Ninetowns Digital World Trade Holdings Ltd (NINE) - 500 Beiträge pro Seite

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Profile:Ninetowns Digital World Trade Holdings Ltd is a People`s Republic of China (PRC) software company, which enables enterprises and trade-related PRC government agencies to streamline the import/export process in China. The Company focuses on providing enterprise software for the completion over the Internet of the processing of import/ export declarations, or the declaration process. It assisted in designing, building and helps maintain and upgrade, the electronic systems of the State Administration for Quality Supervision and Inspection and Quarantine of the PRC, or the PRC Inspections Administration, which enable its enterprise software to complete the declaration process over the Internet. It operates in three lines of business: sales of enterprise software, software development services and sales of computer hardware and accessories

http://www.ninetowns.com/english/index.asp

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Ninetowns Reports Fourth Quarter and Full Year 2004 Results
Wednesday February 23, 5:00 pm ET


BEIJING, Feb. 23 /Xinhua-PRNewswire/ -- Ninetowns Digital World Trade Holdings Limited (Nasdaq: NINE - News), a leading PRC enterprise software provider in automating import/export processing in China for enterprises and trade-related PRC government agencies, today announced its financial results for the fourth quarter and full year ended December 31, 2004.
Fourth Quarter 2004 Financial Highlights (US GAAP):

* Total net revenues for the fourth quarter of 2004 were RMB62.3 million
(US$7.5 million), which represents an increase of 75.5% over the same
period in 2003, and 18.8% over the third quarter of 2004.

* Sales from enterprise software in the fourth quarter of 2004 were
RMB54.2 million (US$6.6 million), an increase of 72.3% over the same
period in 2003, and 7.2% over the third quarter of 2004.

* Gross profit margin was 96.2% for the fourth quarter of 2004, compared
to 93.0% in the fourth quarter of 2003 and 98.1% in the third quarter
of 2004. The quarter-over-quarter decrease was primarily due to the
expected higher revenue contribution from the lower margin software
development business.

* Operating income and operating margin for the fourth quarter of 2004
were RMB41.4 million (US$5.0 million) and 66.5%, respectively. This
represents an increase of 152.4% in operating income over the same
period in 2003, and 14.1% over the third quarter of 2004.

* Net income and net profit margin for the fourth quarter of 2004 were
RMB42.8 million (US$5.2 million) and 68.6%, respectively. This
represents an increase of 254.1% in net income over the same period in
2003, and 21.2% over the third quarter of 2004.

* Diluted earnings per share / American Depositary Share (ADS) for the
fourth quarter of 2004 were RMB1.35 (US$0.16).

* The short-term unearned revenue balance at the end of 2004 was RMB97.2
million (US$11.7 million), which represents an increase of 37.7% over
the same date in 2003, and 9.7% over the third quarter of 2004.

Full Year 2004 Financial Highlights (US GAAP):

* Total net revenues for the full year 2004 were RMB201.5 million
(US$24.4 million), which represents an increase of 51.6% over the
full-year 2003.

* Sales from enterprise software for the full year 2004 were RMB188.7
million (US$22.8 million), an increase of 65.8% over the full year
2003.

* Gross profit margin was 97.8% for the full year 2004, compared to
95.1% for the full year 2003. The increase in gross profit margin for
the full year 2004 was primarily due to a higher revenue contribution
from the higher margin enterprise software business.

* Operating income and operating margin for the full year 2004 were
RMB139.7 million (US$16.9 million) and 69.3%, respectively. This
represents an increase of 163.0% in operating income over the full
year 2003.

* Net income and net profit margin for the full year 2004 were RMB134.0
million (US$16.2 million) and 66.5%, respectively. This represents an
increase of 225.2% in net income over the full year 2003.

* Diluted earnings per share / ADS for the full year 2004 were RMB4.74
(US$0.57).


Diluted earnings per share / ADS computations for the fourth quarter and full year 2004 were based on 31.7 million and 28.3 million weighted average number of shares / ADSs outstanding on a diluted basis, respectively. On a diluted basis, the number of shares / ADSs outstanding increased by 7.1 million in the fourth quarter 2004 compared to the fourth quarter 2003 due to the Company`s December 8, 2004 initial public offering.

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2004, which was RMB8.2765 to US$1.00. The percentages stated in this press release are calculated based on RMB.

Shuang Wang, Chief Executive Officer of Ninetowns Digital World Trade Holdings Limited, said, "Our strong growth in 2004 reflects the considerable momentum we gained in our business. More importantly, with more companies turning to electronic filing as a means of gaining a competitive advantage, we believe we have considerable room for growth. Because of this, we expect our revenue and profit growth will continue in 2005 as we help an increasing number of enterprises and trade-related PRC government agencies to streamline the import/export process in China."

Tommy Fork, Chief Financial Officer of Ninetowns Digital World Trade Holdings Limited, said, "We completed our initial public offering on December 8, 2004. The IPO represents a major milestone in the history of Ninetowns and further strengthened the company`s financial position. As a result, our balance of cash and cash equivalents and term deposits increased to RMB847.9 million (US$102.4 million) at the end of the fourth quarter 2004 from RMB247.9 (US$30.0 million) at the end of the third quarter of 2004. Our increased financial strength will allow us to continue addressing our current market opportunities, while also addressing important new business and technology opportunities as we focus on expanding the breadth of our product offerings."

Fourth Quarter 2004 Business Highlights

* Raised RMB531.4 million (or US$64.2 million) net of expenses in
successful initial public offering

* Sold approximately 12,000 iDeclare software licenses and approximately
5,000 iDeclare maintenance contracts

* Gained additional new customers, including Dongfeng Honda Engine Co.,
Ltd, Shanghai SVA NEC Liquid Crystal Display Co., Ltd, Thomson
Multimedia (Dongguan) Ltd, and Panasonic Putian Mobile Communications
Beijing Co., Ltd, among others.

* Signed a key contract with iTowNet for RMB6.6 million (US$800,000)
for its "Integrated Origin Certificate Electronic Management System"
development.

Business Outlook

* For full year 2005, total net revenues are expected to be in the range
of RMB260.0 million to RMB300.0 million (or US$31.4 million to US$36.2
million), representing an expected year-over-year growth of 39.0% at
the midpoint of the range.

* For full year 2005, operating margin is expected to be in the range of
65% to 70%.

* For full year 2005, diluted earnings per share / ADS are expected to
be in the range of RMB4.96 to RMB5.79 (or US$0.60 to US$0.70). This
is based on a diluted share count of 35.7 million shares / ADSs.

* For first quarter of 2005, total net revenues are expected to be in
the range of RMB59.0 million to RMB65.0 million (or US$7.1 million to
US$7.9 million.), representing a year-over-year growth of 53.9% at the
midpoint of the range. The first quarter is traditionally a
seasonally slower quarter for enterprise software sales in the PRC
due to decreased business activities throughout China before, during
and after the week-long Chinese New Year holidays. In addition, net
revenues from software development services are typically higher in
the third and fourth quarters of each year because our software
development contracts are historically signed during that time.

* For first quarter of 2005, operating margin is expected to be in the
range of 65% to 70%.

* For first quarter of 2005, diluted earnings per share / ADS are
expected to be in the range of RMB1.24 to RMB1.41 (or US$0.15 to
US$0.17). This is based on a diluted share count of 35.6 million
shares / ADSs.


Conference Call and Webcasting Information

As previously announced, Ninetowns will host a conference call to discuss fourth-quarter and full year 2004 financial results and the 2005 business outlook at 7:00 a.m. Beijing time on February 24, 2005. This will be 6:00 p.m. on February 23, 2005 in New York. During the call, time will be set-aside for analysts and interested investors to ask questions of executive officers.

The call may be accessed by dialing [phone] and referencing confirmation code 553540. A live webcast of the conference call will be available on Ninetowns` website at http://www.ninetowns.com/english." target="_blank" rel="nofollow ugc noopener">http://www.ninetowns.com/english.

A replay of the call will be available from 10:00 a.m. on February 24, 2005 in Beijing (9:00 p.m. in New York on Wednesday, February 23, 2005) through 1:00 p.m. on Thursday, March 3, 2005 in Beijing (midnight in New York on Wednesday, March 2, 2005) at http://www.ninetowns.com/english and by telephone at [phone]. The password for the replay is 553540.

About Ninetowns Digital World Trade Holdings Limited

Ninetowns is a PRC software company that enables enterprises and trade- related PRC government agencies to streamline the import/export process in China. Through its scalable enterprise software products, Ninetowns` clients have the ability to automate import/export processing over the Internet, which is a more cost-effective and efficient alternative to the traditional paper- based method.

Forward-Looking Statements:

Certain statements in this press release 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 presentation and our earnings press release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances. We urge you to read our public filings, which are available on our corporate website at http://www.ninetowns.com/english." target="_blank" rel="nofollow ugc noopener">http://www.ninetowns.com/english.

Contacts:
Lisa Zheng
Investor Relations
Ninetowns Digital World Trade Holdings Limited
([phone]
[e-mail]

David Pasquale, EVP
The Ruth Group
[phone]
[e-mail]



NINETOWNS DIGITAL WORLD TRADE HOLDINGS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED DECEMBER 31, 2003, SEPTEMBER 30, 2004 AND DECEMBER 31, 2004

(In thousands, except share and per share data)
For the three months ended
Dec 31, Dec 31, Sep 30,
2003 2003 2004
RMB US$ RMB
(unaudited) (unaudited) (unaudited)

Total net revenues 35,520 4,291 52,468
Cost of revenues (2,493) (301) (1,020)
______ ______ ______
Gross profit 33,027 3,990 51,448
Selling expenses (2,713) (328) (4,007)
General and
administrative
expenses (11,104) (1,341) (9,161)
Research and
development
expenses (1,271) (154) (1,957)
Allowance for
doubtful debts (1,516) (183) -
______ ______ ______
Income from
operations 16,423 1,984 36,323
Interest income 333 40 926
Other income 41 5 1,276
______ ______ ______
Income before
income taxes 16,797 2,029 38,525
Income taxes (949) (114) (601)
______ _______ ______

Income before minority
interests 15,848 1,915 37,924
Minority interests (3,771) (456) (2,640)
______ ______ ______
Net income 12,077 1,459 35,284
______ ______ ______

Net income per share:
Basic RMB0.49 US$0.06 RMB1.33
Diluted RMB0.49 US$0.06 RMB1.24
______ ______ ______


Shares used in computation:
Basic 24,614,696 24,614,696 26,571,042
Diluted 24,614,696 24,614,696 28,342,197
_______ ______ _______


For the three months ended
Sep 30, Dec 31, Dec 31,
2004 2004 2004
US$ RMB US$
(unaudited) (unaudited) (unaudited)


Total net revenues 6,339 62,338 7,531
Cost of revenues (123) (2,367) (286)
______ ______ ______
Gross profit 6,216 59,971 7,245
Selling expenses (484) (4,291) (518)
General and administrative
expenses (1,107) (12,639) (1,527)
Research and development expenses (236) (1,594) (192)
Allowance for doubtful debts - - -
______ ______ ______
Income from operations 4,389 41,447 5,008
Interest income 112 2,076 250
Other income 154 - -
______ ______ ______
Income before income taxes 4,655 43,523 5,258
Income taxes (73) (755) (91)
______ ______ ______

Income before
minority interests 4,582 42,768 5,167
Minority interests (319) - -
______ ______ ______
Net income 4,263 42,768 5,167
______ ______ ______

Net income per share:
Basic US$0.16 RMB1.43 US$0.17
Diluted US$0.15 RMB1.35 US$0.16
________ ________ ________

Shares used in computation:
Basic 26,571,042 30,001,401 30,001,401
Diluted 28,342,197 31,718,668 31,718,668
__________ __________ __________



NINETOWNS DIGITAL WORLD TRADE HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2003 AND 2004
(In thousands, except share and per share data)

Year ended Dec 31
2003 2003 2004 2004
RMB US$ RMB US$
(note) (note) (unaudited) (unaudited)

Total net revenues 132,908 16,058 201,547 24,351
Cost of revenues (6,519) (788) (4,507) (544)
______ ______ ______ ______

Gross profit 126,389 15,270 197,040 23,807
Selling expenses (13,674) (1,653) (15,977) (1,931)
General and
administrative
expenses (20,395) (2,464) (35,872) (4,334)
Research and
development expenses (2,691) (325) (4,819) (582)
Employee stock-based
compensation related
to general and
administrative
expenses (35,000) (4,229) - -
Allowance for doubtful
debts (1,516) (183) (700) (85)
______ ______ ______ ______
Income from operations 53,113 6,416 139,672 16,875
Interest income 1,220 147 3,768 455
Other income 211 26 1,340 162
______ ______ ______ ______
Income before income
taxes 54,544 6,589 144,780 17,492
Income taxes (4,116) (497) (1,823) (220)
______ ______ ______ ______
Income before minority
interests 50,428 6,092 142,957 17,272
Minority interests (9,239) (1,116) (9,006) (1,088)
______ ______ ______ ______
Net income 41,189 4,976 133,951 16,184
______ ______ ______ ______

Net income per share:
Basic RMB1.82 US$0.22 RMB4.96 US$0.60
Diluted RMB1.82 US$0.22 RMB4.74 US$0.57
______ ______ ______ ______

Shares used in computation:
Basic 22,659,048 22,659,048 27,022,057 27,022,057
Diluted 22,659,048 22,659,048 28,279,061 28,279,061
_______ ______ _______ _______


Note: Information extracted and derived from the audited financial statements included in the Company`s prospectus dated December 2, 2004.

NINETOWNS DIGITAL WORLD TRADE HOLDINGS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2003 AND 2004
(In thousands, except share and per share data)

December 31,
2003 2003 2004 2004
RMB US$ RMB US$
(note) (note) (unaudited) (unaudited)

ASSETS

Current assets:
Cash and cash
equivalents and
term deposits 233,195 28,175 847,906 102,446
Inventories 458 56 8,123 981
Trade receivables 62,981 7,609 69,130 8,353
Other current assets 22,009 2,659 37,686 4,553
_______ _______ _______ _______
Total current assets 318,643 38,499 962,845 116,333
_______ _______ _______ _______
Goodwill 1,614 195 193,570 23,388

Other non-current
assets 3,718 449 65,767 7,946
_______ _______ _______ _______
TOTAL ASSETS 323,975 39,143 1,222,182 147,667
_______ _______ _______ _______


LIABILITIES AND
SHAREHOLDERS` EQUITY

Current liabilities:
Short-term unearned
revenue 70,608 8,531 97,230 11,748
Other current
liabilities 23,626 2,855 33,900 4,096
_______ _______ _______ _______
Total current
liabilities 94,234 11,386 131,130 15,844
_______ _______ _______ _______
Minority interests 17,274 2,087 600 72

Mezzanine equity 46,937 5,671 - -

Total shareholders`
equity 165,530 19,999 1,090,452 131,751
_______ _______ _______ _______
TOTAL LIABILITIES AND
SHAREHOLDERS` EQUITY 323,975 39,143 1,222,182 147,667
_______ _______ _______ _______


Note: Information extracted and derived from the audited financial statements included in the Company`s prospectus dated December 2, 2004.




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Source: Ninetowns Digital World Trade Holdings Limited

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Starkes Wachstum mit hoher Profitabilität und auch noch niedrig bewertet.

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