Click here to close now.

Welcome!

.NET Authors: Greg O'Connor, Jayaram Krishnaswamy, Adine Deford, Peter Silva, Pat Romanski

News Feed Item

Camelot Information Systems Inc. Announces Unaudited Third-Quarter 2012 Financial Results

FIS Business-Line Net Revenues Grew 58.6% Year-over-Year

BEIJING, Dec. 13, 2012 /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 third quarter ended September 30, 2012.

Third-Quarter Financial and Operating Highlights:

  • Net revenues were $63.0 million in the third quarter of 2012, an increase of 15.7% from $54.5 million in the third quarter of 2011 and an increase of 1.5% from the second quarter
  • Net revenues from enterprise application services (EAS) grew 1.8% year-over year, with growth in other sectors offset by lower sales in the Resources and Energy sector
  • Net revenues from financial industry IT services (FIS) increased 58.6% year-over-year due to continuing solid execution
  • Gross profit was $17.2 million, an increase of 59.0% from $10.8 million in the year-ago quarter and as compared to $16.2 million in the second quarter
  • Loss from operations was $31.9 million, as compared to operating loss of $46.3 million in the year ago quarter; Adjusted operating income1 was $5.5 million, as compared to an adjusted operating loss of $0.3 million in the year-ago quarter and income of $4.5 million in the second quarter
  • Net loss attributable to Camelot was $31.5 million, as compared to net loss of $46.5 million in the year ago quarter; Adjusted net income1 attributable to Camelot was $5.8 million, as compared to an adjusted net loss of $0.5 million in the year-ago quarter and $3.5 million in the second quarter

"Camelot's relatively solid performance in the third quarter of 2012 reflects the continued stability of our business alongside a soft domestic economy and the once-a-decade political transition in China.  Our FIS business line showed solid growth, and revenues from our EAS business line were up slightly, with growth in all sectors except Resources and Energy. However, some delays in some contract signings in our FIS business line, which led us to miss our revenue target and consequently, our adjusted net-income target," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "We believe our business remains fundamentally solid as we continue to strengthen our market position and market leadership, and we expect to sign the delayed FIS contracts soon."

Third-Quarter 2012 Financial Results

Net revenues for the third quarter ended September 30, 2012 increased 15.7% to $63.0 million from $54.5 million in the year-ago quarter.

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


Business Line

Three Months Ended
September 30, 2012

Three Months Ended
September 30, 2011

Enterprise application services (EAS)

$41,887

66.5%

$41,145

75.5%

Financial industry IT services(FIS)

21,115

33.5%

13,317

24.5%

Total net revenues

63,002

100.0%

54,462

100.0%

EAS net revenues increased 1.8% year-over-year to $41.9 million in the quarter and also increased 1.6% from the prior quarter. The increase in quarterly EAS revenues was primarily due to strength in most sectors, offset by lower revenues from resource and energy customers. EAS revenues amounted to 66.5% of net revenues in the quarter. FIS net revenues increased 58.6% year-over-year to $21.1 million and increased 1.2% from the prior quarter. FIS net revenues accounted for 33.5% of the quarter's net revenues.

Cost of revenues increased 5.0% to $45.8 million from $43.7 million in the year-ago quarter.  Adjusted cost of revenues increased 9.5% to $45.8 million from $41.8 million in the year-ago quarter. Adjusted cost of revenues excludes $19,000 of share-based compensation expense and $31,000 of acquisition-related intangible expense.

Gross profit increased 59.0% to $17.2 million from $10.8 million in the year-ago quarter. Adjusted gross profit increased 36.2% to $17.2 million from $12.6 million in the year-ago quarter. The gross margin was 27.3% in the quarter, as compared to 19.8% in the year-ago quarter. The adjusted gross margin was 27.3%, as compared to 23.2% in the year-ago quarter, due to an improvement in utilization of the IT team.

Operating expenses were $49.1 million in the quarter, as compared to $57.2 million in the year-ago quarter. Adjusted operating expenses were $11.8 million, representing a 9.7% decrease from $13.0 million in the year-ago quarter. Adjusted operating expenses declined year over year due to lower sales and marketing and general and administrative expenses. Adjusted operating expenses exclude $29.6 million of impairment of goodwill, $6.6 million of impairment of intangible assets, $482,000 of share-based compensation expense and $487,000 of acquisition-related intangible expense.

Operating loss was $31.9 million, as compared to an operating loss of $46.3 million in the year-ago quarter. Adjusted operating income was $5.5 million, as compared to an adjusted operating loss of $0.3 million in the year-ago quarter.

Net loss attributable to Camelot for the third quarter of 2012 was $31.5 million, as compared to a net loss of $46.5 million in the year-ago quarter. Adjusted net income attributable to Camelot for the third quarter of 2012 was $5.8 million, as compared to an adjusted net loss of $0.5 million in the year-ago quarter.

Nine-Month 2012 Financial Results

In the first nine months of 2012, net revenues increased 8.8% to $182.2 million from $167.4 million in the first nine months of 2011. Revenues in the EAS business line in the first nine months were $122.4 million, an increase of 2.6% from $119.3 million in the year-ago period. Revenues in the FIS business line were $59.8 million in the first nine months, an increase of 24.2% from $48.2 million the year-ago period. Gross profit was $46.1 million in the nine-month period, as compared to $43.7 million in the year-ago period. The gross margin was 25.3% in the first nine months, as compared to 26.1% in the year-ago period. Adjusted gross profit was $46.2 million in the first nine months, as compared to $46.5 million in the year-ago period. The adjusted gross margin was 25.4% in the first nine months, as compared to 27.8% in the year-ago period.

Operating loss was $30.0 million in the first nine months, as compared to an operating loss of $39.9 million in the year-ago period. Adjusted operating income was $10.6 million in the first nine months, as compared to $14.0 million in the year-ago period. The adjusted operating margin was 5.8% in the first nine months, as compared to 8.4% in the year-ago period.

Net loss attributable to Camelot was $29.9 million in the first nine months of 2012, as compared to a net loss of $41.3 million in the year-ago period, or a loss of $0.67 per diluted ADS as compared to a loss of $0.92 in the year-ago period. Adjusted net income attributable to Camelot was $10.7 million, or $0.24 per ADS, in the first nine months, as compared to $12.6 million, or $0.24 per ADS, in the year-ago period.

Balance Sheet and Cash Flow

As of September 30, 2012, the Company had $66.9 million in cash, cash equivalents, term deposits, and short-term investments, 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 $29.9 million net loss, a $25.8 million increase in accounts receivable, $10.6 million in repayment of bank borrowing, offset by $29.6 million of impairment of goodwill, and $6.6 million of impairment of intangible assets in the first nine months of 2012.

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

Days' sales outstanding2 ("DSO") were 206 days for the third quarter of 2012, roughly flat with 205 days in the prior quarter.

Employees

The Company's headcount increased to 5,966 as of September 30, 2012, which included 5,230 information technology (IT) professionals, versus 5,707 at the end of the second quarter. Of the IT professionals, EAS employee headcount was 2,249, and FIS employee headcount was 2,981.

Business Outlook

Camelot remains cautious about the outlook for 2013 as the Company anticipates certain uncertainties and that the slower customer activities in the third quarter may continue into the fourth quarter and beyond.

In addition, the Company has revised its contracts with its subsidiaries, including the offering of a performance bond to prior Tansun shareholders to smooth the negotiation process, as well as changing the ownership structure of Dimension.

Fourth Quarter of 2012

Camelot expects net revenues in the fourth quarter of 2012 of approximately $70 million, representing a 17.3% increase from the fourth quarter of 2011.

In addition, Camelot expects an adjusted net loss attributable to Camelot of approximately $0.2 million in the fourth quarter of 2012.

Full-Year 2012

For full-year 2012, Camelot now expects net revenues of approximately $252 million, representing an 11.0% increase from the prior year.

Camelot also continues to expect full-year 2012 adjusted net income attributable to Camelot of approximately $10.5 million, representing a 31.4% decrease from the prior year.

Conference-Call Information

Camelot senior management will host a conference call at 8:00 p.m. (U.S. Eastern Standard Time) / 5:00 p.m. (U.S. Pacific Standard Time) on Thursday, December 13 / 9:00 a.m. on Friday, December 14 (Beijing / Hong Kong time) to discuss the Company's third-quarter 2012 financial results.

The conference call may be accessed by calling:

US Toll free:

(800) 901-5226

US Toll / International:

(617) 786-4513

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:

82114061

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. EST, December 21, 2012:

US Toll free:

(888) 286-8010

US Toll / International:

(617) 801-6888


Passcode:

96898830

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 is for the 12 months ended September 30, 2012.

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:

Investor Relations Contacts:



Camelot Information Systems Inc.

CCG Investor Relations

Mr. Franklin King, Interim Chief Financial Officer

Mr. Crocker Coulson, President

Tel: +86 (10) 8201 9008

Tel: +1 (646) 213-1915

E-mail: [email protected]

E-mail: [email protected]



Ms. Jojo Guo, Investor Relations Manager

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

Tel: +1 (646) 371-6533

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

E-mail: [email protected] 

E-mail: [email protected]

- financial tables follow -

 


CAMELOT INFORMATION SYSTEMS INC.

Condensed Consolidated Balance Sheets (Unaudited)

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



September 30,
2012

December 31,
2011

Assets



Current assets



Cash and cash equivalents

$40,399

$57,128

Term deposits

24,020

45,318

Restricted cash

1,734

4,626

Short-term investments

2,514

-

Billed accounts receivable

46,401

47,834

Unbilled accounts receivable

115,781

87,212

Other current assets

20,888

19,659

Total current assets

251,737

261,777

Property and equipment, net

4,450

4,673

Goodwill and other intangible assets

12,495

46,248

Other long-term assets

2,427

2,698

Total assets

271,109

315,396




Liabilities and equity



Current liabilities



Consideration payable in connection with business acquisition

-

5,132

Contingent consideration in relation to acquisition

3,030

-

Other current liabilities

58,486

71,099

Total current liabilities

61,516

76,231

Contingent consideration in relation to acquisition

-

2,822

Other non-current liabilities

2,997

4,255

Total liabilities

64,513

83,308

Equity (a)

206,596

232,088

Total liabilities and equity

$271,109

$315,396




Note:
(a) As of September 30, 2012, there were 182,762,475 ordinary shares issued and 177,621,367 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,


2012

2011

2012

2011

Net revenues

$63,002

$54,462

$182,211

$167,430

Cost of revenues(1)(2)

(45,825)

(43,662)

(136,123)

(123,733)

Gross profit

17,177

10,800

46,088

43,697

Selling and marketing(1)(2)

(3,032)

(6,704)

(11,134)

(15,944)

General and administrative(1)(2)

(7,828)

(18,718)

(23,213)

(32,853)

Research and development costs

(1,872)

(1,461)

(5,336)

(3,608)

Changes in fair value of contingent





   consideration for acquisition

(111)

(317)

(208)

(1,227)

Impairment of intangible assets

(6,610)

(8,552)

(6,610)

(8,552)

Impairment of goodwill

(29,597)

(21,457)

(29,597)

(21,457)

Total operating expense

(49,050)

(57,209)

(76,098)

(83,641)

Government subsidies

8

62

8

66

Loss from operations

(31,865)

(46,347)

(30,002)

(39,878)

Interest expenses

(27)

(251)

(173)

(746)

Interest income

174

257

733

718

Loss before provisions for income tax

(31,718)

(46,341)

(29,442)

(39,906)

Income tax benefit(expense)

39

(236)

(426)

(1,492)

Net Loss

(31,679)

(46,577)

(29,868)

(41,398)

Noncontrolling interest

183

74

(52)

113

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

($31,496)

($46,503)

($29,920)

($41,285)






Earnings per share





Basic-ordinary shares

($0.18)

($0.26)

($0.17)

($0.23)

Diluted-ordinary shares

($0.18)

($0.26)

($0.17)

($0.23)






Earnings per ADS





Basic-ADSs

($0.71)

($1.05)

($0.67)

($0.92)

Diluted-ADSs

($0.71)

($1.05)

($0.67)

($0.92)






Weighted average shares outstanding





Basic-ordinary shares

177,621,367

177,600,079

177,621,367

180,272,281

Diluted-ordinary shares

177,621,367

177,600,079

177,621,367

180,272,281






Weighted average ADSs outstanding





Basic-ADSs

44,405,342

44,400,020

44,405,342

45,068,070

Diluted-ADSs

44,405,342

44,400,020

44,405,342

45,068,070






Net Loss

(31,679)

(46,577)

(29,868)

(41,398)

Other comprehensive income, net of tax:





     Change in cumulative foreign currency translation adjustments

2,342

1,874

693

5,696

Comprehensive loss

($29,337)

($44,703)

($29,175)

($35,702)






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

(165)

(101)

65

(135)

Comprehensive loss attributable to Camelot Information Systems Inc.

($29,172)

($44,602)

($29,240)

($35,567)

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


Three Months Ended
September 30

Nine Months Ended
September 30


2012

2011

2012

2011

Cost of revenues

$19

$1,379

$62

$1,435

Selling and marketing

108

3,463

1,625

6,603

General and administrative

374

9,509

911

10,317

Total share-based compensation expenses

$501

$14,351

$2,598

$18,355

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


Three Months Ended
September 30

Nine Months Ended
September 30


2012

2011

2012

2011

Cost of revenues

$31

$467

$95

$1,383

Selling and marketing

416

809

1,314

2,686

General and administrative

71

70

213

207

Total acquisition-related intangible amortization expenses

$518

$1,346

$1,622

$4,276

(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


2012

2011

2012

2011

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

($31,496)

($46,503)

($29,920)

($41,285)

Share-based compensation

501

14,351

2,598

18,355

Acquisition-related intangible amortization

518

1,346

1,622

4,276

Changes in fair value of contingent consideration

111

317

208

1,227

Impairment of intangible assets

6,610

8,552

6,610

8,552

Impairment of goodwill

29,597

21,457

29,597

21,457

Total adjusted amounts

37,337

46,023

40,635

53,867

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

$5,841

($480)

$10,715

$12,582


 

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,


2012

2011

2012

2011

Cash flow from operating activities:





 Net loss 

($31,679)

($46,577)

($29,868)

($41,398)

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





    Depreciation of property and equipment

236

266

758

818

    Amortization of intangible assets

725

1,396

2,233

4,422

    Deferred income taxes

(1,083)

(1,718)

(713)

(2,126)

    Impairment of intangible assets

6,610

8,552

6,610

8,552

    Impairment of goodwill

29,597

21,457

29,597

21,457

    Provision for account receivable

(270)

2,717

(1,061)

2,717

    Provision for other current assets

-

-

633

1,231

    Share-based compensation

501

14,351

2,598

18,355

    Gains on disposal of property and equipment

14

2

25

9

    Change in fair value of contingent consideration for acquisition

111

317

208

1,227

 Changes in operating assets and liabilities:





     Accounts receivable

1,282

(12,022)

(25,790)

(32,236)

     Other assets

(1,745)

1,140

(2,197)

(1,464)

     Accounts payable

(3,415)

(2,095)

(1,671)

(2,084)

     Other liabilities

(1,150)

4,622

(3,195)

2,079

Net cash used in operating activities

(266)

(7,592)

(21,833)

(18,441)






Cash flow from investing activities:





    Purchase of term deposits

(23,197)

-

(24,260)

-

    Maturity of term deposits

34,171

(34,403)

45,255

(34,443)

    Restricted cash

(804)

915

2,924

(5,260)

    Proceeds from disposal of property and equipment

4

-

8

18

    Purchase of property and equipment

(211)

(146)

(522)

(664)

    Purchase of intangible assets and other asset

(1,551)

(78)

(2,573)

(78)

    Purchase of businesses, net of cash acquired

-

-

(3,500)

(11,430)

Net cash provided (used in) by investing activities

8,412

(33,712)

17,332

(51,857)






Cash flow from financing activities:





    Proceeds from bank borrowing

-

165

2,881

7,832

    Repayment of bank borrowing

(2,434)

(318)

(10,561)

(3,758)

    Repurchase of ordinary shares

-

(11,434)

-

(14,415)

    Payment of professional fee related to initial public offering

-

-

-

(964)

    Payment of reimbursable issuance cost related to follow-on offering

-

(223)

-

275

    Payment of contingent consideration and 





       deferred consideration for business acquisitions

-

(2,048)

(5,100)

(6,773)

    Proceeds from stock option exercises

-

91

-

1,294

Net cash used in financing activities

(2,434)

(13,767)

(12,780)

(16,509)






Effect of foreign exchange rate changes

532

126

552

738






 Net increase (decrease) in cash and cash equivalents

6,244

(54,945)

(16,729)

(86,069)

 Cash and cash equivalents, beginning of period

34,155

109,232

57,128

140,356

 Cash and cash equivalents, end of period

$40,399

$54,287

$40,399

$54,287

 

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, 2012

Three Months Ended
September 30, 2011


GAAP

Adjustments


Adjusted

GAAP

Adjustments


Adjusted

Cost of revenues

$45,825

($50)

(a)

$45,775

$43,662

($1,846)

(a)

$41,816

Gross profit

17,177

50

(a)

17,227

10,800

1,846

(a)

12,646

Operating expenses

49,050

(37,287)

(a)

11,763

57,209

(44,177)

(a)

13,032

Operating income(loss)

(31,865)

37,337

(a)

5,472

(46,347)

46,023

(a)

(324)

Net income(loss)

(31,496)

37,337

(a)(d)

5,841

(46,503)

46,023

(a)

(480)

Net gross margin

27.3%

0.1%

(b)

27.4%

19.8%

3.4%

(b)

23.2%

Net operating margin

(50.6%)

59.3%

(a)

8.7%

(85.1%)

84.5%

(a)

(0.6%)

Net margin

(50.0%)

59.3%

(a)

9.3%

(85.4%)

84.5%

(a)

(0.9%)

Diluted EPS

($0.18)

$0.21

(c)

$0.03

($0.26)

$0.26

(c)

($0.003)

Diluted EPADS

($0.71)

$0.84

(c)

$0.13

($1.05)

$1.04

(c)

($0.01)

 


Nine Months Ended
September 30, 2012

Nine Months Ended
September 30, 2011


GAAP

Adjustments


Adjusted

GAAP

Adjustments


Adjusted

Cost of revenues

$136,123

($157)

(a)

$135,966

$123,733

($2,818)

(a)

$120,915

Gross profit

46,088

157

(a)

46,245

43,697

2,818

(a)

46,515

Operating expenses

76,098

(40,478)

(a)

35,620

83,641

(51,049)

(a)

32,592

Operating income(loss)

(30,002)

40,635

(a)

10,633

(39,878)

53,867

(a)

13,989

Net income(loss)

(29,920)

40,635

(a)(d)

10,715

(41,285)

53,867

(d)

12,582

Net gross margin

25.3%

0.1%

(b)

25.4%

26.1%

1.7%

(b)

27.8%

Net operating margin

(16.5%)

22.3%

(a)

5.8%

(23.8%)

32.2%

(a)

8.4%

Net margin

(16.4%)

22.3%

(a)

5.9%

(24.7%)

32.2%

(a)

7.5%

Diluted EPS

($0.17)

$0.23

(c)

$0.06

($0.23)

$0.29

(c)

$0.06

Diluted EPADS

($0.67)

$0.91

(c)

$0.24

($0.92)

$1.16

(c)

$0.24

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 $50, $1,846, $157 and $2,818 for the three-month periods ended September 30, 2012 and 2011, and the nine-month periods ended September 30, 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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.