SHANGHAI, Nov. 22, 2011 /PRNewswire-Asia-FirstCall/ --
China Real Estate Information Corporation ("CRIC" or the "Company")
(NASDAQ: CRIC), a leading provider of real estate information,
consulting and online services in China, today announced its unaudited financial
results for the third quarter and nine months ended September 30, 2011.
Third Quarter 2011 Highlights
- Total revenues increased 46% year-over-year to $69.2 million. Online revenues grew 107%
year-over-year to $39.5 million,
while offline revenues grew 5% year-over-year to $29.7 million.
- Non-GAAP(1) income from operations increased 11% to
$17.8 million.
- Non-GAAP net income attributable to CRIC shareholders was
$14.1 million, or $0.10 per diluted American depositary share
("ADS"), compared to $14.9 million,
or $0.10 per diluted ADS, for the
same quarter of 2010.
First Nine Months of 2011
Highlights
- Total revenues were $168.4
million, an increase of 51% from the same period of
2010.
- Non-GAAP income from operations was $39.0 million, an increase of 5% from the same
period of 2010.
- Non-GAAP net income attributable to CRIC shareholders was
$34.5 million, or $0.24 per diluted ADS, compared to $41.1 million, or $0.28 per diluted ADS, for the same period of
2010.
"During the third quarter, China's real estate market faced continuing
challenges under the central government's sustained efforts to cool
the sector nationwide," said Xin
Zhou, CRIC's CEO and co-chairman. "Despite the headwind,
CRIC achieved the growth target we had set at the beginning of the
quarter. Our real estate online services again grew more than 100%
year over year, setting us on a path to potentially double our
full-year online revenues. While our offline consulting business
has been impacted by the reduction in land transaction consulting,
the continued growth of our information service business more than
offset the decline in consulting revenues in the third quarter.
"Looking ahead, we expect the current challenging environment to
continue through the next few quarters. Our consulting and online
businesses, which had shown resilience against short-term industry
fluctuations during the first three quarters of this year, began to
slow down in the fourth quarter as developers have cut back further
on land purchases and early-stage project preparation and are being
more cautious with their advertising spending, as they do not
anticipate a strong volume rebound in the near term.
"In this challenging market, we will continue to focus on
providing innovative service to our clients. While each of our
business units will continue to offer differentiated services to
our clients, we will increasingly seek to combine our teams and
resources to provide comprehensive online and offline solutions, as
well as expand distribution channels for our projects, allowing
developers to see a direct link between their advertising spending
and increased sales. We are confident that our new e-commerce
platform will be an effective model of combining online advertising
with offline distribution and transactions to deliver a
comprehensive solution for real estate developers," concluded Mr.
Zhou.
Bin Laurence, CRIC's CFO, added, "As a result of our strong
execution, CRIC's online business achieved enviable growth
year-to-date. However, our consulting business, especially the
historically high-margin land transaction consulting business, has
been negatively impacted by the slowdown in China's real estate market this year and has
affected the Company's overall operating income. Due to the
expected year-over-year decline of our consulting revenues and the
planned increase of year-end marketing spending for our online
business in the fourth quarter, we expect increased pressure on our
operating margin as we close out the year."
(1) CRIC uses in this press
release the following non-GAAP financial measures: (1) income from
operations, (2) net income attributable to CRIC shareholders, (3)
net income attributable to CRIC shareholders per basic ADS and (4)
net income attributable to CRIC shareholders per diluted ADS, each
of which excludes expenses relating to share-based compensation,
amortization of intangible assets resulting from business
acquisitions, goodwill impairment charge and loss from the disposal
of subsidiaries. See "About Non-GAAP Financial Measures" and
"Unaudited Reconciliation of GAAP and Non-GAAP Results" below for
more information about the non-GAAP financial measures included in
this press release.
|
|
|
Financial Results for the Third Quarter of
2011
Revenues
Third quarter total revenues were $69.2
million in 2011, an increase of 46% from $47.2 million for the same quarter of 2010.
Revenues from online services were $39.5
million, an increase of 107% from $19.1 million for the same quarter of 2010. The
increase was mainly due to gains in market share in all major
cities after CRIC acquired its online business in October 2009, rapid growth of CRIC's
home-furnishing channel, and the Company's offering of additional
services on the new and expanded online channels, such as the
Baidu, Inc. ("Baidu") real estate channels.
Revenues from information and consulting services were
$22.6 million, compared to
$21.7 million for the same quarter of
2010. The slight year-over-year growth was primarily due to a
reduction in land transaction-related consulting fees in the third
quarter of 2011 compared to the same quarter of 2010, offset by
increased revenues from information services.
Revenues from other services, including offline advertising and
promotional events, were $7.1 million
for the third quarter of 2011, an increase of 10% from $6.4 million for the same quarter of 2010, mainly
due to higher levels of demand and activities for the real estate
promotional event services in the third quarter of 2011.
Cost of Revenues
Third quarter cost of revenues was $18.2
million in 2011, an increase of 55% from $11.7 million for the same quarter of 2010. The
increase was primarily due to $2.3
million in increased costs associated with the increased
revenues in offline advertising and promotional event services,
$2.7 million in additional expenses
associated with amortization related to fees paid to Baidu, which
was capitalized starting from the third quarter of 2011, and higher
editorial costs related to the expanded coverage of the Company's
websites.
Selling, General and Administrative
("SG&A")
Expenses
Third quarter SG&A expenses were $43.2 million in 2011, an increase of 52% from
$28.4 million for the same quarter of
2010, primarily due to increases in staff and related office
expenses associated with the Company's business expansion.
Goodwill Impairment Charge
A substantial portion of goodwill on the Company's balance sheet
relates to the acquisition of the Company's online unit in 2009.
Toward the end of the third quarter of 2011, China's real estate market showed signs of
further slowdown under the government's continued restrictive
policies and further credit tightening. CRIC's online unit, which
had increased its revenue by more than 100% in the first nine
months of 2011 despite government policies, started to slow down as
developers became more pessimistic about increasing sales volume
and more cautious with their advertising spending. The Company
believes that this will result in slower than previously expected
growth for its online business over the next several quarters. In
addition, CRIC experienced a 31% decline in its stock price from
June 30, 2011 to September 30, 2011. These circumstances prompted
management to evaluate and test the fair value of the Company's
assets against their carrying amount in accordance with U.S. GAAP.
The Company concluded that the carrying amount of its online assets
was higher than their current fair value and consequently recorded
a goodwill impairment charge of $417.8
million during the third quarter of 2011.
Income (Loss) from
Operations
Third quarter loss from operations was $410.1 million in 2011, primarily due to the
goodwill impairment charge of $417.8
million, compared to income from operations of $7.0 million for the same quarter of 2010.
Non-GAAP income from operations for the third quarter of 2011 was
$17.8 million, an increase of 11%
compared to $16.1 million for the
same quarter of 2010.
Net Income (Loss) Attributable
to CRIC Shareholders
Net loss attributable to CRIC shareholders was $413.0 million for the third quarter of 2011,
primarily due to the goodwill impairment charge of $417.8 million, compared to net income
attributable to CRIC shareholders of $6.6
million for the same quarter of 2010. Non-GAAP net income
attributable to CRIC shareholders was $14.1
million for the third quarter of 2011, compared to non-GAAP
net income attributable to CRIC shareholders of $14.9 million in the same quarter of 2010.
Financial Results for the First Nine
Months of 2011
Revenues
Total revenues for the first nine months of 2011 were
$168.4 million, an increase of
51% from $111.8 million for the same
period of 2010.
For the first nine months of 2011, revenues from online services
were $91.0 million, an increase
of 118% from $41.7 million for
the same period of 2010. The increase was mainly due to gains in
market share in all major cities after CRIC acquired its online
business in October 2009, rapid
growth of CRIC's home-furnishing channel and the Company's offering
of additional services on the new and expanded online channels,
such as the Baidu real estate channels.
For the first nine months of 2011, revenues from real estate
information and consulting services were $58.6 million, compared to $57.2 million for the same period of 2010. The
increase in revenues from CRIC's information services was mostly
offset by lower land transaction-based consulting fees recognized
in the first nine months of 2011 compared to the same period of
2010.
For the first nine months of 2011, revenues from other services,
including offline advertising and promotional events, were
$18.8 million, an increase of
47% from $12.9 million for the
same period of 2010, mostly due to the expansion of real estate
promotional event services which started in the second quarter of
2010.
Cost of Revenues
For the first nine months of 2011, cost of revenues was
$43.8 million, an increase of
60% from $27.3 million for the
same period of 2010, mainly due to the addition of real estate
promotional event services starting from the second quarter of
2010, the addition of Baidu real estate channels starting from the
third quarter of 2010, additional expenses associated with Baidu's
Brand Link product, which CRIC
started to offer in August 2011, and
the Company's overall business expansion.
SG&A Expenses
For the first nine months of 2011, SG&A expenses were
$114.8 million, an increase of
54% from $74.3 million for the same
period of 2010, mainly due to increases in staff and related office
expenses associated with the Company's business expansion.
Income (Loss) from
Operations
Loss from operations was $408.0 million for the first nine months of
2011, primarily due to the goodwill impairment charge of
$417.8 million in the third quarter
of 2011, compared to income from operations of $10.1 million for the same period of 2010.
Non-GAAP income from operations for the first nine months of 2011
was $39.0 million, an increase
of 5% from $37.2 million for the same
period of 2010.
Net Income (Loss) Attributable
to CRIC Shareholders
Net loss attributable to CRIC shareholders for the first nine
months of 2011 was $411.4 million,
primarily due to the goodwill impairment charge of $417.8 million in the third quarter of 2011,
compared to net income attributable to CRIC shareholders of
$16.0 million for the same period of
2010. Non-GAAP net income attributable to CRIC shareholders was
$34.5 million for the first nine
months of 2011, compared to $41.1
million for the same period of 2010.
Cash and Cash Flow
As of September 30, 2011, the
Company had a cash balance of $295.0
million.
Third quarter net cash provided by operating activities was
$4.5 million, mainly comprised of
non-GAAP net income attributable to CRIC shareholders of
$14.1 million, an increase in income
and other tax payable of $3.1
million, partly offset by an increase in accounts receivable
of $6.9 million and prepaid expenses
of $6.2 million.
Third quarter net cash used in investing activities was
$20.2 million, which mainly comprised
of a payment of $9.4 million to Baidu
for its Brand Link product and web
channels, a payment of $6.3 million
related to the acquisitions of subsidiaries and a payment of
$2.8 million for investments in
affiliates.
Third quarter net cash used in financing activities was
$2.8 million, mainly attributable to
$13.0 million cash used to repurchase
the Company's own ADSs, partly offset by proceeds from
non-controlling interest investment of $9.8
million.
Business Outlook
CRIC estimates that its total revenues for the fourth quarter of
2011 will be in the range of $68 million to
$70 million, compared to $62.4
million in the same quarter of 2010. The estimated total
revenues include estimated revenues from real estate online
services of $42 million to $43
million, compared to $25.2
million in the same quarter of 2010, and estimated revenues
from real estate information and consulting services and other
services of $26 million to $27
million, compared to $37.2
million in the same quarter of 2010. The above forecast
reflects the Company's current and preliminary view, which is
subject to change.
Conference Call Information
CRIC's management will host an earnings conference call on
November 22, 2011 at 7 a.m. U.S. Eastern Time (8 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
|
+1-646-254-3515
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Hong Kong:
|
+852-3051-2745
|
|
Mainland China:
|
400-120-0654
|
|
Conference ID:
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28309176
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|
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the conference ID number to join the call.
A live and archived webcast will be available at
http://ir.cric.com.
About CRIC
China Real Estate Information Corporation ("CRIC") (NASDAQ:
CRIC) is a leading provider of real estate information, consulting
and online services with a presence in over 170 cities across
China. CRIC, a subsidiary of
E-House (China) Holdings Limited
(NYSE: EJ), merged with the online real estate business of SINA
Corporation (NASDAQ: SINA) upon the completion of CRIC's initial
public offering and listing of its ADSs on the NASDAQ Global Select
Market in October 2009. Leveraging
its proprietary, advanced and comprehensive real estate information
database and analysis system, CRIC provides a broad range of real
estate-related services to all participants in the real estate
value chain, including developers, suppliers, agents, brokers,
service providers and individual consumers. CRIC's services include
subscription-based information services, customized consulting
services and online services through several real estate websites
that provide region-specific real estate information and access to
online communities. For more information about CRIC, please visit
http://www.cric.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements can be identified by terminology such as
"may," "will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "likely to" or other similar expressions. The
Company has based these forward-looking statements largely on its
current expectations and projections about future events and
financial trends that it believes may affect its financial
condition, results of operations, business strategy and financial
needs. Among other things, the Business Outlook section and
quotations from management in this press release, as well as CRIC's
strategic and operational plans, contain forward-looking
statements. CRIC may also make forward-looking statements in its
reports filed or furnished with the U.S. Securities and Exchange
Commission, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about CRIC's beliefs and expectations, are
forward-looking statements and are subject to change, and such
change may be material and may have a material and adverse effect
on the Company's financial condition and results of operations for
one or more periods. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause
actual results to differ materially from those contained, either
expressly or impliedly, in any of the forward-looking statements in
this press release. Potential risks and uncertainties include, but
are not limited to, a severe or prolonged downturn in the global
economy, CRIC's susceptibility to fluctuations in the real estate
market of China, government
measures aimed at China's real
estate industry, failure of the real estate services industry in
China to develop or mature as
quickly as expected, diminution of the value of CRIC's brand or
image, CRIC's inability to successfully execute its strategy of
expanding into new geographical markets in China, CRIC's failure to manage its growth
effectively and efficiently, CRIC's failure to successfully execute
the business plans for its strategic alliances and other new
business initiatives, CRIC's loss of its competitive advantage if
it fails to maintain and improve its proprietary CRIC system or to
prevent disruptions or failure in the system's performance, CRIC's
failure to compete successfully, fluctuations in CRIC's results of
operations and cash flows, CRIC's reliance on a concentrated number
of real estate developers, natural disasters and outbreaks of
health epidemics and other risks outlined in CRIC's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of this
press release, and CRIC does not undertake any obligation to update
any such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement CRIC's consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), CRIC uses the following non-GAAP financial
measures: (1) income from operations, (2) net income attributable
to CRIC shareholders, (3) net income attributable to CRIC
shareholders per basic ADS and (4) net income attributable to CRIC
shareholders per diluted ADS, each of which excludes expenses
relating to share-based compensation, amortization of intangible
assets resulting from business acquisitions, goodwill impairment
charge and loss from the disposal of subsidiaries. The presentation
of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP. For
more information on these non-GAAP financial measures, please see
the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP
Results" set forth at the end of this press release.
CRIC believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its operating
performance by excluding expenses relating to share-based
compensation, amortization of intangible assets resulting from
business acquisitions, goodwill impairment charge and loss from the
disposal of subsidiaries that may not be indicative of its
operating performance. CRIC believes that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing its operating performance and when planning
and forecasting future periods. These non-GAAP financial measures
also facilitate management's internal comparisons to CRIC's
historical performance. CRIC computes its non-GAAP financial
measures using the same consistent method from quarter to quarter.
CRIC believes these non-GAAP financial measures are useful to
investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making. A limitation of using non-GAAP
financial measures excluding expenses relating to share-based
compensation, amortization of intangible assets resulting from
business acquisitions, goodwill impairment charge and loss from the
disposal of subsidiaries is that these expenses charges have been
and will continue to be significant recurring expenses in CRIC's
business for the foreseeable future. Management compensates for
these limitations by providing specific information regarding the
GAAP amount excluded from each non-GAAP measure. The accompanying
tables have more details on the reconciliation between non-GAAP
financial measures and their most comparable GAAP financial
measures.
For investor and media inquiries please contact:
In China:
Michelle Yuan
Director, Investor Relations
China Real Estate Information Corporation
Phone: +86 (21) 6086-7369
E-mail: michelleyuan@cric.com
Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-6284
E-mail: cric@ogilvy.com
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1 (646) 460-9989
E-mail: cric@ogilvy.com
CHINA REAL
ESTATE INFORMATION CORPORATION
UNAUDITED
CONSOLIDATED BALANCE SHEET
(In
thousands of U.S. dollars)
|
|
|
|
|
December 31,
|
|
September 30,
|
|
|
|
|
2010
|
|
2011
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
340,720
|
|
|
|
295,040
|
|
|
Accounts receivable,
net
|
|
|
|
60,971
|
|
|
|
90,351
|
|
|
Prepaid expenses and other
current assets
|
|
|
|
22,232
|
|
|
|
26,984
|
|
|
Amounts due from related
parties
|
|
|
|
5,080
|
|
|
|
17,990
|
|
|
Total current
assets
|
|
|
|
429,003
|
|
|
|
430,365
|
|
|
Property and equipment,
net
|
|
|
|
11,177
|
|
|
|
12,128
|
|
|
Intangible assets,
net
|
|
|
|
182,622
|
|
|
|
219,263
|
|
|
Goodwill
|
|
|
|
450,299
|
|
|
|
45,744
|
|
|
Investment in
affiliates
|
|
|
|
4,444
|
|
|
|
12,555
|
|
|
Other non-current
assets
|
|
|
|
6,378
|
|
|
|
13,521
|
|
|
TOTAL ASSETS
|
|
|
|
1,083,923
|
|
|
|
733,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
3,300
|
|
|
|
3,436
|
|
|
Advance from
customers
|
|
|
|
6,455
|
|
|
|
8,726
|
|
|
Accrued payroll and welfare
expenses
|
|
|
|
9,882
|
|
|
|
14,993
|
|
|
Income tax payable
|
|
|
|
16,935
|
|
|
|
17,171
|
|
|
Other tax payable
|
|
|
|
5,428
|
|
|
|
7,627
|
|
|
Amounts due to related
parties
|
|
|
|
2,785
|
|
|
|
11,834
|
|
|
Other current
liabilities
|
|
|
|
7,731
|
|
|
|
28,356
|
|
|
Total current
liabilities
|
|
|
|
52,516
|
|
|
|
92,143
|
|
|
Deferred tax
liabilities—non-current
|
|
|
|
39,969
|
|
|
|
42,701
|
|
|
Other long term
liabilities
|
|
|
|
—
|
|
|
|
20,679
|
|
|
Total liabilities
|
|
|
|
92,485
|
|
|
|
155,523
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares ($0.0002 par
value): 250,000,000 shares authorized, 143,749,405
and 140,281,897 shares
issued and outstanding, as of December 31, 2010 and
September 30, 2011,
respectively
|
|
|
|
29
|
|
|
|
28
|
|
|
Additional paid-in
capital
|
|
|
|
882,429
|
|
|
|
876,653
|
|
|
Subscription
receivables
|
|
|
|
(98)
|
|
|
|
(3)
|
|
|
Retained earnings
(Accumulated deficit)
|
|
|
|
97,557
|
|
|
|
(320,414)
|
|
|
Accumulated other comprehensive
income
|
|
|
|
8,403
|
|
|
|
16,899
|
|
|
Total CRIC
shareholders' equity
|
|
|
|
988,320
|
|
|
|
573,163
|
|
|
Non-controlling
interests
|
|
|
|
3,118
|
|
|
|
4,890
|
|
|
Total equity
|
|
|
|
991,438
|
|
|
|
578,053
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
|
|
1,083,923
|
|
|
|
733,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA REAL
ESTATE INFORMATION
CORPORATION
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In
thousands of U.S. dollars, except share data and per share
data)
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online services
|
|
|
19,116
|
|
|
|
39,534
|
|
|
|
41,695
|
|
|
|
91,011
|
|
|
Information and consulting
services
|
|
|
21,671
|
|
|
|
22,559
|
|
|
|
57,226
|
|
|
|
58,573
|
|
|
Other services
|
|
|
6,438
|
|
|
|
7,070
|
|
|
|
12,844
|
|
|
|
18,837
|
|
|
|
|
|
47,225
|
|
|
|
69,163
|
|
|
|
111,765
|
|
|
|
168,421
|
|
|
Cost of revenues
|
|
|
(11,747)
|
|
|
|
(18,230)
|
|
|
|
(27,321)
|
|
|
|
(43,806)
|
|
|
Selling, general and
administrative expenses
|
|
|
(28,443)
|
|
|
|
(43,244)
|
|
|
|
(74,332)
|
|
|
|
(114,836)
|
|
|
Goodwill impairment
charge
|
|
|
—
|
|
|
|
(417,822)
|
|
|
|
—
|
|
|
|
(417,822)
|
|
|
Income
(Loss)
from operations
|
|
|
7,035
|
|
|
|
(410,133)
|
|
|
|
10,112
|
|
|
|
(408,043)
|
|
|
Interest income
|
|
|
499
|
|
|
|
468
|
|
|
|
1,233
|
|
|
|
1,332
|
|
|
Other income, net
|
|
|
652
|
|
|
|
555
|
|
|
|
3,032
|
|
|
|
626
|
|
|
Income
(Loss)
before taxes, equity in
affiliates
|
|
|
8,186
|
|
|
|
(409,110)
|
|
|
|
14,377
|
|
|
|
(406,085)
|
|
|
Income tax benefit
(expense)
|
|
|
(1,554)
|
|
|
|
(3,055)
|
|
|
|
1,379
|
|
|
|
(4,016)
|
|
|
Income
(Loss)
before equity in
affiliates
|
|
|
6,632
|
|
|
|
(412,165)
|
|
|
|
15,756
|
|
|
|
(410,101)
|
|
|
Loss from equity in
affiliates
|
|
|
—
|
|
|
|
(185)
|
|
|
|
—
|
|
|
|
(212)
|
|
|
Net income
(Loss)
|
|
|
6,632
|
|
|
|
(412,350)
|
|
|
|
15,756
|
|
|
|
(410,313)
|
|
|
Less: net income (loss)
attributable to non-controlling
interests
|
|
|
60
|
|
|
|
699
|
|
|
|
(234)
|
|
|
|
1,042
|
|
|
Net income
(loss)
attributable to CRIC
shareholders
|
|
|
6,572
|
|
|
|
(413,049)
|
|
|
|
15,990
|
|
|
|
(411,355)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.05
|
|
|
|
(2.94)
|
|
|
|
0.11
|
|
|
|
(2.89)
|
|
|
Diluted
|
|
|
0.04
|
|
|
|
(2.94)
|
|
|
|
0.11
|
|
|
|
(2.89)
|
|
|
Shares used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
143,413,408
|
|
|
|
140,340,699
|
|
|
|
143,170,566
|
|
|
|
142,185,703
|
|
|
Diluted
|
|
|
146,146,077
|
|
|
|
140,340,699
|
|
|
|
145,899,082
|
|
|
|
142,185,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1
|
The conversion of Renminbi
("RMB") amounts
into USD amounts is based on the rate of USD1 = RMB6.3549 on
September 30, 2011 and USD1 = RMB6.4144 for the three months
ended September 30, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA REAL
ESTATE INFORMATION CORPORATION
Unaudited
Reconciliation of GAAP and
Non-GAAP Results
(In
thousands of U.S. dollars, except share data and per
share data)
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
(loss)
from operations
|
|
|
7,035
|
|
|
(410,133)
|
|
|
10,112
|
|
|
(408,043)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
expenses
|
|
|
3,926
|
|
|
4,698
|
|
|
11,787
|
|
|
13,247
|
|
|
Amortization expenses of
intangible assets resulting from business acquisitions
|
|
|
5,122
|
|
|
5,452
|
|
|
15,332
|
|
|
15,954
|
|
|
Goodwill impairment
charge
|
|
|
—
|
|
|
417,822
|
|
|
—
|
|
|
417,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from
operations
|
|
|
16,083
|
|
|
17,839
|
|
|
37,231
|
|
|
38,980
|
|
|
GAAP net income
(loss)
attributable to CRIC
shareholders
|
|
|
6,572
|
|
|
(413,049)
|
|
|
15,990
|
|
|
(411,355)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
expenses (net of tax and non-controlling interests)
|
|
|
3,926
|
|
|
4,698
|
|
|
11,787
|
|
|
13,247
|
|
|
Amortization expenses of
intangible assets resulting from business acquisitions (net
of tax and non-controlling interests)
|
|
|
4,445
|
|
|
4,665
|
|
|
13,317
|
|
|
13,774
|
|
|
Loss from the disposal of
subsidiaries (net of tax and
non-controlling interests)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,054
|
|
|
Goodwill impairment
charge (net of tax and non-controlling
interests)
|
|
|
—
|
|
|
417,822
|
|
|
—
|
|
|
417,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable
to CRIC shareholders
|
|
|
14,943
|
|
|
14,136
|
|
|
41,094
|
|
|
34,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) per ADS —
basic
|
|
|
0.05
|
|
|
(2.94)
|
|
|
0.11
|
|
|
(2.89)
|
|
|
GAAP net income
(loss) per ADS
— diluted
|
|
|
0.04
|
|
|
(2.94)
|
|
|
0.11
|
|
|
(2.89)
|
|
|
Non-GAAP net income per ADS —
basic
|
|
|
0.10
|
|
|
0.10
|
|
|
0.29
|
|
|
0.24
|
|
|
Non-GAAP net income per ADS
—diluted
|
|
|
0.10
|
|
|
0.10
|
|
|
0.28
|
|
|
0.24
|
|
|
Shares used in calculating basic
GAAP /Non-GAAP net income (loss) attributable
to CRIC shareholders per ADS
|
|
|
143,413,408
|
|
|
140,340,699
|
|
|
143,170,566
|
|
|
142,185,703
|
|
|
Shares used in calculating
diluted GAAP net income (loss) attributable
to CRIC shareholders per ADS
|
|
|
146,146,077
|
|
|
140,340,699
|
|
|
145,899,082
|
|
|
142,185,703
|
|
|
Shares used in calculating
diluted Non-GAAP net income attributable to CRIC shareholders per
ADS
|
|
|
146,146,077
|
|
|
142,254,912
|
|
|
145,899,082
|
|
|
144,523,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE China Real Estate Information Corporation