AsiaInfo Reports Second Quarter 2009 Results

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BEIJING and SANTA CLARA, Calif., July 29 /PRNewswire-Asia-FirstCall/ -- -- Total revenue grows 39.3% year-over-year -- Exceeding guidance, net revenue (non-GAAP)(1) increases to US$53.4 million, growing 55.0% year-over-year -- Exceeding guidance, income from continuing operations per basic share is US$0.16 -- Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP)(2) per basic share grows 85.7% year-over-year to US$0.26 AsiaInfo Holdings, Inc. (NASDAQ:ASIA), ("AsiaInfo" or the "Company") a leading provider of telecom software solutions and IT security products and services in China, today announced financial results for the second quarter of 2009. "We delivered robust growth during the quarter and exceeded both top- and bottom-line guidance," said Steve Zhang, AsiaInfo's president and chief executive officer. "Our comprehensive offerings, from system implementation and maintenance services to high-value consulting, continues to benefit from increasing expenditure on telecom software, as operators build out and further optimize IT infrastructure and integrate fixed-line, broadband and mobile businesses to provide bundled service offerings." Second Quarter 2009 Financial Results Total revenues for the second quarter of 2009 were US$58.6 million, an increase of 39.3% year-over-year and 14.9% sequentially. Exceeding guidance, net revenue (non-GAAP) for the second quarter of 2009 was US$53.4 million, an increase of 55.0% year-over-year and 12.0% sequentially. The year-over-year and sequential increases were primarily driven by strong performance among all three major customers in the telecom business. In the second quarter of 2009, AsiaInfo announced contracts with seven China Mobile subsidiaries to upgrade Business Intelligence ("BI") systems to accommodate the rollout of China Mobile's TD-SCDMA 3G network, a tender win to build a new billing system for China Mobile's Beijing subsidiary to support its pre-paid business contracts, and a contract with China Unicom to build out a nationwide mobile email system to support email functions on mobile phones. During the quarter, gross margin was 49.0%, compared to 45.0% in the year-ago period and 54.0% in the previous quarter. The year-over-year increase in gross margin was primarily due to a strong contribution from higher-margin software solutions and services and a decrease in lower-margin, third-party hardware sales, while the sequential decrease was largely due to increased share-based compensation expenses related to the performance stock unit awards granted to key employees on March 16, 2009. Gross profit as a percentage of net revenue (non-GAAP) was 53.9% in the second quarter of 2009, compared to 55.4% in the year-ago period and 57.7% in the previous quarter. The Company noted that gross profit as a percentage of net revenue (non-GAAP) has remained relatively stable, near 55% for the last several quarters. In the second quarter of 2009, the AsiaInfo Technologies business unit, which focuses on telecommunications software and services, contributed 90.0% and 89.8% to total revenue and net revenue (non-GAAP), respectively. Total revenue for the AsiaInfo Technologies business unit increased 43.4% year-over-year and 11.8% sequentially to US$52.7 million. Net revenue (non-GAAP) for the AsiaInfo Technologies business unit increased 58.3% year-over-year and 8.0% sequentially to US$47.9 million. The increases in net revenue (non-GAAP) mainly reflect strong uptake for the Company's software and service solutions among all three major telecom customers in a highly competitive market after industry restructuring and the issuance of 3G licenses. In the second quarter of 2009, the Lenovo-AsiaInfo business unit, which focuses on IT security products and services, contributed 10.0% to total revenue and 10.2% to net revenue (non-GAAP). Total revenue for the Lenovo-AsiaInfo business unit increased 10.6% year-over-year and 53.5% sequentially to US$5.9 million. Net revenue (non-GAAP) for the Lenovo-AsiaInfo business unit increased 31.1% year-over-year and 65.8% sequentially to US$5.4 million. The year-over-year increase reflects a concerted effort to improve operations in this division. Sequentially, the increase is partially due to seasonality, as sales in the Lenovo-AsiaInfo business unit are typically weakest in the first quarter, as well as several significant contracts signed with government agencies. Please refer to the end of this press release for condensed segmented financial results for AsiaInfo's two business units. Total operating expenses increased 44.4% year-over-year and 4.9% sequentially to US$22.4 million. Sales and marketing expenses increased 20.9% year-over-year and decreased 5.8% sequentially to US$9.9 million. The year-over-year increase was mainly due to higher sales commission expenses incurred upon signing new contracts, while the sequential decrease was due to a concerted effort to control sales expenses. General and administrative expenses increased 62.5% year-over-year and 2.4% sequentially to US$3.7 million. The year-over-year and sequential increases were largely the result of the aforementioned increased in share-based compensation expenses. Research and development expenses increased 74.8% year-over-year and 21.9% sequentially to US$8.8 million, mainly reflecting an increase in headcount, which is in line with the Company's strategy of continuing to invest in the research and development of world-class products to take advantage of current and future market opportunities. Income from operations for the second quarter of 2009 was US$6.4 million, an increase of 80.0% year-over-year and a 3.4% sequentially. Operating margin of total revenue(3) was 10.9% for the second quarter of 2009, compared to 8.5% in the year-ago period and 12.2% in the previous quarter. Operating margin of net revenue (non-GAAP)(4) was 12.0% for the second quarter of 2009, compared to 10.3% in the year-ago period and 13.0% in the previous quarter. The year-over-year margin improvement was mainly the result of improving economies of scale and the Company's continued efforts to improve operational efficiency, while the sequential decline is largely the result of share-based compensation expenses mentioned above. Other income for the second quarter of 2009 was US$1.8 million, a decrease of 46.0% from US$3.3 million in the year-ago period and an increase of 127.5% from US$772 thousand in the previous quarter. The year-over-year decrease was largely the result of lower investment gains as well as lower interest rates in the second quarter of 2009, which resulted in lower interest income. The sequential increase was the result of the sale of certain short-term investments in April 2009. In the second quarter of 2009, AsiaInfo recorded net income attributable to AsiaInfo Holdings, Inc. of US$7.2 million, or US$0.16 per basic share, compared to US$5.2 million, or US$0.12 per basic share, in the year-ago period and US$5.8 million, or US$0.13 per basic share in the previous quarter. Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) was US$11.4 million in the second quarter of 2009 or US$0.26 per basic share. Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) in the year-ago period was US$6.2 million or US$0.14 per basic share. Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) in the previous quarter was US$7.1 million or US$0.17 per basic share. Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) increased 83.7% year-over-year and 59.7% sequentially. As of June 30, 2009, AsiaInfo had cash and cash equivalents and restricted cash totaling US$189.3 million and short-term investments totaling US$35.4 million. Operating cash flow in the second quarter of 2009 was a net outflow of approximately US$307 thousand. First Half 2009 Financial Results Total revenue for the first half of 2009 was US$109.5 million, an increase of 42.1% year-over-year. Net revenue (non-GAAP) for the first half of 2009 was US$101.0 million, an increase of 55.1% year-over-year. In the first half of 2009, gross margin was 51.4%, compared to 47.9% in the year-ago period. Gross profit as a percentage of net revenue (non-GAAP) was 55.7% in the first half of 2009, compared to 56.6% in the year-ago period. Income from operations for the first half of 2009 was US$12.6 million, an increase of 102.1% year-over-year. In the first half of 2009, AsiaInfo recorded net income attributable to AsiaInfo Holdings, Inc. of US$13.0 million or US$0.30 per basic share, compared to US$10.5 million or US$0.23 per basic share in the year-ago period, an increase of 23.8% year-over-year. Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) was US$18.5 million or US$0.42 per basic share in the first half of 2009, an increase of 62.3% year-over-year. Third Quarter 2009 Guidance AsiaInfo expects third quarter 2009 net income from continuing operations per basic share to be in the range of US$0.17 to US$0.18, an increase of 30% to 38% year-over-year. The Company expects net revenue (non-GAAP) to be in the range of US$60 million to US$61 million, an increase of 40% to 42% year-over-year. (1) Net revenue (non-GAAP), a non-GAAP measure, represents total revenue net of third-party hardware costs. A reconciliation of net revenue (non-GAAP) to GAAP revenue is provided at the end of this press release (2) Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) and net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) per share measures exclude acquired intangible assets, impairment loss on investment, after-tax dividend income and gain on discontinued operations. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is provided at the end of the press release. (3) Operating margin of total revenue is operating income divided by total revenue (4) Operating margin of net revenue (non-GAAP) is operating income divided by net revenue (non-GAAP) ASIAINFO HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands of US$, except shares and per share amounts) Three Months Six Months Ended June 30, Ended June 30, 2009 2008 2009 2008 Revenues: Software products and solutions $47,151 $30,013 $89,588 $57,152 Service 5,931 4,209 10,930 7,550 Third party hardware 5,486 7,836 9,026 12,362 Total revenues 58,568 42,058 109,544 77,064 Cost of revenues: Software products and solutions 22,609 13,660 40,823 24,816 Service 1,967 1,704 3,897 3,418 Third party hardware 5,210 7,644 8,526 11,940 Total cost of revenues 29,786 23,008 53,246 40,174 Gross profit 28,782 19,050 56,298 36,890 Operating expenses: Sales and marketing 9,929 8,212 20,466 16,107 General and administrative 3,652 2,248 7,218 4,857 Research and development 8,792 5,029 16,007 9,687 Total operating expenses 22,373 15,489 43,691 30,651 Income from operations 6,409 3,561 12,607 6,239 Other income: Interest income 534 1,067 1,158 2,282 Dividend income 3 84 174 303 Gain on sale of short-term investment 1,210 2,359 1,210 3,533 Other (expenses) income, net 9 (256) (14) (530) Total other income, net 1,756 3,254 2,528 5,588 Income before provision for income taxes and discontinued operations 8,165 6,815 15,135 11,827 Income taxes expense 962 1,594 2,147 2,327 Income from continuing operations 7,203 5,221 12,988 9,500 Income from discontinued operations -- -- -- 980 Net income 7,203 5,221 12,988 10,480 Less: Net loss attributable to the noncontrolling interest (2) -- (7) -- Net income attributable to AsiaInfo Holdings $7,205 5,221 12,995 10,480 Income from continuing operations per share: Basic $0.16 $0.12 $0.30 $0.21 Diluted $0.16 $0.11 $0.29 $0.20 Income from discontinued operations per share: Basic -- -- -- $0.02 Diluted -- -- -- $0.02 Net income per share Basic $0.16 $0.12 $0.30 $0.23 Diluted $0.16 $0.11 $0.29 $0.22 Weighted average shares used in computation: Basic 44,586,996 45,094,860 44,048,268 44,944,271 Diluted 45,917,056 47,044,412 45,554,547 46,715,304 ASIAINFO HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands of US$, except share and per share amounts) As at Jun. 30, Dec. 31, 2009 2008(1) ASSETS: Current Assets: Cash and cash equivalents $177,470 $172,119 Restricted cash 11,853 12,510 Short term investments 35,376 28,633 Accounts receivable, net (net of allowances of $3,084 and $2,605 as of March 31, 2009 and December 31, 2008, respectively) 103,225 52,011 Inventories 7,477 12,322 Other receivable 3,190 2,813 Deferred income taxes-current 3,334 3,334 Prepaid expenses and other current assets 4,625 5,425 Total current assets $346,550 $289,167 Long-term investment 4,696 4,696 Property and equipment, net 2,781 2,887 Other acquired intangible assets, net 2,629 3,008 Deferred income tax assets- non-current 2,671 2,671 Goodwill 21,138 20,725 Total Assets $380,465 $323,154 LIABILITY AND STOCKHOLDERS EQUITY Current Liabilities: Accounts payable 54,334 13,835 Accrued expenses 15,698 14,235 Deferred revenue 31,260 44,414 Accrued employee benefits 23,693 27,570 Other payables 7,410 5,288 Income taxes payable 298 646 Other taxes payable 5,908 6,311 Deferred income tax liability-current 1,085 934 Total current liabilities $139,686 $113,233 Unrecognized tax benefits - non-current 2,127 1,326 Other long term liabilities 135 135 Total liabilities $141,948 $114,694 Stockholders' equity: Common stock $487 $464 Additional paid-in capital 231,932 215,948 Treasury stock, at cost (27,749) (27,749) Statutory reserve 17,212 17,212 Accumulated deficit (2,571) (15,566) Accumulated other comprehensive income 19,155 18,093 Total AsiaInfo holding stockholders' equity $238,466 $208,402 Noncontrolling interest(2) 51 58 Total stockholders' equity 238,517 208,460 Total Liabilities and Stockholders' Equity $380,465 $323,154 (1) December 31, 2008 balances were extracted from audited financial statements. (2) Amount in relation to noncontrolling interest, formerly named minority interest, as of December 31, 2008 is reclassified in accordance with FASB Statement No. 160, Noncontrolling Interest, which was adopted by the Company on January 1, 2009. ASIAINFO HOLDINGS, INC. CONDENSED INFORMATION FOR REPORTABLE SEGMENTS (UNAUDITED) (Amounts in thousands of US$) Three Months Ended June 30, 2009 AsiaInfo Lenovo Total Technologies -AsiaInfo Revenues: Software products and solutions $41,776 $5,375 $47,151 Service 5,883 48 5,931 Third party hardware 5,039 447 5,486 Total revenues 52,698 5,870 58,568 Cost of revenues: Software products and solutions 20,275 2,334 22,609 Service 1,892 75 1,967 Third party hardware 4,786 424 5,210 Total cost of revenues 26,953 2,833 29,786 Gross profit 25,745 3,037 28,782 Business unit expenses: Sales and marketing 7,569 2,360 9,929 General and administrative 727 (78) 649 Research and development 7,787 1,005 8,792 Total business unit expenses 16,083 3,287 19,370 Contribution profit (loss) $9,662 ($250) $9,412 Corporate general and administration 3,003 Operating profit $6,409 (Amounts in thousands of US$) Three Months Ended June 30, 2008 AsiaInfo Lenovo Total Technologies -AsiaInfo Revenues: Software products and solutions $25,875 $4,138 $30,013 Service 4,042 167 4,209 Third party hardware 6,834 1,002 7,836 Total revenues 36,751 5,307 42,058 Cost of revenues: Software products and solutions 12,230 1,430 13,660 Service 1,636 68 1,704 Third party hardware 6,492 1,152 7,644 Total cost of revenues 20,358 2,650 23,008 Gross profit 16,393 2,657 19,050 Business unit expenses: Sales and marketing 5,956 2,256 8,212 General and administrative 101 34 135 Research and development 4,465 564 5,029 Total business unit expenses 10,522 2,854 13,376 Contribution profit (loss) $5,871 ($197) $5,674 Corporate general and administration 2,113 Operating profit $3,561 (Amounts in thousands of US$) Three Months Ended March 31, 2009 AsiaInfo Lenovo Total Technologies -AsiaInfo Revenues: Software products and solutions $39,382 $3,055 $42,437 Service 4,847 152 4,999 Third party hardware 2,924 616 3,540 Total revenues 47,153 3,823 50,976 Cost of revenues: Software products and solutions 16,914 1,300 18,214 Service 1,848 82 1,930 Third party hardware 2,778 538 3,316 Total cost of revenues 21,540 1,920 23,460 Gross profit 25,613 1,903 27,516 Business unit expenses: Sales and marketing 8,416 2,121 10,537 General and administrative 726 122 848 Research and development 6,295 920 7,215 Total business unit expenses 15,437 3,163 18,600 Contribution profit (loss) $10,176 ($1,260) $8,916 Corporate general and administration 2,718 Operating profit $6,198 Second Quarter 2009 Conference Call Details AsiaInfo management will hold an earnings conference call at 5:00 p.m. Pacific Time / 8:00 p.m. Eastern Time on July 29, 2009 (8:00 a.m. Beijing/Hong Kong Time on July 30, 2009). Management will discuss results and highlights of the quarter and answer questions from investors. The dial-in numbers for the conference call are as follows: U.S. Toll Free: +1-866-549-1292 China Toll Free: 800-701-1223 Hong Kong and International: +852-3005-2050 The passcode for the call is 408313#. To participate on the call, please R.S.V.P. to Justin Knapp by email at or by phone at +86-10-8520-6556. A replay of the call will be available until 8:00 p.m. Eastern Time on August 29, 2009 by dialing one of the following numbers: U.S. Toll Free: +1-866-753-0743 China Toll Free: 800-869-7680 Hong Kong and International: +852-3005-2020 The passcode for the replay is 134936#. Additionally, a live and archived web cast of this call will be available on the Investor Relations section of the AsiaInfo web site at http://www.asiainfo.com/ . About AsiaInfo Holdings, Inc. AsiaInfo Holdings, Inc. (NASDAQ:ASIA) is a leading provider of high-quality software and customer solutions to many of China's largest enterprises. In addition to providing software and customer solutions to China's telecom carriers, the Company also offers a wide range of security products and services to small, medium and large sized Chinese enterprises across multiple vertical industries. Organized as a Delaware corporation, AsiaInfo began operations in the United States in 1993. The Company moved its major operations to China in 1995 and played a significant role in the construction of the national Internet backbones and provincial access networks for all of China's major national telecom carriers, including China Telecom, China Mobile, China Unicom and China Netcom. Since 1998, AsiaInfo has continued to diversify its product offerings and is now a major provider of enterprise software solutions in China. For more information about AsiaInfo, please visit http://www.asiainfo.com/ . Reconciliation of non-GAAP Measures This earnings release contains presentations of the following "non-GAAP financial measures" as defined by applicable U.S. securities regulations. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. The non-GAAP financial measures are provided as additional information to help both management and investors compare business trends among different reporting periods on a consistent and more meaningful basis and enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP measures have limitations, however, because they do not include all items of income and expenses that impact the Company's operations. Management compensates for these limitations by also considering the Company's GAAP results. The non-GAAP financial measures the Company uses are not prepared in accordance with, and should not be considered an alternative to measurements required by GAAP and should not be considered measures of the Company's liquidity. Pursuant to relevant regulatory requirements, we are providing the following reconciliations of the non-GAAP financial measures to the nearest comparable GAAP measures. (1) Net revenue (non-GAAP) AsiaInfo's net revenue (non-GAAP) represents total revenue net of hardware costs that are passed through to our customers. We believe total revenues net of hardware costs more accurately reflects our core business, which is the provision of software solutions and services, and provides transparency to our investors. It is also the same measure used by our management to evaluate the competitiveness and development of our business. Reconciliation of net revenues (non-GAAP) to GAAP total revenues 2009 Q2 AsiaInfo Lenovo Technologies AsiaInfo Total (in thousands of US dollars) Net Revenue (Non-GAAP) 47,912 5,446 53,358 Third Party Hardware Costs 4,786 424 5,210 Total Revenues 52,698 5,870 58,568 2008 Q2 AsiaInfo Lenovo Technologies AsiaInfo Total (in thousands of US dollars) Net Revenue (Non-GAAP) 30,259 4,155 34,414 Third Party Hardware Costs 6,492 1,152 7,644 Total Revenues 36,751 5,307 42,058 2009 Q1 AsiaInfo Lenovo Technologies AsiaInfo Total (in thousands of US dollars) Net Revenue (Non-GAAP) 44,375 3,285 47,660 Third Party Hardware Costs 2,778 538 3,316 Total Revenues 47,153 3,823 50,976 (2) Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) Net income (non-GAAP) excludes share-based compensation expenses, amortization of acquired intangible assets, impairment loss on investment, after-tax dividend income, gain on discontinued operations, and gain on settlement of escrow. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and income that may not be indicative of our operating performance. Management uses the net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) measure to gain a better understanding of the Company's comparative operating performance from period-to-period and as a basis of planning and forecasting future periods. Management believes the Company's net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) measure, when read in conjunction with the Company's GAAP net income measure and other GAAP financials, provides useful information to investors by offering: a) the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results; b) the ability to better identify trends in the Company's underlying business and perform related trend analysis; c) a better understanding of how management plans and measures the Company's underlying business; and d) an easier way to compare the Company's most recent results of operations against investor and analyst financial models. Reconciliation of net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) to GAAP net income attributable to AsiaInfo Holdings, Inc. Three Months Six Months Ended Jun. 30 Ended Jun. 30 2009 Q1 2009 2008 2009 2008 (in US dollar thousands) GAAP net income 7,205 5,221 12,995 10,480 5,790 Adjustments: - Share based compensation 3,858 650 5,040 1,340 1,182 - Amortization of acquired intangible assets 316 399 628 845 312 - Impairment loss on investment -- -- -- -- -- - Gain on discontinued operations -- -- -- (980) -- - Dividend income, net of tax (3) (84) (174) (303) (171) Non-GAAP net income 11,376 6,186 18,489 11,382 7,113 (3) Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP). Per Basic Share Net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) is calculated based on net income attributable to AsiaInfo Holdings, Inc. Like net income attributable to AsiaInfo Holdings, Inc. (non-GAAP), net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) per share excludes share-based compensation expenses, amortization of acquired intangible assets, impairment loss on investment, after-tax dividend income, gain on discontinued operations, and gain on settlement of escrow. Shares outstanding used in the computation of net income per share were the same as those used in the computation of net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) per share. Management believes that net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) per share, when used in conjunction with the Company's GAAP net income attributable to AsiaInfo Holdings, Inc. per share, provides useful information to investors for the same reasons discussed above regarding net income attributable to AsiaInfo Holdings, Inc. (non-GAAP). In addition, net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) per share allows investors to evaluate the Company's operating performance from period to period on a per share basis, thus providing a useful basis for assessing the Company's value on a per share basis. Reconciliation of net income attributable to AsiaInfo Holdings, Inc. (non-GAAP) per share to GAAP net income attributable to AsiaInfo Holdings, Inc. per share Three Months Six Months Ended Jun. 30 Ended Jun. 30 2009 Q1 2009 2008 2009 2008 (in US dollar thousands) GAAP net income Per Basic Share 0.16 0.12 0.30 0.23 0.13 Adjustments: - Share based compensation 0.09 0.01 0.11 0.03 0.03 - Amortization of acquired intangible assets 0.01 0.01 0.01 0.02 0.01 - Impairment loss on investment -- -- -- -- -- - Gain on discontinued operations -- -- -- (0.02) -- - Dividend income, net of tax -- -- -- (0.01) -- Non-GAAP net income Per Basic Share 0.26 0.14 0.42 0.25 0.17 Cautionary Note Regarding Forward-Looking Statements The information contained in this document is as of June 30, 2009. AsiaInfo assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments. This document contains forward-looking information about AsiaInfo's operating results and business prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: government telecommunications infrastructure and budgetary policy in China; our ability to maintain our concentrated customer base; the long and variable billing cycles for our products and services that can cause our revenues and operating results to vary significantly from period to period; our ability to meet our working capital requirements; our ability to retain our executive officers; our ability to attract and retain skilled personnel; potential liabilities we are exposed to because we extend warranties to our customers; risks associated with cost overruns and delays; our ability to develop or acquire new products or enhancements to our software products that are marketable on a timely and cost-effective basis; our ability to adequately protect our proprietary rights; the competitive nature of the markets we operate in; and political and economic policies of the Chinese government. A further list and description of these risks, uncertainties, and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and in our reports on Forms 10-Q and 8-K filed with the United States Securities and Exchange Commission and available at http://www.sec.gov/. For more information about AsiaInfo, please visit http://www.asiainfo.com/ . For investor and media inquiries, please contact: In China: Sheryl Zhang AsiaInfo Holdings, Inc. Tel: +86-10-8216-6039 Email: Justin Knapp Ogilvy Financial, Beijing Tel: +86-10-8520-6556 Email: In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: DATASOURCE: AsiaInfo Holdings, Inc. CONTACT: In China: Sheryl Zhang, AsiaInfo Holdings, Inc. at +86-10-8216-6039 or ; Justin Knapp, Ogilvy Financial, Beijing at +86-10-8520-6556 or ; In the United States: Jessica Barist Cohen, Ogilvy Financial, New York at +1-646-460-9989 or Web site: http://www.asiainfo.com/

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