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Charm Communications Inc. Announces Unaudited Third Quarter 2012 Results

Q3 agency turnover up 13.6% year over year

BEIJING, Nov. 19, 2012 /PRNewswire-FirstCall/ -- Charm Communications Inc. (NASDAQ: CHRM) ("Charm" or the "Company"), a leading advertising agency in China, today announced its unaudited financial results for the third quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Turnover decreased 1.7% year over year to $216.5 million in the third quarter of 2012
  • Revenues for Charm's advertising agency business grew 47.3% year over year to $13.6 million in the third quarter of 2012
  • Revenues for Charm's media investment management business declined 42.8% year over year to $34.1 million in the third quarter of 2012
  • Revenues declined 30.5% year over year to $48.8 million in the third quarter of 2012
  • Gross profit declined 36.2% year over year to $14.4 million in the third quarter of 2012
  • Net income declined 99.3% year over year to $0.1 million in the third quarter of 2012
  • Non-GAAP net income, which excludes share-based compensation expenses and amortization of intangible assets, declined 94.2% year over year to $0.8 million in the third quarter of 2012

"Despite a challenging operating environment, our core advertising agency business continued to outperform the market," said Mr. He Dang, Charm's founder, chairman and chief executive officer. "In particular, our sports marketing team and digital business won accounts that improved our extraction rate substantially. While our principal media business continued to feel the effects of the prevailing macro and regulatory conditions, we saw greater contributions from our newly acquired assets. We will continue to look for opportunities to deliver long-term growth in our media business, as well as invest heavily in fast-growing areas like digital marketing, to provide clients with full-service, integrated advertising solutions."

Mr. Wei Zhou, Charm's chief financial officer, added, "In terms of gross billings, we remain in a healthy market position. Our core agency business remains strong, with substantial growth year to date. At the same time, margins for our media business continue to improve. Looking forward, we will stay conservative with respect to our media business in the near term but will continue to invest in key talent and assets to capture growth when the macro-economic environment improves."

Third Quarter 2012 Results

Turnover (non-GAAP) 

US$ mm

3Q12

3Q11

2Q12

Y-o-Y %

Q-o-Q%

Total turnover (non-GAAP)

$216.5

$220.2

$195.4

-1.7%

10.8%

Advertising agency

$182.5

$160.6

$170.9

13.6%

6.8%

Media investment management

$34.1

$59.6

$24.5

-42.8%

39.2%

Branding and identity services

N/A

N/A

N/A

N/A

N/A

The Company uses turnover (non-GAAP), defined as total customer advertising spending placed through or with Charm, to reflect the scale of its business.

The 1.7% year-over-year decrease in total turnover was mainly due to the decrease in the media investment business, which was a result of the Company dropping several media assets at the beginning of 2012 to modify its media inventory mix and reduce risks in the wake of regulatory changes in the satellite market. The 10.8% quarter-over-quarter increase in turnover was largely attributed to seasonal factors.

The 13.6% year-over-year increase in the advertising agency business ("agency business") turnover was mainly due to the increase in the number of new agency clients and the increase in advertising spending from existing agency clients. The 6.8% quarter-over-quarter increase in turnover was mainly attributed to seasonal factors.

The revenue extraction rate, which is defined as revenue divided by turnover, was 7.5% for the agency business, compared to 5.8% for the third quarter of 2011 and 5.7% for the second quarter of 2012. The increase in the revenue extraction rate was mainly due to Olympics-related branding placements, which had relatively higher revenue extraction rates, and partly due to increased advertising spending on non-CCTV media platforms, the internet and satellite channels, all of which have exhibited higher extraction rates relative to CCTV. The Company expects the revenue extraction rate to increase as the Company expands its full-service offerings across all media platforms under Charm Advertising and ramps up digital media offerings under Charm Interactive and Charm Click.

The 42.8% year-over-year turnover decrease (equivalent to GAAP revenue) in the media investment management business ("principal media business"), which operates under the Shangxing Media brand, was mainly due to the slowdown in the broader economic environment and the dropping of several media assets at the beginning of 2012 following the aforementioned regulatory changes. The 39.2% quarter-over-quarter increase in turnover in the principal media business stemmed mainly from our exclusive agency agreement with Beijing Television's sports channel, ("BTV-Sports") signed in June 2012, as well as seasonal factors.

Revenues

US$ mm

3Q12

3Q11

2Q12

Y-o-Y %

Q-o-Q%

Total revenues

$48.8

$70.2

$36.0

-30.5%

35.7%

Advertising agency

$13.6

$9.3

$9.8

47.3%

39.3%

Media investment management

$34.1

$59.6

$24.5

-42.8%

39.2%

Branding and identity services

$1.1

$1.4

$1.7

-17.9%

-34.2%

The changes in agency and principal media business revenues are consistent with the changes in turnover and the revenue extraction rate. The decrease in branding and identity services was primarily due to decreased client demand for creative services in the third quarter of 2012.

Gross Profit

US$ mm

3Q12

3Q11

2Q12

Y-o-Y %

Q-o-Q%

Cost of revenues

$34.5

$47.7

$24.9

-27.7%

38.7%

Gross profit

$14.4

$22.5

$11.1

-36.2%

29.2%

Gross margin

29.4%

32.1%

30.9%



Charm mainly attributes the year-over-year decrease in cost of revenues to the dropping of several media assets in order to modify the Company's media inventory mix following the aforementioned regulatory changes. The year-over-year decline in gross profit was due to a lower contribution from the principal media business. The quarter-over-quarter increase in cost of revenues in the media investment management business was mainly due to the addition of a new media asset, BTV-Sports, in June 2012. The slight quarter-over-quarter decrease in gross profit was mainly due to the ramp-up of new media assets.

Operating Profit

US$ mm

3Q12

3Q11

2Q12

Y-o-Y %

Q-o-Q%

Total operating expenses

$14.8

$9.3

$10.7

59.1%

38.0%

Selling and marketing

$9.4

$6.7

$7.9

40.6%

19.0%

General and administrative

$5.4

$2.6

$2.8

106.2%

91.0%

Operating profit

-$0.2

$13.2

$0.3

-101.5%

-172.8%

The 40.6% year-over-year increase and 19.0% quarter-over-quarter increase in selling and marketing expenses were primarily due to increased headcount, including executive hires Cathy Chen, president of the Company's agency business, and Leon Liu, general manager of Charm Interactive for eastern China.

The 106.2% year-over-year increase and 91.0% quarter-over-quarter increase in general and administrative expenses were mainly attributed to a bad debt provision of US$2.8 million in the third quarter of 2012.

Net Income

US$ mm

3Q12

3Q11

2Q12

Y-o-Y %

Q-o-Q%

Non-GAAP net income*

$0.8

$14.2

$1.5

-94.2%

-46.6%

Net income

$0.1

$13.2

$0.8

-99.3%

-89.0%

Basic net income per ADS (US$)

-$0.01

$0.32

$0.01



Fully diluted net income per ADS (US$)

-$0.01

$0.31

$0.01



*The Company's non-GAAP net income excludes share-based compensation expenses and amortization of intangible assets.

Each American Depositary Share ("ADS") represents two common shares. The weighted average number of shares used to compute basic net income per ADS for the third quarter of 2012 was 38,657,508. As of September 30, 2012, 38,290,088 ADS were issued and outstanding.

Cash Flows and Cash Position

Net cash flow from operations for the third quarter 2012 was negative $4.8 million, mainly due to cash outflows for the newly acquired BTV-Sports, which was in its ramp-up stage. As of September 30, 2012, the Company had cash and cash equivalents of $117.9 million, compared to $124.3 million at the end of the second quarter of 2012.

Customers

In the third quarter of 2012, Charm's agency business had 167 advertisers, compared to 165 advertisers in the second quarter of 2012 and 148 advertisers in the third quarter of 2011.

In the third quarter of 2012, Charm's principal media business had 231 advertisers, compared to 207 advertisers in the second quarter of 2012 and 303 advertisers in the third quarter of 2011.

Employee Headcount

As of September 30, 2012, the Company had 842 employees, compared to 809 employees as of June 30, 2012.

Recent Business Developments

In October 2012, Charm Click was chosen as Baidu's official SEM agency for its European business for the period of September 1, 2012 through December 31, 2013. As Baidu's European SEM agency, Charm Click will promote Baidu's technology services across 42 countries. Charm Click is one of the first Baidu-certified four-star and five-star SEM agencies and is a member of the Baidu Search Marketing Expert Committee.

The Company won the following accounts in the third quarter of 2012:

  • Charm Advertising won the CCTV business for COFCO Group, China's largest food manufacturer and processor, and the satellite TV business for Mengniu Dairy.
  • Charm Interactive won the digital marketing business for CONBA, a China-based, OTC pharmaceutical company.
  • Charm Click won the search engine marketing businesses for Bosideng, Michelin and Guangdong Development Bank.

In November 2012, Charm Advertising again secured the number one position in terms of successful bidding volume at the annual CCTV prime-time auction, which was held on November 18, 2012. The total value of auctioned and pre-sold advertising resources for CCTV hit an all time high of RMB 15.88 billion, an increase of 11.39% compared to the previous year. Charm has held the number one position as top bidder for ten consecutive years.

Business Outlook

US$ mm

4Q12E

Total revenues

47.0 to 49.5

Non-GAAP net loss*

2.5 to 2.0

*The Company's non-GAAP net income (loss) excludes share-based compensation expenses and amortization of intangible assets.

The Company bases these estimates on a foreign exchange rate of RMB6.30 to US$1.00. This forecast reflects the Company's current and preliminary view, which is subject to change.

Non-GAAP Financial Measures:

To supplement the unaudited condensed consolidated financial information presented in accordance with Accounting Principles Generally Accepted in the United States ("GAAP"), the Company also provides the following non-GAAP financial measures: "turnover," which is defined as total customer advertising spending placed through or with Charm, and "non-GAAP net income (loss)," which is defined as GAAP net income (loss) excluding stock-based compensation expenses and amortization of intangible assets.

The non-GAAP financial measures are provided to enhance investors' overall understanding of the Company's current and past financial performance in ongoing core operations as well as prospects for the future. These measures should be considered in addition to results prepared and presented in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Management uses both GAAP and non-GAAP information in evaluating and operating the Company's business internally and therefore deems it important to provide all of this information to investors.

Cautions on Use of Non-GAAP Measures

In addition to Charm's consolidated financial results prepared under U.S. GAAP, the Company also provides non-GAAP financial measures, including "turnover" and "non-GAAP net income (loss)." The Company believes that the non-GAAP financial measures provide investors with another method for assessing its operating results in a manner that is focused on the performance of its ongoing operations.

Management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company's operating results, as well as when forecasting and analyzing future periods. However, management recognizes that:

  • these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company's GAAP financial measures;
  • these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company's GAAP financial measures;
  • these non-GAAP financial measures should not be considered to be superior to the Company's GAAP financial measures; and
  • these non-GAAP financial measures were not prepared in accordance with GAAP and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principles.

Further, these non-GAAP financial measures may be unique to the Company, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company's results to the results of other companies. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure or measures appears at the end of this press release.

Conference Call

Charm's management team will hold an earnings conference call at 8 a.m. U.S. Eastern Time (9 p.m. Beijing/Hong Kong Time) on Tuesday, November 20, 2012.

Dial-in details for the conference call are as follows:

U.S.:                    

+1-718-354-1231

International:         

+65-6723-9381

United Kingdom:    

+44-20-3059-8139

Hong Kong:          

+852-2475-0994

Passcode:           

69059198

A replay of the call will be available from 11 a.m. November 20, 2012 until November 27, 2012 U.S. Eastern Time. Dial-in details for the replay are as follows:

International:        

+61-2-8199-0299

Passcode:           

69059198

Additionally, an archived webcast of this call will be available on the Investor Relations section of the Charm web site at http://ir.charmgroup.cn.

About Charm

Charm Communications Inc. (NASDAQ: CHRM) is a leading advertising agency group in China that offers integrated advertising services with particular focus on television and the internet. Charm's integrated advertising services include full media planning and buying, as well as creative and branding services. Charm has built a full service digital advertising platform, which offers digital campaign capabilities across all key digital media, including search engines, display portals, online video sites and social networking services. Charm also secures advertising inventory and other advertising rights, such as sponsorships and branded content, from premium media networks and resells to clients as part of its integrated media offerings. Charm's clients include China's top domestic brands, as well as some major international brands, across a wide range of industries. Since 2003 Charm has been the top agency every year for China's leading television network, China Central Television (CCTV). For more information, please go to http://ir.charmgroup.cn.

Safe Harbor Statement

This press 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 U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in Charm's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

For investor and media inquiries, please contact:

In China:

Ms. Jenny Wang
IR Department
Charm Communications Inc.
Phone: +86-10-8556-2527
Email: [email protected]

In the U.S.:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1-646-460-9989
Email: [email protected]

 

Charm Communications Inc.

Unaudited Condensed Consolidated Balance Sheets

(Amounts in thousands of U.S. dollars)



30-Sep-12

30-Jun-12

31-Dec-11

ASSETS




Current Assets





Cash and cash equivalents

117,901

124,322

139,406


Notes receivable

13,084

9,592

28,880


Prepaid expenses

68,002

77,868

106,393


Deposits

24,085

25,426

25,730


Accounts receivable

115,314

94,078

103,920


Amount due from related parties

3,000

955

3,494


Deferred tax assets

125

124

125


Other current assets

4,838

4,870

2,139

Total current assets

346,349

337,235

410,087







Fixed assets, net

7,100

6,870

4,344


Intangible assets, net

2,616

2,847

3,397


Investments under equity method

1,491

1,238

1,445


Goodwill

4,341

4,294

4,335


Other non-current assets

1,721

1,415

1,009






Total non-current assets

17,269

16,664

14,530






TOTAL ASSETS

363,618

353,899

424,617






LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY



Current Liabilities





Accounts payable (of which 648 , 6,208 and 687, as of September 30, 2012, June 30, 2012 and December 31,2011 of the consolidated VIE without recourse to the Company, respectively)

46,061

44,165

63,141


Amounts due to related parties (of which 310, 307 and nil as of September 30, 2012, June 30, 2012 and December 31,2011  of the consolidated VIE without recourse to the Company, respectively)

14,356

7,099

4,460


Advances from customers (of which 1,666, 1,631 and 12,028 as of September 30, 2012, June 30, 2012 and December 31,2011  of the consolidated VIE without recourse to the Company, respectively)

53,833

51,914

85,720


Accrued expenses and other current liabilities (of which 3,473, 3,589 and 4,411 as of September 30, 2012, June 30, 2012 and December 31,2011 of the consolidated VIE without recourse to the Company, respectively)

14,548

16,679

22,876


Consideration payable (of which nil as of September 30, 2012, June 30, 2012 and December 31,2011  of the consolidated VIE without recourse to the Company, respectively)

2,817

2,787

2,813

Total current liabilities

131,615

122,644

179,010







Consideration payable (of which nil as of September 30, 2012, June 30, 2012  and December 31, 2011 of the consolidated VIE without recourse to the Company, respectively)

2,479

2,453

2,476

Total non-current liabilities

2,479

2,453

2,476






Total liabilities

134,094

125,097

181,486






Redeemable noncontrolling interest

5,137

4,991

4,723






Equity:




Charm Communications Inc.'s equity 





Ordinary shares

8

8

8


Additional paid-in capital 

100,782

102,788

116,637


Retained earnings

106,285

106,795

105,930


Accumulated other comprehensive income

13,695

11,291

13,384

Total Charm Communications Inc. shareholders' equity

220,770

220,882

235,959

Noncontrolling interest

3,617

2,929

2,449

Total equity

224,387

223,811

238,408





TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING




INTEREST AND EQUITY 

363,618

353,899

424,617

 

 

Charm Communications Inc.

Condensed Consolidated Statements of Operations

(Amounts in thousands of U.S. dollars, except for number of shares and per share data)




For the three months ended,




Sep. 30, 2012

Sep. 30, 2011

June 30, 2012




(Unaudited)

(Unaudited)

(Unaudited)







Revenues:






Media investment management


34,073

59,605

24,477


Advertising agency


13,646

9,262

9,793


Branding and identity services


1,125

1,370

1,711

Total revenues


48,844

70,237

35,981







Cost of revenues:






Media investment management


32,301

45,998

22,435


Advertising agency


1,371

998

1,174


Branding and identity services


796

693

1,245

Total cost of revenues:


34,468

47,689

24,854

Gross profit


14,376

22,548

11,127







Operating expenses:






Selling and marketing expenses


9,413

6,693

7,907


General and administrative expenses


5,393

2,615

2,823

Total operating expenses


14,806

9,308

10,730


Gain(Loss) from equity method investees


237

(37)

(132)

Operating profit


(193)

13,203

265








Interest income


472

637

570







Income before income tax expense


279

13,840

835


Income tax expense


192

685

42

Net income


87

13,155

793

Net income attributable to noncontrolling interest


597

472

480

Net income attributable to Charm Communications Inc.


(510)

12,683

313






Net income(loss) attributable to Charm Communications Inc. shareholders per ADS:





Basic


(0.01)

0.32

0.01

Diluted


(0.01)

0.31

0.01

Shares used in computation of net income(loss)  per ADS:





Basic


38,765,702

39,162,169

39,066,416

Diluted


38,765,702

41,165,262

40,952,959







Notes:





Share-based compensation expenses during the period included in:





Cost of revenues


-

1

-

Selling and marketing expenses


323

536

330

General and administrative expenses


156

256

163

Total


479

793

493
















For the three months ended,




Sep. 30, 2012

Sep. 30, 2011

June 30, 2012




(Unaudited)

(Unaudited)

(Unaudited)







Net income


87

13,155

793

Other comprehensive income:





Change in cumulative foreign exchange translation adjustment


2,404

2,579

(1,967)

Comprehensive income 


2,491

15,734

(1,174)







Less: Comprehensive income attributable to non-controlling interest


(688)

(355)

(233)

Less: Comprehensive income attributable to redeemable non-controlling interest

(146)

(4,533)

(247)







Comprehensive income attributable to Charm Communications Inc.


1,657

10,846

(1,654)

 

Reconciliation from Net income to Non-GAAP net income:

(Amounts in thousands of U.S. dollars)



For the three months ended,



Sep. 30, 2012

Sep. 30, 2011

June 30, 2012







Net income

87

13,155

793







Add back share-based compensation expenses




during the related periods

479

793

493







Add back amortization on intangible assets

259

207

260







Non-GAAP net income

825

14,155

1,546

 

Reconciliation from Turnover (non-GAAP) to USGAAP Revenues:

(Amounts in thousands of U.S. dollars)



For the three months ended,



Sep. 30, 2012

Sep. 30, 2011

June 30, 2012


Turnover (non-GAAP): 





Media investment management      

34,073

59,605

24,477


Advertising agency

182,457

160,627

170,904


Branding and identity services

 N/A 

 N/A 

 N/A 


Total turnover

216,530

220,232

195,381







Extracted rate:





Media investment management

100.0%

100.0%

100.0%


Advertising agency

7.5%

5.8%

5.7%


Branding and identity services

 N/A 

 N/A 

 N/A 







USGAAP Revenue:





Media investment management

34,073

59,605

24,477


Advertising agency

13,646

9,262

9,793


Branding and identity services

1,125

1,370

1,711


Total revenue

48,844

70,237

35,981

SOURCE Charm Communications Inc.

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IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.