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

BEIJING May 22, 2012 China March 31, 2012

First-Quarter Financial and Operating Highlights:

  • $57.1 million $53.6 million
  • $12.7 million $13.9 million
  • $1.6 million $2.8 million
  • $0.6 million $5.5 million
  • $0.8 million $2.3 million
  • $1.4 million $5.1 million
  • March 2012
  • April 2012

Simon Ma

"We believe that we are well-poised to generate substantial returns on our investment and are confident we remain on track towards building a cohesive foundation for sustainable, long-term growth and continuing our leadership in the industry." concluded Mr. Ma.

First-Quarter 2012 Financial Results

March 31, 2012 $57.1 million $53.6 million

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




Enterprise application services

$39,308

68.8%

$36,120

67.4%

Financial industry IT services

17,815

31.2%

17,446

32.6%

Total net revenues

57,123

100.0%

53,566

100.0%

$39.3 million $17.8 million

$44.4 million $39.6 million $44.4 million $39.2 million $24,000 $32,000

$12.7 million $13.9 million $12.8 million $14.4 million

$14.3 million $11.1 million $1.6 million $552,000 $12.1 million $8.9 million

$1.6 million $2.8 million $0.6 million $5.5 million

$0.8 million $2.3 million $1.4 million $5.1 million

Balance Sheet and Cash Flow

March 31, 2012 $79.1 million $102.4 million December 31, 2011 $16.4 million

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

Days’ sales outstanding[2] ("DSO") were 181 days for the first quarter of 2012, as compared to 174 days in the prior quarter, with the increase attributable to delays in invoicing in the FIS business line currently undergoing integration.

Employees

March 31, 2012

Recent Events

March 15, 2012 Joanna Wang David Wang

March 23, 2012 Yuhui Wang

April 18, 2012

May 2, 2012 Bo Chen

Business Outlook

Second Quarter of 2012

$62 million

$3.2 million

Full-Year 2012

$266 million

$18 million

Conference-Call Information

8:00 a.m. 5:00 a.m. 8:00 p.m. Beijing Hong Kong Tuesday, May 22, 2012

The conference call may be accessed by calling:

US Toll free:

800.510.9661

US Toll / International:

617.614.3452

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: 91974695

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

Tuesday, May 29, 2012

US Toll free:

888-286-8010

US Toll / International:

617-801-6888

Passcode: 92629279

www.camelotchina.com

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 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.

China China December 31, 2010 Asia Pacific Taiwan Japan

SAFE HARBOR

China

[1] As used in this press release, non-GAAP adjustments include share-based compensation expenses amortization expense related to intangible assets acquired for business acquisition and changes in fair value of contingent consideration. 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.

March 31, 2012

Company Contacts:

Camelot Information Systems Inc.

Mr. Franklin King, Interim Chief Financial Officer

Tel: +86 (10) 8201 9008

[email protected]

 

Ms. Jojo Guo, Investor Relations Manager

Tel: +1 (646) 371-6533

[email protected]

 

Investor Relations Contacts:

CCG Investor Relations

Mr. Crocker Coulson, President

Tel: +1 (646) 213-1915

[email protected]

 

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

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

[email protected]

 

CAMELOT INFORMATION SYSTEMS INC.

Condensed Consolidated Balance Sheets (Unaudited)

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

 

March 31,
2012

December 31,
2011

Assets

Current assets

Cash and cash equivalents

$43,781

$57,128

Term deposits

35,290

45,318

Restricted cash

1,089

4,626

Billed accounts receivable

38,269

47,834

Unbilled accounts receivable

104,804

87,212

Other current assets

19,746

19,659

Total current assets

242,979

261,777

Property and equipment, net

4,531

4,673

Goodwill and other intangible assets

50,192

46,248

Other long-term assets

2,539

2,698

Total assets

300,241

315,396

Liabilities and shareholders’ equity

Current liabilities

Consideration payable in connection with business acquisition  

3,144

5,132

Other current liabilities

56,202

71,099

Total current liabilities

59,346

76,231

Contingent consideration in relation to acquisition

2,869

2,822

Other non-current liabilities

4,239

4,255

Total liabilities

66,454

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