Cdc Corp. (MM) (NASDAQ:CHINA)
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From Jul 2019 to Jul 2024
CDC Corporation (NASDAQ: CHINA), focused on enterprise software and
online games, announced today that in the second quarter of 2008,
through its share repurchase program, the company has repurchased
262,457 shares of its common stock at an average cost basis of
(U.S.)$2.90. Since the end of the second quarter, the company has also
repurchased an additional 209,517 shares of its common stock through its
share repurchase program at an average cost basis of (U.S.)$2.39. Since
the inception of the company's stock buy back program in April 2006, it
has repurchased a total of 9.5 million shares of its common stock at an
average cost basis of (U.S.)$5.53.
In addition, Peter Yip, the company’s CEO, has
purchased a net additional amount equal to 268,000 CDC Corporation
common shares at an average cost basis of (U.S.)$3.55 (including
commissions), since January 3, 2008.
“I continue to believe that our shares are
undervalued and I have personally purchased shares during periods when
the trading window has been open, as well as through existing trading
plans,” said Peter Yip, CEO of CDC
Corporation. “The Company has a strong balance
sheet. Additionally, we previously reported (U.S.)$229.2 million in
non-GAAP cash and cash equivalents as of March 31, 2008 and reported
(U.S.)$5.3 million in GAAP operating cash flows in our Q1 2008 earnings
release. I am confident in CDC’s ability to
demonstrate continued improvement in its key operating metrics for the
second half of 2008.”
About CDC Corporation
The CDC family of companies includes CDC Software focused on enterprise
software applications and services, CDC Games focused on online games,
and China.com focused on portals for the greater China markets. For more
information about CDC Corporation (NASDAQ: CHINA), please visit www.cdccorporation.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of
1995, including statements relating to our belief that our shares are
undervalued, our beliefs regarding the completion and effect of our
share repurchase programs, our beliefs regarding the effects of our
lower corporate overhead, cost-savings measures and renewed focus on
operations, our beliefs regarding the generation of more predictable and
recurring revenue streams, our beliefs regarding our prospects for the
second half 2008 and other statements which are not historic fact. These
statements are based on management's current expectations and are
subject to risks and uncertainties and changes in circumstances. There
are important factors that could cause actual results to differ
materially from those anticipated in the forward-looking statements,
including the following: (a) the ability to realize strategic objectives
by taking advantage of market opportunities in targeted geographic
markets; (b) the ability to make changes in business strategy,
development plans and product offerings to respond to the needs of
current, new and potential customers, suppliers and strategic partners;
(c) the ability to integrate operations or new acquisitions in
accordance with the company's business strategy; (d) the effects of
restructurings and rationalization of operations; (e) the ability to
address technological changes and developments including the development
and enhancement of products; (f) the ability to develop and market
successful Advanced Mobile Products; (g) the entry of new competitors
and their technological advances; (h) the need to develop, integrate and
deploy enterprise software applications to meet customer's requirements;
(i) the possibility of development or deployment difficulties or delays;
(j) the dependence on customer satisfaction with the company's software
products and services; (k) continued commitment to the deployment of the
enterprise software solutions; (l) risks involved in developing software
solutions and integrating them with third-party software and services;
(m) the continued ability of the company's enterprise software solutions
to address client-specific requirements; (n) demand for and market
acceptance of new and existing enterprise software and services and the
positioning of the company's solutions; (o) the popularity of CDC Games'
existing and new games; and (p) the continued growth of the online games
industry in Asia. Further information on risks or other factors that
could cause results to differ is detailed in filings or submissions with
the United States Securities and Exchange Commission made by CDC
Corporation in its Annual Report for the year ended December 31, 2007 on
Form 20-F filed on June 30, 2008. All forward-looking statements
included in this press release are based upon information available to
management as of the date of the press release, and you are cautioned
not to place undue reliance on any forward-looking statements which
speak only as of the date of this press release. The company assumes no
obligation to update or alter the forward looking statements whether as
a result of new information, future events or otherwise.