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E-House Reports First Quarter 2012 Results

SHANGHAI May 24, 2012 China China March 31, 2012

First Quarter 2012 Financial and Operating Highlights

  • RMB14.6 billion $2.3 billion
  • $59.1 million
  • $39.8 million
  • $16.8 million $0.21

China Xin Zhou

China

Bin Laurence, E-House’s CFO, added, "With the completion of our merger with CRIC and the infrastructure of our platforms mostly in place, we are now focusing more on internal cost control. First quarter selling, general and administrative expenses showed a substantial sequential decline compared with the fourth quarter of last year, partly due to reduced merger-related professional expenses and specific marketing expenses, as well as a result of internal cost control. We will continue our cost control efforts in the next few quarters."

RMB6.2997 US$1.00 China

[2] E-House uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to E-House shareholders, (4) net income (loss) per basic ADS and (5) net income (loss) per diluted ADS, each of which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions. See "About Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results" below for more information about the non-GAAP financial measures included in this press release.

Financial Results for the First Quarter of 2012

Revenues

$59.1 million $83.3 million

Real Estate Brokerage Services

$23.6 million $44.5 million

$20.8 million $39.3 million China

$2.8 million $5.2 million March 31, 2012 China March 31, 2011 December 31, 2011

Real Estate Online Services

$21.1 million $20.4 million

Real Estate Information and Consulting Services

$9.9 million $14.6 million

Other Services

$4.5 million $3.8 million

Cost of Revenues

$37.7 million $27.5 million Brand Link August 2011

Selling, General and Administrative ("SG&A") Expenses

$77.5 million $58.1 million

Income (Loss) from Operations

$54.6 million $1.0 million $39.8 million $11.6 million

Net Income (Loss)

$34.0 million $1.5 million $20.0 million $10.5 million

Net Income (Loss) Attributable to E-House Shareholders

$25.9 million $0.33 $0.5 million $0.01 $16.8 million $0.21 $7.5 million $0.09

Cash Flow

March 31, 2012 $331.9 million $56.0 million $28.5 million $23.9 million $12.2 million $20.0 million $18.2 million $8.2 million $4.5 million $3.2 million Brand Link $1.7 million

Business Outlook

$490 million to $510 million December 31, 2012 $401.6 million

Merger with China Real Estate Information Corporation ("CRIC")

April 20, 2012

Conference Call Information

May 24, 2012 7:30 a.m. 7:30 p.m. Beijing Hong Kong

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

U.S./International:      

+1-718-354-1231

Hong Kong:        

+852-2475-0994

Mainland China:

+86-10-800-819-0121

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "E-House earnings call."

May 31, 2012

International:            

 +1-718-354-1232

Passcode:          

79853054

http://ir.ehousechina.com

About E-House

China China China http://www.ehousechina.com

Safe Harbor: Forward-Looking Statements

China China China China

About Non-GAAP Financial Measures

March 31, 2012 January 1, 2012 March 31, 2012

E-House believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding its operating performance by excluding share-based compensation expense and amortization of intangible assets resulting from business acquisitions, which may not be indicative of E-House’s operating performance. These non-GAAP financial measures also facilitate management’s internal comparisons to E-House’s historical performance and assist its financial and operational decision making. A limitation of using these non-GAAP financial measures is that share-based compensation expense and amortization of intangible assets resulting from business acquisitions are recurring expenses that will continue to exist in E-House’s business for the foreseeable future. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliation between non-GAAP financial measures and their most comparable GAAP financial measures.

For investor and media inquiries please contact:

China

Michelle Yuan

China

[email protected]

Derek Mitchell
Beijing

[email protected]

In the U.S.

Jessica Barist Cohen
New York

[email protected]

E-HOUSE (CHINA) HOLDINGS LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEET

(In thousands of U.S. dollars)

December 31,

March 31,

2011

2012

ASSETS

Current assets

Cash and cash equivalents

392,005

331,946

Restricted cash

2,582

2,937

Marketable securities

7,982

8,103

Customer deposits

56,168

83,762

Accounts receivable, net

244,081

217,804

Properties held for sale

1,287

1,289

Deferred tax assets

22,078

22,087

Prepaid expenses and other current assets

21,818

19,907

Amounts due from related parties

1,501

1,572

Total current assets

749,502

689,407

Property and equipment, net

27,976

37,186

Intangible assets, net

213,263

203,730

Investment in affiliates

32,484

32,368

Goodwill

49,328

49,378

Customer deposits, non-current

26,586

27,601

Other non-current assets

44,559

35,748

Total assets

1,143,698

1,075,418

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

5,686

5,136

Accrued payroll and welfare expenses

50,581

38,315

Income tax payable

45,762

21,837

Other tax payable

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