating Expenses. For the second half of 2009, total operating expenses were RMB72.0 million (US$10.5 million), representing an increase of 20% from RMB60.1 million (US$8.8 million) in the second half of 2008.

< Before correction >

General and administrative ("G&A") expenses were RMB34.5 million (US$5.1 million) for the second half of 2009, representing a decrease of 27% from RMB47.5 million (US$7.0 million) for the same period of 2008. This decrease was primarily due to a reduction in legal and professional fees and the implementation of our "cost reduction" program in the second half of 2009.

< After correction >

General and administrative ("G&A") expenses were RMB34.5 million (US$5.1 million) for the second half of 2009, representing a decrease of 16% from RMB40.9 million (US$6.0 million) for the same period of 2008. This decrease was primarily due to a reduction in legal and professional fees and the implementation of our "cost reduction" program in the second half of 2009.

< Before correction >

Operating Loss. As a result, operating loss for the second half of 2009 was RMB40.8 million (US$6.0 million), compared to an operating loss of RMB15.5 million (US$2.3 million) for the second half of 2008.

< After correction >

Operating Loss. As a result, operating loss for the second half of 2009 was RMB40.8 million (US$6.0 million), compared to an operating loss of RMB9.0 million (US$1.3 million) for the second half of 2008.

< Before correction >

Other Income. For the second half of 2009, other income, primarily including interest income, gains on sales of short-term investments and changes in fair value of marketable options, amounted to RMB45.0 million (US$6.6 million), as compared to other income of RMB8.8 million (US$1.3 million) for the same period in 2008.

< After correction >

Other Income. For the second half of 2009, other income, primarily including interest income, gains on sales of short-term investments and changes in fair value of marketable options, amounted to RMB43.3 million (US$6.3 million), as compared to other income of RMB8.8 million (US$1.3 million) for the same period in 2008.

< Before correction >

Income from continuing operations before income tax. For the second half of 2009, income from continuing operations before income tax was RMB4.1 million (US$0.6 million), compared to a net loss of RMB6.7 million (US$1.0 million) for the same period in 2008.

< After correction >

Income from continuing operations before income tax. For the second half of 2009, income from continuing operations before income tax was RMB2.5 million (US$0.4 million), compared to a net loss of RMB0.2 million (US$0.03 million) for the same period in 2008.

< Before correction >

Income tax expense. Income tax expense included a provision for withholding tax of RMB4.1 million (US$0.6 million) for the second half of 2009 on dividends paid by our Chinese subsidiaries to our overseas holding companies.

< After correction >

Income tax expense. Income tax expense included a provision for withholding tax of RMB4.8 million (US$0.7 million) for the second half of 2009 on dividends paid by our Chinese subsidiaries to our overseas holding companies.

< Before correction >

Net Income. For the second half of 2009, net income was RMB48,287 (US$7,074), as compared to a net loss of RMB140.9 million (US$20.6 million) for the second half of 2008. Both basic and diluted net income per ADS for the second half of 2009 were nil, compared to basic and diluted net loss per ADS of RMB4.02 (US$0.59) for the same period in 2008.

< After correction >

Net loss. For the second half of 2009, net loss was RMB1.6 million (US$0.2 million), as compared to a net loss of RMB140.9 million (US$20.6 million) for the second half of 2008. Both basic and diluted net loss per ADS for the second half of 2009 were RMB0.05 (US$0.01), compared to basic and diluted net loss per ADS of RMB4.02 (US$0.59) for the same period in 2008.

4) Full Year 2009 Financial Results

< Before correction >

Operating Expenses. For fiscal year 2009, total operating expenses decreased by 6% to RMB123.9 million (US$18.2 million) from RMB132.0 million (US$19.4 million) in fiscal year 2008.

< After correction >

Operating Expenses. For fiscal year 2009, total operating expenses increased by 4% to RMB123.9 million (US$18.2 million) from RMB118.9 million (US$17.4 million) in fiscal year 2008.

< Before correction >

G&A expenses decreased by 29% to RMB62.9 million (US$9.2 million) in fiscal year 2009 from RMB88.6 million (US$13.0 million) in fiscal year 2008. This decrease was primarily due to a reduction in legal and professional fees and the implementation of our "cost reduction" program in 2009.

< After correction >

G&A expenses decreased by 17% to RMB62.9 million (US$9.2 million) in fiscal year 2009 from RMB75.5 million (US$11.1 million) in fiscal year 2008. This decrease was primarily due to a reduction in legal and professional fees and the implementation of our "cost reduction" program in 2009.

< Before correction >

Operating Loss. As a result, operating loss for the full year 2009 was RMB58.7 million (US$8.6 million), compared to an operating loss of RMB40.0 million (US$5.9 million) for the full year 2008.

< After correction >

Operating Loss. As a result, operating loss for the full year 2009 was RMB58.7 million (US$8.6 million), compared to an operating loss of RMB26.9 million (US$3.9 million) for the full year 2008.

< Before correction >

Other Income. For the full year 2009, other income, primarily including interest income, gains on sales of short-term investments and changes in fair value of marketable options, amounted to RMB73.1 million (US$10.7 million), as compared to other income of RMB19.4 million (US$2.8 million) for the full year 2008.

< After correction >

Other Income. For the full year 2009, other income, primarily including interest income, gains on sales of short-term investments and changes in fair value of marketable options, amounted to RMB71.4 million (US$10.5 million), as compared to other income of RMB19.4 million (US$2.8 million) for the full year 2008.

< Before correction >

Income from continuing operations before income tax. For the full year 2009, income from continuing operations before income tax was RMB14.4 million (US$2.1 million), compared to a net loss of RMB20.6 million (US$3.0 million) for the full year 2008.

< After correction >

Income from continuing operations before income tax. For the full year 2009, income from continuing operations before income tax was RMB12.7 million (US$1.9 million), compared to a net loss of RMB7.5 million (US$1.1 million) for the full year 2008.

< Before correction >

Income tax expense. Income tax expense included a provision for withholding tax of RMB4.1 million (US$0.6 million) for the full year 2009 on dividends paid by our Chinese subsidiaries to our overseas holding companies.

< After correction >

Income tax expense. Income tax expense included a provision for withholding tax of RMB4.8 million (US$0.7 million) for the full year 2009 on dividends paid by our Chinese subsidiaries to our overseas holding companies.

< Before correction >

Net Income. For the full year 2009, net income was RMB3.0 million (US$0.4 million), compared to net loss of RMB169.6 million (US$24.9 million) for the full year 2008. Both basic and diluted net income per ADS for the full year 2009 was RMB0.09 (US$0.01), compared to basic and diluted net loss per ADS of RMB4.85 (US$0.71) for the full year 2008.

< After correction >

Net Income. For the full year 2009, net income was RMB1.3 million (US$0.2 million), compared to net loss of RMB169.6 million (US$24.9 million) for the full year 2008. Both basic and diluted net income per ADS for the full year 2009 was RMB0.04 (US$0.01), compared to basic and diluted net loss per ADS of RMB4.85 (US$0.71) for the full year 2008.

    5) Condensed Consolidated Statements of Operations for six months ended
       December 31, 2008, June 30, 2009 and December 31, 2009

    < Before correction >

             NINETOWNS INTERNET TECHNOLOGY GROUP COMPANY LIMITED
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
   SIX MONTHS ENDED DECEMBER 31, 2008, JUNE 30, 2009 AND DECEMBER 31, 2009
                  (In thousands, except share-related data)

                                      For the six months ended

                                    Dec. 31,   Dec. 31,   Jun. 30,
                                     2008       2008        2009
                                      RMB        US$         RMB
                                  (unaudited) (unaudited (unaudited)

    Total net revenues               54,687      8,016      42,683
    Total cost of revenues           (3,526)      (517)     (8,665)

    Gross profit                     51,161      7,499      34,018
    Selling and marketing
     expenses                        (8,270)    (1,212)     (8,741)
    General and administrative
     expenses                       (47,504)    (6,964)    (28,379)
    Research and development
     expenses                        (8,174)    (1,199)     (9,989)
    Allowance for doubtful
     accounts, net                   (2,749)      (403)     (4,806)

    Loss from operations            (15,536)    (2,279)    (17,897)
    Interest income                   3,866        567       2,874
    Gain on sales of short-term
     investments                      2,456        360       5,212
    Change in fair value of
     marketable options                  --         --      18,907
    Gain from disposal of
     investment under cost
     method                           2,187        321          --
    Others                              296         43       1,138

    (Loss) income from continuing
     operations before income tax    (6,731)      (988)     10,234
    Income tax expense                 (153)       (22)        (32)

    (Loss) income from continuing
     operations                      (6,884)    (1,010)     10,202
    Loss from discontinued
     operations (Net of income
     tax)                          (133,972)   (19,637)     (7,235)

    Net (loss) income              (140,856)   (20,647)      2,967

    (Loss) income from continuing
     operations per share:
    Basic                          (RMB0.20)  (US$0.03)    RMB0.29
    Diluted                        (RMB0.20)  (US$0.03)    RMB0.29

    Loss from discontinued
     operations per share:
    Basic                          (RMB3.82)  (US$0.56)   (RMB0.21)
    Diluted                        (RMB3.82)  (US$0.56)   (RMB0.21)

    Net (loss) income per share:
    Basic                          (RMB4.02)  (US$0.59)    RMB0.08
    Diluted                        (RMB4.02)  (US$0.59)    RMB0.08

    Weighted average shares used
     in computation:
    Basic                        34,997,505 34,997,505  35,083,975
    Diluted                      34,997,505 34,997,505  35,083,975

    Note: Certain reclassifications of previous reported amounts have been
          made to conform to the current period presentation. These
          reclassifications are primarily due to the presentation of
          discontinued B2B operations.


                                       For the six months ended

                                     Jun. 30,  Dec. 31,     Dec. 31,
                                      2009       2009        2009
                                       US$        RMB         US$
                                  (unaudited) (unaudited) (unaudited)
    Total net revenues                6,249     51,071      7,482
    Total cost of revenues           (1,269)   (19,933)    (2,920)

    Gross profit                      4,980     31,138      4,562
    Selling and marketing
     expenses                        (1,280)    (8,628)    (1,264)
    General and administrative
     expenses                        (4,154)   (34,498)    (5,054)
    Research and development
     expenses                        (1,462)    (7,384)    (1,082)
    Allowance for doubtful
     accounts, net                     (704)   (21,453)    (3,143)

    Loss from operations             (2,620)   (40,825)    (5,981)
    Interest income                     421      1,406        206
    Gain on sales of short-term
     investments                        763     31,945      4,680
    Change in fair value of
     marketable options               2,768      8,777      1,286
    Gain from disposal of
     investment under cost
     method                              --         --         --
    Others                              166      2,836        415

    (Loss) income from continuing
     operations before income tax     1,498      4,139        606
    Income tax expense                   (5)    (4,068)      (596)

    (Loss) income from continuing
      operations                      1,493         71         10
    Loss from discontinued
     operations (Net of income
     tax)                            (1,058)       (23)        (3)

    Net (loss) income                   435         48          7

    (Loss) income from continuing
     operations per share:
    Basic                           US$0.04      RMB--      US$--
    Diluted                         US$0.04      RMB--      US$--

    Loss from discontinued
     operations per share:
    Basic                          (US$0.03)     RMB--      US$--
    Diluted                        (US$0.03)     RMB--      US$--

    Net (loss) income per share:
    Basic                           US$0.01      RMB--      US$--
    Diluted                         US$0.01      RMB--      US$--

    Weighted average shares used
     in computation:
    Basic                        35,083,975 35,117,280 35,117,280
    Diluted                      35,083,975 35,117,280 35,117,280


    Note: Certain reclassifications of previous reported amounts have been
          made to conform to the current period presentation. These
          reclassifications are primarily due to the presentation of
          discontinued B2B operations.

    < After correction >

               NINETOWNS INTERNET TECHNOLOGY GROUP COMPANY LIMITED
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
     SIX MONTHS ENDED DECEMBER 31, 2008, JUNE 30, 2009 AND DECEMBER 31, 2009
                    (In thousands, except share-related data)

                                         For the six months ended
                                    Dec. 31,      Dec. 31,    Jun. 30,
                                      2008         2008         2009
                                       RMB          US$          RMB
                                   (unaudited)  (unaudited) (unaudited)
    Total net revenues               54,687        8,016       42,683
    Total cost of revenues           (3,526)        (517)      (8,665)

    Gross profit                     51,161        7,499       34,018

    Selling and marketing
     expenses                        (8,270)      (1,212)      (8,741)
    General and administrative
     expenses                       (40,942)      (6,002)     (28,379)
    Research and development
     expenses                        (8,174)      (1,199)      (9,989)
    Allowance for doubtful
     accounts, net                   (2,749)        (403)      (4,806)

    Loss from operations             (8,974)      (1,317)     (17,897)
    Interest income                   3,866          567        2,874
    Gain on sales of short-term
     investments                      2,456          360        5,212
    Change in fair value of
     marketable options                  --           --       18,907
    Gain from disposal of
     investment under
     cost method                      2,187          321           --
    Others                              296           43        1,138

    (Loss) income from continuing
     operations before income
     tax                               (169)         (26)      10,234
    Income tax expense                 (153)         (22)         (32)

    (Loss) income from continuing
     operations                        (322)         (48)      10,202
    Loss from discontinued
     operations (Net of income
     tax and non-controlling
     interest)                     (140,534)     (20,599)      (7,235)

    Net (loss) income              (140,856)     (20,647)       2,967

    (Loss) income from continuing
     operations per share:
      Basic                        (RMB0.01)      (US$--)     RMB0.29
      Diluted                      (RMB0.01)      (US$--)     RMB0.29

    Loss from discontinued
     operations per share:
      Basic                        (RMB4.01)    (US$0.59)   (RMB0.21)
      Diluted                      (RMB4.01)    (US$0.59)   (RMB0.21)

    Net (loss) income per
     share:
      Basic                        (RMB4.02)    (US$0.59)    RMB0.08
      Diluted                      (RMB4.02)    (US$0.59)    RMB0.08

    Weighted average shares used
     in computation:
    Basic                        34,997,505   34,997,505  35,083,975
    Diluted                      34,997,505   34,997,505  35,083,975

    Note: Certain reclassifications of previous reported amounts have been
          made to conform to the current period presentation. These
          reclassifications are primarily due to the presentation of
          discontinued B2B operations.


                                         For the six months ended
                                    Jun. 30,    Dec. 31,     Dec. 31,
                                      2009        2009         2009
                                       US$         RMB          US$
                                   (unaudited) (unaudited)  (unaudited)
    Total net revenues                6,249       51,071       7,482
    Total cost of revenues           (1,269)     (19,933)     (2,920)

    Gross profit                      4,980       31,138       4,562

    Selling and marketing
     expenses                        (1,280)      (8,628)     (1,264)
    General and administrative
     expenses                        (4,154)     (34,498)     (5,054)
    Research and development
     expenses                        (1,462)      (7,384)     (1,082)
    Allowance for doubtful
     accounts, net                     (704)     (21,453)     (3,143)

    Loss from operations             (2,620)     (40,825)     (5,981)
    Interest income                     421        1,406         206
    Gain on sales of short-term
     investments                        763       30,262       4,433
    Change in fair value of
     marketable options               2,768        8,777       1,286
    Gain from disposal of
     investment under
     cost method                         --           --          --
    Others                              166        2,836         415

    (Loss) income from continuing
     operations before income tax     1,498        2,456         359
    Income tax expense                   (5)      (4,068)       (596)

    (Loss) income from continuing
     operations                       1,493       (1,612)       (237)
    Loss from  discontinued
     operations (Net of income
     tax and non-controlling
     interest)                       (1,058)         (23)         (3)

    Net (loss) income                   435       (1,635)       (240)

    (Loss) income from continuing
     operations per share:
      Basic                         US$0.04     (RMB0.05)   (US$0.01)
      Diluted                       US$0.04     (RMB0.05)   (US$0.01)

    Loss from discontinued
     operations per share:
      Basic                        (US$0.03)       RMB--       US$--
      Diluted                      (US$0.03)       RMB--       US$--

    Net (loss) income per share:
      Basic                         US$0.01     (RMB0.05)   (US$0.01)
      Diluted                       US$0.01     (RMB0.05)   (US$0.01)

    Weighted average shares used
     in computation:
    Basic                        35,083,975   35,117,280  35,117,280
    Diluted                      35,083,975   35,117,280  35,117,280


    Note: Certain reclassifications of previous reported amounts have been
          made to conform to the current period presentation. These
          reclassifications are primarily due to the presentation of
          discontinued B2B operations.



    6) Condensed Consolidated Statements of Operations for the years ended
       December 31, 2008 and 2009

    < Before correction >


               NINETOWNS INTERNET TECHNOLOGY GROUP COMPANY LIMITED
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2009
                    (In thousands, except share-related data)

                                              For the years ended
                                    Dec. 31,    Dec. 31,   Dec. 31,   Dec. 31,
                                      2008        2008       2009       2009
                                       RMB         US$        RMB        US$
                                  (unaudited) (unaudited)(unaudited)(unaudited)
    Total net revenues              104,517      15,319     93,754    13,735
    Total cost of revenues          (12,499)     (1,832)   (28,598)   (4,190)

    Gross profit                     92,018      13,487     65,156     9,545

    Selling and marketing expenses  (21,942)     (3,216)   (17,369)   (2,546)
    General and administrative
     expenses                       (88,647)    (12,993)   (62,877)   (9,212)
    Research and development
     expenses                       (18,566)     (2,722)   (17,373)   (2,545)
    Allowance for doubtful
     accounts, net                   (2,881)       (422)   (26,259)   (3,847)

    Loss from operations            (40,018)     (5,866)   (58,722)   (8,605)
    Interest income                   7,026       1,030      4,280       627
    Gain on sales of short term
     investments                      9,866       1,446     37,157     5,443
    Change in fair value of
     marketable options                  --          --     27,684     4,056
    Gain from disposal of
     investment under cost method     2,187         321         --        --
    Others                              358          52      3,974       582

    (Loss) income from continuing
     operations before income
     tax                            (20,581)     (3,017)    14,373     2,103
    Income tax expense                 (836)       (123)    (4,100)     (601)

    (Loss) income from continuing
     operations                     (21,417)     (3,140)    10,273     1,502
    Loss from discontinued
     operations (Net of income
     tax)                          (148,195)    (21,722)    (7,258)   (1,063)

    Net (loss) income              (169,612)    (24,861)     3,015       439

    (Loss) income from continuing
     operations per share:
     Basic                        (RMB0.61)   (US$0.09)    RMB0.29   US$0.04
     Diluted                      (RMB0.61)   (US$0.09)    RMB0.29   US$0.04

    Loss from discontinued
     operations per share:
     Basic                        (RMB4.24)   (US$0.62)  (RMB0.20)  (US$0.03)
     Diluted                      (RMB4.24)   (US$0.62)  (RMB0.20)  (US$0.03)

    Net (loss) income per share:
     Basic                        (RMB4.85)   (US$0.71)    RMB0.09   US$0.01
     Diluted                      (RMB4.85)   (US$0.71)    RMB0.09   US$0.01

    Weighted average shares used
     in computation:
    Basic                       34,997,505  34,997,505  35,100,194 35,100,194
    Diluted                     34,997,505  34,997,505  35,100,194 35,100,194

    Note: Certain reclassifications of previous reported amounts have been
          made to conform to the current period presentation. These
          reclassifications are primarily due to the presentation of
          discontinued B2B operations.


    < After correction >

               NINETOWNS INTERNET TECHNOLOGY GROUP COMPANY LIMITED
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2009
                    (In thousands, except share-related data)

                                         For the years ended
                             Dec. 31,      Dec. 31,     Dec. 31,     Dec. 31,
                               2008          2008         2009         2009
                                RMB           US$          RMB          US$
                           (unaudited)   (unaudited)  (unaudited)  (unaudited)
    Total net revenues       104,517        15,319       93,754       13,735
    Total cost of revenues   (12,499)       (1,832)     (28,598)      (4,190)

    Gross profit              92,018        13,487       65,156        9,545

    Selling and marketing
     expenses                (21,942)       (3,216)     (17,369)      (2,546)
    General and
     administrative
     expenses                (75,523)      (11,069)     (62,877)      (9,212)
    Research and
     development expenses    (18,566)       (2,722)     (17,373)      (2,545)
    Allowance for doubtful
     accounts, net            (2,881)         (422)     (26,259)      (3,847)

    Loss from operations     (26,894)       (3,942)     (58,722)      (8,605)
    Interest income            7,026         1,030        4,280          627
    Gain on sales of
     short term
     investments               9,866         1,446       35,474        5,196
    Change in fair value
     of marketable
     options                      --            --       27,684        4,056
    Gain from disposal of
     investment under
     cost method               2,187           321           --           --
    Others                       358            52        3,974          582

    (Loss) income from
     continuing operations
     before income tax        (7,457)       (1,093)      12,690        1,856
    Income tax expense          (836)         (123)      (4,100)        (601)

    (Loss) income from
     continuing operations    (8,293)       (1,216)       8,590        1,255
    Loss from discontinued
     operations (Net of
     income tax and
     non-controlling
     interest)              (161,319)      (23,645)      (7,258)      (1,063)

    Net (loss) income       (169,612)      (24,861)       1,332          192

    (Loss) income from
     continuing operations
     per share:
      Basic                 (RMB0.24)     (US$0.03)     RMB0.25      US$0.04
      Diluted               (RMB0.24)     (US$0.03)     RMB0.25      US$0.04

    Loss from discontinued
     operations per share:
      Basic                 (RMB4.61)     (US$0.68)    (RMB0.21)    (US$0.03)
      Diluted               (RMB4.61)     (US$0.68)    (RMB0.21)    (US$0.03)

    Net (loss) income per
     share:
      Basic                 (RMB4.85)     (US$0.71)     RMB0.04      US$0.01
      Diluted               (RMB4.85)     (US$0.71)     RMB0.04      US$0.01

    Weighted average shares
     used in computation:
    Basic                 34,997,505    34,997,505   35,100,194   35,100,194
    Diluted               34,997,505    34,997,505   35,100,194   35,100,194

    Note: Certain reclassifications of previous reported amounts have been
          made to conform to the current period presentation. These
          reclassifications are primarily due to the presentation of
          discontinued B2B operations.

About Ninetowns Internet Technology Group Company Limited

Ninetowns (Nasdaq: NINE) is a leading provider of online solutions for international trade, with its key services in automating import/export e- filing. Ninetowns has been listed on the NASDAQ Stock Exchange since December 2004 under the symbol "NINE." More information can be found at http://www.ninetowns.com/english .


    For more information, please contact:

     Helen Wu
     Investor Relations
     Ninetowns Internet Technology Group Company Limited
     Tel:   +86-10-6589-9287
     Email: ir@ninetowns.com

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

    Investor Relations (HK):
     Ruby Yim, Managing Director
     Taylor Rafferty
     Tel:   +852-3196-3712
     Email: ninetowns@taylor-rafferty.com

SOURCE Ninetowns Internet Technology Group Company Limited



RELATED LINKS
http://www.ninetowns.com/english

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.