Cdc Corp. (MM) (NASDAQ:CHINA)
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CDC Corporation (NASDAQ: CHINA), a leading global enterprise software
and new media company, today announced preliminary results for Q1 2008.
CDC Corporation expects total revenue for the first quarter of 2008 to
be approximately (U.S.)$98 million, which would be an increase of
approximately 8 percent from (U.S.)$91.2 million in Q1 2007 and in line
with consensus. This includes preliminary estimates of:
Q1 2008 revenue from CDC Software of approximately (U.S.)$86.0 million
which would be an increase of about 13% from (U.S.)$76.2 million in Q1
2007.
Q1 2008 revenue from CDC Games of approximately (U.S.)$8.7 million
which would be an increase of about 10% sequentially from Q4 2007;
Q1 2008 revenue from China.com portal (excluding MVAS business which
was previously discontinued) increased about 9% to (U.S.) $2.2 million
from (U.S.)$2.0 million in Q1 2007.
“We are pleased to begin 2008 with
preliminary estimates that show our best-ever first quarter revenue in
the history of CDC Corporation,” said Peter
Yip, CEO, CDC Corporation. “This performance
was led by record Q1 revenues from CDC Software and strong recovery in
our revenues from CDC Games. Q1 is typically the slowest quarter
seasonally in the software industry and despite the slowing economy
which has impacted the entire software industry, I believe our results
are very good and our company is in a strong position. We now have three
successful and growing businesses, and are working to improve the
operating metrics of each. With our non-GAAP cash and cash equivalent
levels at Q1 2008 of more than $225 million, we believe we are in an
unique and outstanding position and see the current uncertain market
conditions as an opportunity to expand our leadership position through
continued M&A and strategic partnerships in China and globally.”
CDC estimates that the company will be able to report full Q1 2007
results in the second half of May.
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. These
forward-looking statements include statements regarding our expectations
for revenues in Q1 2008 for CDC Corporation, CDC Software, CDC Games and
China.com, our beliefs regarding the strength of our financial and
business position for CDC Corporation and its affiliates and
subsidiaries, and our beliefs regarding our capitalize on current market
conditions as an opportunity to expand our market and geographic
position, and other statements that are not historical fact, the
achievement of which involve risks, uncertainties and assumptions. 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 effects of restructurings and rationalization of
operations; (d) the ability to address technological changes and
developments including the development and enhancement of products; (e)
the ability to develop and market successful products in each of our
companies; (f) the entry of new competitors and their technological
advances; (g) the need to develop, integrate and deploy enterprise
software applications to meet customer’s
requirements; (h) the possibility of development or deployment
difficulties or delays; (i) the dependence on customer satisfaction with
the company’s games, software products,
services and other products; (j) continued commitment to the deployment
of the our games and other products, including, without limitation,
enterprise software solutions; (k) risks involved in developing games as
well as software solutions and integrating them with third-party
software and services; (l) the continued ability of the company’s
businesses, including its enterprise software solutions to address
client-specific requirements; (m) demand for and market acceptance of
new and existing games, enterprise software and related services and the
market positioning of the company’s
solutions; (n) the ability of our management and staff to operate our
businesses; (o) our ability to extract and utilize information from the
company’s enterprise software solutions; and
(p) the accuracy or inaccuracy of our expectations and beliefs. If
any such risks or uncertainties materialize or if any of the assumptions
proves incorrect, our results could differ materially from the results
expressed or implied by the forward-looking statements we make. 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, 2006 on Form 20-F filed on July 2, 2007. 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.