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AsiaInfo-Linkage Reports Unaudited First Quarter 2012 Results

BEIJING SANTA CLARA, Calif. April 26, 2012 China March 31, 2012

Steve Zhang Shandong

First Quarter 2012 Financial Results

US$123.7 million US$121.2 million China

Gross margin for the quarter was 39.2%, compared to 45.6% in the year-ago period and 41.4% in the previous quarter. Gross margin of net revenue (non-GAAP)[3] was 44.8% in the first quarter of 2012, compared to 53.2% in the year-ago period and 46.6% in the previous quarter. The year-over-year decrease in gross margin was primarily attributable to an increase in employee compensation and employee headcount of implementation engineers. The sequential decrease was primarily due to the seasonality of our business and an increase in stock option expenses.

US$45.9 million US$20.3 million US$7.5 million US$0.7 million US$18.1 million

US$2.5 million

Operating margin of net revenue (non-GAAP)[4] for the first quarter of 2012 was 12.8%, compared to 27.4% in the year-ago period and 17.6% in the previous quarter. The year-over-year decrease in operating margin of net revenue (non-GAAP) was mainly attributable to the increases in employee headcount and compensation, which led to the increase in cost of sales and R&D expenses. The sequential decrease was primarily due to an increase in G&A and the seasonality of our business.

US$4.3 million US$1.5 million US$1.9 million

US$6.4 million US$0.09 US$17.8 million US$0.24 US$10.5 million US$0.15 December 2011

US$19.4 million US$0.27 US$32.7 million US$0.44 US$22.0 million US$0.30

March 31, 2012 US$310.8 million US$17.8 million US$9.8 million

March 31, 2012 US$301.3 million US$281.6 million December 31, 2011 US$302.8 million March 31, 2011 US$222.0 million March 31, 2012 US$204.4 million December 31, 2011 US$216.9 million March 31, 2011 March 31, 2012 December 31, 2011 March 31, 2011

[1] Net revenue (non-GAAP) represents total revenue net of third-party hardware costs that are passed through to customers. A reconciliation of all non-GAAP measures used in this press release to the most directly comparable GAAP measures is provided at the end of this press release.

[2] Net income attributable to AsiaInfo-Linkage, Inc. (non-GAAP) and net income attributable to AsiaInfo-Linkage, Inc. (non-GAAP) per basic share measures exclude share-based compensation expenses, amortization of acquired intangible assets, non-recurring consulting related expenses and after-tax dividend income.

[3] Gross margin of net revenue (non-GAAP) is calculated by dividing gross profit, excluding third-party hardware costs, amortization of acquired intangible assets and share-based compensation expenses, by net revenue (non-GAAP).

[4] Operating margin of net revenue (non-GAAP) is calculated by dividing income from operations, excluding amortization of acquired intangible assets, share-based compensation expenses and non-recurring consulting related expenses, by net revenue (non-GAAP).

Recent Developments

January 20, 2012

February 7, 2012 Asia

March 26, 2012

There can be no assurance that any definitive offer will be made, that any agreement will be executed or that any transaction will be approved or consummated by the Company.

Business Outlook

US$123.0 million to US$125.0 million US$0.26 to US$0.29

 

ASIAINFO-LINKAGE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in thousands of US$, except share and per share amounts)

Three Months

Ended Mar 31,


2012

2011

2011

Revenues:

Software products and solutions

$114,062

$101,384

$118,694

Service

6,954

6,877

8,866

Third party hardware

2,681

6,220

3,531

Total revenues

123,697

114,481

131,091

Cost of revenues:

Software products and solutions

68,539

52,569

68,900

Service

4,177

3,757

4,575

Third party hardware

2,547

5,909

3,355

Total cost of revenues

75,263

62,235

76,830

Gross profit

48,434

52,246

54,261

Operating expenses:

Sales and marketing

20,348

19,255

20,238

General and administrative

7,478

8,014

4,562

Research and development

18,097

9,969

18,507

Total operating expenses

45,923

37,238

43,307

Income from operations

2,511

15,008

10,954

Other income, net:

4,260

1,506

1,931

Income before income tax expense (benefit)

6,771

16,514

12,885

Income tax expense (benefit)

1,352

(995)

2,348

Net income

5,419

17,509

10,537

 

(943)

(331)

 

56

Net income attributable to AsiaInfo-Linkage, Inc.

$6,362

$17,840

$10,481

Earnings per share:

Net income attributable to AsiaInfo-Linkage, Inc. common stockholders:

Basic

$0.09

$0.24

$0.15

Diluted

$0.09

$0.24

$0.14

Weighted average shares used in computation:

Basic

72,473,455

74,992,768

72,221,644

Diluted

72,725,554

75,581,628

72,590,685

 

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