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Ninetowns Reports Second Half and Full Year 2011 Financial Results

 

BEIJING April 25, 2012 Ninetowns Internet Technology Group Company Limited China December 31, 2011

Second Half 2011 Financial Highlights

  • RMB43.3 million US$6.9 million RMB40.5 million US$6.1 million
  • RMB1.6 million US$0.3 million RMB19.3 million US$2.9 million
  • RMB0.04 (US$0.01) RMB0.53 (US$0.08) RMB0.51 (US$0.07)

Full Year 2011 Financial Highlights

  • RMB75.2 million US$12.0 million RMB78.9 million US$12.0 million
  • RMB3.5 million US$0.6 million RMB12.3 million US$1.9 million
  • RMB0.09 (US$0.01) RMB0.34 (US$0.05) RMB0.33 (US$0.05)

Second Half and Full Year 2011 Business Highlights

Enterprise Software:

Ninetowns continued to derive a large portion of its total net revenues from the sales and servicing of iDeclare packages, which is Ninetowns’ flagship import/export enterprise software solution. During the second half of 2011, the Company sold 815 iDeclare software packages and 10,205 iDeclare service contracts. In 2011, the increase in the number of customers for iDeclare.CIQ and the higher level of import/export transactions contributed to the increase of sales and servicing of iDeclare packages. For the full year 2011, the Company sold 1,641 iDeclare software packages and 18,734 iDeclare service contracts.

US$250

Food Related Business:

www.tootoo.cn Beijing

www.tootoo.cn

Real Estate Development Business:

China

The Company currently has four projects in early stages of development.

Dalian

Dalian Liaoning China RMB13,350 RMB280 million US$43 million

Binzhou

October 2011 Tianjin Tianjin Tianjin Shandong Province China December 20, 2011

Yizhuang

January 2012 Beijing

Huainan

April 2011 Anhui Province China RMB258 million US$39 million RMB140 million US$22 million

July 2011 June 2011 February 2012 February 3, 2012 RMB160 million RMB13 million

Management Discussion

Shuang Wang China

Dalian Beijing Dalian China

Tommy Fork

Second Half 2011 Financial Results

Total Net Revenues. RMB43.3 million US$6.9 million RMB40.5 million

RMB35.5 million US$5.6 million RMB25.4 million RMB3.9 million US$0.6 million RMB12.0 million RMB3.9 million US$0.6 million RMB3.1 million

Gross Profit and Gross Margin. RMB38.1 million US$6.1 million RMB29.2 million

Gross margin for the second half of 2011 was 88%, compared to 72% in the second half of 2010.

Operating Expenses. RMB62.7 million US$10.0 million RMB51.4 million

RMB13.2 million US$2.1 million RMB8.9 million

RMB47.5 million US$7.5 million RMB35.4 million

RMB5.7 million US$0.9 million RMB7.8 million

RMB3.7 million US$0.6 million RMB0.7 million

Operating Loss. RMB24.6 million US$3.9 million RMB22.1 million

Other Income. RMB23.5million US$3.7 million RMB41.5 million

Income (Loss) from Continuing Operations before Income Tax. RMB1.1 million US$0.2 million RMB19.4 million

Income Tax Expense. RMB0.6 million US$0.1 million RMB0.8 million

Net Income (Loss). RMB1.6 million US$0.3 million RMB19.3 million RMB0.04 (US$0.01) RMB0.53 RMB0.51

Full Year 2011 Financial Results

Total Net Revenues. RMB75.2million US$12.0 million RMB78.9 million

RMB61.0 million US$9.7 million RMB49.7 million RMB6.0 million US$0.9 million RMB23.8 million RMB8.2 million US$1.3 million RMB5.4 million

Gross Profit and Gross Margin. RMB64.5 million US$10.2 million RMB61.9 million

Gross margin for the full year 2011 was 86%, compared to 78% for the full year 2010.

Operating Expenses. RMB106.0 million US$16.8 million RMB124.5 million

RMB22.5 million US$3.6 million RMB16.7 million

RMB79.4 million US$12.6 million RMB89.5 million

RMB11.0 million US$1.8 million RMB15.7 million

RMB6.8 million US$1.1 million RMB2.6 million

Operating Loss. RMB41.6 million US$6.6 million RMB62.6 million

Other Income. RMB46.1 million US$7.3 million RMB76.2 million

Income from Continuing Operations before Income Tax. RMB4.6 million US$0.7 million RMB13.6 million

Income Tax Expense . RMB1.0 million US$0.2 million RMB0.9 million

Net Income. RMB3.5 million US$0.6 million RMB12.3 million RMB0.09 (US$0.01) RMB0.34 RMB0.33

Deferred Revenue. December 31, 2011 RMB14.3 million US$2.3 million RMB10.7 million December 31, 2010

Deferred Subsidies. China RMB240.2 million US$38.2 million December 31, 2011

Cash, Cash Equivalents and Term Deposits. RMB262.4 million US$41.7 million December 31, 2011 RMB508.8 million December 31, 2010

Currency Convenience Translation

China December 31, 2011 RMB6.2939 US$1.00 December 30, 2011

Investor Conference Call / Webcast Details

8:00 a.m. Beijing April 26, 2012 8:00 p.m. April 25, 2012 New York

11:00 a.m. Beijing April 26, 2012 11:00 p.m. New York April 25, 2012 11:00 p.m. May 3, 2012 Beijing 11:00 a.m. New York May 3, 2012

About Ninetowns Internet Technology Group Company Limited

Ninetowns (Nasdaq: NINE) is a leading provider of online solutions for international trade, with its key services in automating import/export e-filing. Ninetowns has been listed on the NASDAQ Stock Exchange since December 2004 under the symbol "NINE." More information can be found at ir.ninetowns.com.

Forward-Looking Statements

Certain statements in this press release, including statements relating to the expected cash impairment charge, include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains; competition from companies that have greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; the ability to recruit and retain quality employees as the Company grows; and economic and political conditions globally. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.

Contacts:

Investor Relations Beijing

Daisy Wang

[email protected]

Investor Relations (H ong K ong )

Mahmoud Siddig
Taylor Rafferty

[email protected]

 

NINETOWNS INTERNET TECHNOLOGY GROUP COMPANY LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2010, JUNE 30, 2011 AND DECEMBER 31, 2011

 (In thousands, except share-related data)

    For the six months ended

Dec. 31,

Dec. 31,

Jun. 30,

Jun. 30,

Dec. 31,

Dec. 31,

2010

2010

2011

2011

2011

2011

RMB

US$

RMB

US$

RMB

US$

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Total net revenues

40,459

6,130

31,909

4,937

43,307

6,881

Total cost of revenues

(11,226)

(1,701)

(5,543)

(858)

(5,190)

(825)

______

______

______

______

______

______

Gross profit

29,233

4,429

26,366

4,079

38,117

6,056

Selling and marketing expenses

(8,884)

(1,346)

(9,249)

(1,431)

(13,244)

(2,104)

General and administrative expenses

(35,400)

(5,364)

(31,888)

(4,934)

(47,466)

(7,542)

Research and development expenses

(7,757)

(1,175)

(5,319)

(823)

(5,723)

(909)

Allowance for doubtful accounts, net

660

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