ISoftStone Holdings Limited A (ISS) (ISS)

[eastunder]

iSoftStone Reports Higher Revenues and Net Income for The Year 2011

Monday , March 05, 2012 07:00ET

BEIJING, March 5, 2012 /PRNewswire-FirstCall/ -- iSoftStone Holdings Limited ("iSoftStone," or "the Company," NYSE: ISS), a leading China-based IT services provider, today reported higher revenues, net income, and diluted earnings per ADS in its unaudited financial results for the fourth quarter and year ended December 31, 2011.


Fourth quarter 2011 financial and operating results


-- Net revenues increased 38.9% to $85.8 million in the fourth quarter 2011
from $61.8 million in the fourth quarter 2010.
-- Gross profit increased 30.3% to $30.5 million in the fourth quarter 2011
from $23.4 million in the fourth quarter 2010.
-- Net income was $2.3 million in the fourth quarter 2011 compared with a
net loss of $3.9 million in the fourth quarter 2010.
-- Non-GAAP net income (note 1) increased 26.2% to $11.2 million in the
fourth quarter 2011 from $8.9 million in the fourth quarter 2010.
-- Diluted earnings per American Depositary Share ("ADS") were an income of
$0.04 in the fourth quarter 2011 compared with a loss of $0.25 in the
fourth quarter 2010. Each ADS represents 10 ordinary shares.
-- Non-GAAP diluted earnings per ADS (note 1) were $0.19 in the fourth
quarter 2011 and $0.18 in the fourth quarter 2010.
-- Total number of employees increased 34.7% to 12,510 as of December 31,
2011 from 9,285 as of December 31, 2010.

Year 2011 financial and operating results


-- Net revenues increased 43.9% to $283.4 million in 2011 from $197.0
million in 2010.
-- Gross profit increased 43.5% to $102.3 million in 2011 from $71.3
million in 2010.
-- Net income increased to $19.0 million in 2011 from a net loss of $3.6
million in 2010.
-- Non-GAAP net income (note 1) increased 75.1% to $34.3 million in 2011
from $19.6 million in 2010.
-- Diluted earnings per ADS were an income of $0.32 in 2011 and a loss of
$0.46 in 2010. Each ADS represents 10 ordinary shares.
-- Non-GAAP diluted earnings per ADS (note 1) were $0.57 in 2011 and $0.43
in 2010.

Mr. T.W. Liu, iSoftStone's Chairman and Chief Executive Officer, said, "I am very pleased with our results for both the fourth quarter and the year 2011. In the fourth quarter, we continued to grow our business in most measures, improve our operations, and optimize our cost structure. We executed our business strategy very well during the year. Net revenues in 2011 were up 44%, mostly on organic growth, non-GAAP net income was up 75% to $34.3 million from $19.6 million in 2010, and non-GAAP diluted earnings per ADS were up 33% to 57 cents from 43 cents in 2010, all clearly going in the right direction.


"Looking forward, I am confident we will continue our strong business momentum by sustaining client satisfaction, focusing on operating excellence, building new growth drivers, moving up the value chain, and deepening our penetration in key verticals. Despite facing continued global economic uncertainty and possible slower economic growth in China, plus cost inflation, we believe we can continue to achieve high business growth while improving our margin in 2012."


Results of operations for the fourth quarter 2011


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