- Quarterly and Fiscal Year Net Revenues Exceed Prior Guidance - -
Quarterly Basic Net Income Per ADS up 114.4% to RMB2.055 (US$0.301)
and Fiscal Year Basic Net Income Per ADS up 56.9% to RMB6.594
(US$0.966) - - 30% Year-Over-Year Growth for Net Income
Attributable to the Company's Shareholders Expected For First
Quarter 2010 - GUANGZHOU, China, March 2
/PRNewswire-Asia-FirstCall/ -- CNinsure Inc. (the "Company" or
"CNinsure"), a leading independent insurance intermediary company
operating in China, today announced its unaudited financial results
for the fourth quarter and fiscal year ended December 31, 2009.(1)
Financial Highlights Highlights for Fourth Quarter 2009 -- Total
net revenues: RMB355.5 million (US$52.1 million), representing an
increase of 26.3% from the corresponding period of 2008, which
exceeded the previous guidance of approximately 26% growth from the
corresponding period of 2008. -- Income from operations: RMB110.2
million (US$16.1 million), representing an increase of 117.8% from
the corresponding period of 2008. -- Net income attributable to the
Company's shareholders: RMB93.8 million (US$13.7 million),
representing an increase of 114. 4% from the corresponding period
of 2008, and an increase of 27.8% from adjusted net income
attributable to the Company's shareholders excluding one-time
share-based compensation expense (non-GAAP) for the corresponding
period of 2008. -- Basic and diluted net income per American
Depositary Share ("ADS"): RMB2.055 (US$0.301) and RMB1.995
(US$0.292), respectively, representing an increase of 114.4% and
109.1%, respectively, from the corresponding period of 2008.
Highlights for Fiscal Year 2009 -- Total net revenues: RMB1,154.9
million (US$169.2 million), representing an increase of 36.8% from
2008, exceeding the previous guidance of approximately 36% growth
from 2008. -- Income from operations: RMB326.2 million (US$47.8
million), representing an increase of 55.5% from 2008. -- Net
income attributable to the Company's shareholders: RMB300.8 million
(US$44.1 million), representing an increase of 56.9% from 2008, and
an increase of 35.9% from adjusted net income attributable to the
Company's shareholders excluding the one-time share-based
compensation expense (non-GAAP) in fiscal year 2008. -- Basic and
diluted net income per ADS: RMB6.594 (US$0.966) and RMB6.481
(US$0.950), respectively, representing an increase of 56.9% and
55.0%, respectively, from 2008. "We are pleased to report
continuing solid performance and net revenues in the fourth quarter
of 2009 exceeding our previous guidance. This demonstrates our
ability to execute on our strategy and deliver consistent results,"
commenting on the fourth quarter and 2009 full year financial
results, Mr. Yinan Hu, Chairman and CEO of CNinsure, stated. "We
are also pleased to report the further refinement of our business
mix, which resulted from increased efforts to develop our life
distribution capability as well as the recent industry-wide life
insurance product mix restructuring campaign strongly advocated by
the China Insurance Regulatory Commission ("CIRC")." "Our
leadership and values enabled us to further strengthen our
partnership with insurers in 2009, making significant progress in
achieving corporate-to-corporate arrangements not only within life
insurance segments but also within the P&C insurance and claims
adjusting segments, which translated into higher performance
bonuses and strengthened margins as a whole." "While continuing to
deliver near-term profitability, we took multiple actions during
2009 to further improve our competitiveness to ensure sustainable
growth in the long term. These initiatives include: (i)
diversifying our product and service offerings by introducing more
customized insurance policies; (ii) extending our service offerings
to consumer finance brokerage through acquisition; and (iii)
rolling out our new operating platform company-wide." Mr. Hu
concluded, "Looking ahead to 2010, we expect to deliver strong
growth of over 30% in net income with improving gross margin,
driven by a few strong initiatives in the pipeline. These include
build-out of new distribution channels (e.g. tele-marketing, online
sales, brokerage business channel and bancassurance), introduction
of more customized products for exclusive sales, and launching of
bundled-sales campaigns. In addition, we expect to implement a
fee-based revenue model, which has been successfully used by
several of our P&C insurance agencies in 2009, on a wider-scale
among our affiliated subsidiaries. With these moves, we believe
that CNinsure's competitiveness and its leading position will be
further enhanced amid the steadily recovering economy and a well
regulated insurance market." Financial Results for the Fourth
Quarter Ended December 31, 2009 Total net revenues for the fourth
quarter ended December 31, 2009 were RMB355.5 million (US$52.1
million), representing an increase of 26.3% from RMB281.4 million
for the corresponding period of 2008. The increase was primarily
driven by the significant growth of the life insurance business,
and the increase in performance bonuses paid by life insurers as a
result of growth in sales volume and more contracts entered into
with life insurers at group levels. Total operating costs and
expenses were RMB245.3 million (US$35.9 million) for the fourth
quarter of 2009, representing an increase of 6.2% from RMB230.9
million for the corresponding period of 2008, and an increase of
21.9% from adjusted operating costs and expenses of RMB201.2
million (non-GAAP) for the fourth quarter of 2008, which excluded a
one-time charge of RMB29.6 million in share-based compensation
expenses in the fourth quarter of 2008 that was associated with the
surrender and cancellation of options to purchase an aggregate of
30,804,500 ordinary shares by various option holders. Commissions
and fees expenses were RMB177.2 million (US$26.0 million) for the
fourth quarter of 2009, representing an increase of 21.5% from
RMB145.9 million for the corresponding period of 2008. The increase
was primarily due to sales growth and largely tracked the increase
in net revenues from commissions and fees. Selling expenses were
RMB15.3 million (US$2.2 million) for the fourth quarter of 2009,
representing an increase of 146.8% from RMB6.2 million for the
corresponding period of 2008, primarily due to sales growth and the
increase in expenses incurred by newly acquired entities. General
and administrative expenses were RMB52.8 million (US$7.7 million)
for the fourth quarter of 2009, representing a decrease of 33.0%
from RMB78.8 million for the corresponding period of 2008, and an
increase of 7.5% from adjusted general and administrative expenses
of RMB49.1 million (non-GAAP) for the fourth quarter of 2008, which
excluded the aforementioned one-time share-based compensation
expense. The increase was primarily due to the following factors:
1. increases in depreciation of fixed assets as a result of the
commencement of the operation of the upgraded IT system in
affiliated entities in 2009; and 2. increases in amortization of
intangible assets as a result of the acquisitions that we made in
2008 and 2009; As a result of the foregoing factors, income from
operations was RMB110.2 million (US$16.1 million) for the fourth
quarter of 2009, representing an increase of 117.8% from RMB50.6
million for the corresponding period of 2008, and an increase of
37.4% from adjusted income from operations of RMB80.2 million
(non-GAAP) for the fourth quarter of 2008, which excluded the
aforementioned one-time share-based compensation expense. Operating
margin was 31.0% for the fourth quarter of 2009, compared to 18.0%
for the corresponding period of 2008. Interest income for the
fourth quarter of 2009 was RMB7.2 million (US$1.1 million),
representing a decrease of 36.8% from RMB11.4 million for the
corresponding period of 2008, primarily due to a decrease in bank
deposit interest rates. Income tax expense for the fourth quarter
of 2009 was RMB28.3 million (US$4.2 million), representing an
increase of 60.8% from RMB17.6 million for the corresponding period
of 2008. The increase was primarily attributable to the increases
of operating income and effective income tax rate in Shenzhen from
18% in 2008 to 20% in 2009. The effective income tax rate
applicable to the Company was 24.1% for the fourth quarter of 2009,
compared to 28.3% for the corresponding period of 2008. Net income
attributable to the Company's shareholders was RMB93.8 million
(US$13.7 million) for the fourth quarter of 2009, representing an
increase of 114.4% from RMB43.7 million for the corresponding
period of 2008, and an increase of 27.8% from adjusted net income
attributable to the Company's shareholders of RMB73.4 million
(non-GAAP) for the corresponding period of 2008, which excluded the
aforementioned share-based compensation expense. Net margin was
26.4% for the fourth quarter of 2009 compared to 15.6% for the
corresponding period of 2008. Basic net income per ADS was RMB2.055
(US$0.301) for the fourth quarter of 2009, representing an increase
of 114.4% from RMB0.959 for the corresponding period of 2008. Fully
diluted net income per ADS was RMB1.995 (US$0.292) for the fourth
quarter of 2009, representing an increase of 109.1% from RMB0.954
for the corresponding period of 2008. As of December 31, 2009, the
Company had RMB1,457.9 million (US$213.6 million) in cash and cash
equivalents. Financial Results for the Year Ended December 31, 2009
Total net revenues for fiscal year 2009 were RMB1,154.9 million
(US$169.2 million), representing an increase of 36.8% from RMB844.0
million in fiscal year 2008. The increase was primarily
attributable to (1) enhanced sales and marketing efforts with the
number of sales agents increasing by 33.9% year-over-year to 38,675
and claims adjusters increasing by 86.6% year-over-year to 1,556 in
2009 respectively; (2) newly acquired and established entities,
including the subsidiaries under the Datong segment; and (3) the
increase in performance bonuses paid by life insurers as a result
of growth in sales volume and more contracts entered into with life
insurers at group levels. Total operating costs and expenses were
RMB828.7 million (US$121.4 million) for fiscal year 2009,
representing an increase of 30.7% from RMB634.2 million in fiscal
year 2008, and an increase of 37.1% from adjusted operating costs
and expenses of RMB604.5 million (non-GAAP) for the fourth quarter
of 2008, which excluded the aforementioned one-time share-based
compensation expense. Commissions and fees expenses were RMB579.9
million (US$85.0 million) for fiscal year 2009, representing an
increase of 32.8% from RMB436.8 million in fiscal year 2008. The
increase was primarily due to sales growth and largely tracked the
increase in net revenues from commissions and fees. Selling
expenses were RMB49.5 million (US$7.3 million) for fiscal year
2009, representing an increase of 186.1% from RMB17.3 million in
fiscal year 2008. The increase was primarily due to the
establishment of more new branches and subsidiaries under the
Datong and Claims Adjusting segments and an increase in sales
promotion expenses. General and administrative expenses were
RMB199.2 million (US$29.2 million) for fiscal year 2009,
representing an increase of 10.7% from RMB180.0 million in fiscal
year 2008, and an increase of 32.4% from adjusted general and
administrative expenses of RMB150.4 million (non-GAAP) in fiscal
year 2008, which excluded the aforementioned one-time share-based
compensation expense. The increase was primarily due to the
following factors: 1. increases in depreciation of fixed assets as
a result of the commencement of the operation of our upgraded IT
system in affiliated entities in 2009; 2. increases in headcount,
primarily as result of the recruitment of more high-caliber senior
managers, and higher base salaries for the managerial and
administrative staff; 3. increases in amortization of intangible
assets as a result of the acquisitions we made in 2008 and 2009;
and 4. increases in office rental expenses and expenses incurred by
newly acquired entities and the expansion of distribution and
service network. As a result of the foregoing factors, income from
operations was RMB326.2 million (US$47.8 million) for fiscal year
2009, representing an increase of 55.5% from RMB209.8 million in
fiscal year 2008, and an increase of 36.3% from adjusted income
from operations of RMB239.4 million (non-GAAP) in fiscal year 2008,
which excluded the aforementioned one-time charge of share-based
compensation expense recognized in the fourth quarter of 2008.
Operating margin was 28.2% for fiscal year 2009 as compared to
24.9% for fiscal year 2008. Interest income for fiscal year 2009
was RMB33.3 million (US$4.9 million), representing a decrease of
30.6% from RMB48.0 million in fiscal year 2008, primarily
attributable to a decrease in bank deposit interest rates. Income
tax expense for fiscal year 2009 was RMB95.6 million (US$14.0
million), representing an increase of 53.2% from RMB62.4 million in
fiscal year 2008. The increase was primarily attributable to the
increase of operating income and the increase of effective income
tax rate in Shenzhen from 18% in 2008 to 20% in 2009. The effective
income tax rate applicable to the Company was 25.6% for fiscal year
2009, compared to 24.2% for fiscal year 2008. Net income
attributable to the Company's shareholders was RMB300.8 million
(US$44.1 million) for fiscal year 2009, representing an increase of
56.9% from RMB191.7 million in fiscal year 2008, and an increase of
35.9% from adjusted net income attributable to the Company's
shareholders of RMB221.4 million (non-GAAP) in fiscal year 2008,
which excluded the aforementioned one-time charge of share-based
compensation expense recognized in the fourth quarter of 2008. Net
margin was 26.1% for fiscal year 2009, compared to 22.7% in fiscal
year 2008. Basic net income per ADS was RMB6.594 (US$0.966) for
fiscal year 2009, representing an increase of 56.9% from RMB4.202
in fiscal year 2008. Fully diluted net income per ADS was RMB6.481
(US$0.938) for fiscal year 2009, representing an increase of 55.0%
from RMB4.180 in fiscal year 2008. Recent developments: -- On
February 23, 2010 and November 26, 2009, CNinsure signed strategic
partnership agreements with Sunshine Property and Casualty
("P&C") Insurance Co., Ltd. and China Pacific Property
Insurance Co., Ltd, respectively, for collaboration in product
distribution, development and exclusive distribution of customized
products as well as provision of claims adjusting services.
CNinsure has so far entered into strategic partnerships with four
P&C insurers in total. -- On February 08, 2010, the Company's
board of directors approved the grant of options to purchase an
aggregate of 48,000,000 ordinary shares of the Company to various
directors, officers and employees under the Company's amended and
restated 2007 Share Incentive Plan. The exercise price of these
options is US$0.840 per ordinary share, equal to the closing price
of the Company's ADS on the Nasdaq Global Select Market at the
grant date (after adjusting for the 20 ordinary shares to 1 ADS
ratio). The options granted to senior management and key employees
will be vested according to their Key Performance Indicator (KPI)
results for the fiscal year of 2010. The options will vest over a
four-year period starting from March 31, 2011. -- As of December
31, 2009, CNinsure's distribution and service network consisted of
47 insurance agencies, four insurance brokerages and four claims
adjusting firms with 501 sales and services outlets operating in 22
provinces, compared to 40 insurance agencies, five insurance
brokerages and three claims adjusting firms with 352 sales and
service outlets operating in 17 provinces as of December 31, 2008.
CNinsure had 38,675 sales agents and 1,556 claims adjustors as of
December 31, 2009, compared to 28,886 sales agents and 834 claims
adjustors as of December 31, 2008. -- Net revenues from commissions
and fees derived from the "P&C" Insurance, Life Insurance and
Claims Adjusting businesses for the fiscal year 2009 each
contributed 67.8%, 20.0% and 12.2% of its total net revenues,
respectively, in 2009, compared to 75.0%, 14.4% and 10.6%,
respectively, in 2008. -- On December 31, 2009, CNinsure announced
the acquisition of an additional 41% equity interest in Hebei
Fanlian Insurance Agency Co., Ltd., increasing its stake from 10%
to 51%. The transaction has been completed in January 2010. -- On
December 30, 2009, Datong Insurance Sales & Service Company
Limited, a wholly-owned subsidiary of Beijing Fanhua Datong
Investment and Management Co., Ltd ("Datong"), which is 55% owned
by CNinsure, was granted the first nationwide insurance agency
operating license by the CIRC. The license will enable Datong and
its branches to operate insurance distribution business nationally
without additional licensing requirements. -- According to the
Insurance Intermediary Market Development Report published by the
CIRC, based on revenues for fiscal year 2009, CNinsure had eight
affiliated insurance agencies and three affiliated claims adjusting
firms among China's top 20 of their respective categories, each
accounting for 11.53% and 13.18% of the total revenues of all
insurance agencies and claims adjusting firms, respectively, in
China. -- CNinsure was selected by Forbes China as one of the most
promising up and comers in 2010, ranking 14th among the top 200
SMEs with greatest growth potentials. Rankings are based on revenue
growth, net income growth, ROTA, ROE and operating margins of the
candidates for the previous three years. -- Mr. Yinan Hu,
CNinsure's Chairman and Chief Executive Officer, and Mr. Yongwei
Ma, CNinsure's independent director, former Chairman of the CIRC,
were named among "the 60 Greatest Insurance leaders in 60 Years of
New China's History" by the China Insurance News, in recognition of
their outstanding contributions to the growth of the insurance
industry in China Business Outlook Going forward, the Company will
offer quarterly guidance for net income attributable to the
Company's shareholders instead of total net revenues in view of the
increased uncertainty in its revenues due to the adoption of the
new fee-based revenue model by some of its subsidiaries. CNinsure
expects its net income attributable to the Company's shareholders
to grow by approximately 30% for the first quarter 2010 compared to
the corresponding period of 2009. This forecast reflects CNinsure's
current and preliminary view, which is subject to change.
Conference Call The Company will host a conference call to discuss
the fourth quarter 2009 results at Time: 8:00 pm Eastern Standard
Time on March 2, 2010 or 9:00 am Beijing/Hong Kong Time on March 3,
2010 The dial-in numbers: United States: +1-877-538-6619 United
Kingdom: 0808-234-6305 Canada: +1-866-8691-825 Singapore:
800-852-3576 Taiwan: 0080-185-6004 Hong Kong & Other Areas:
+852-3005-2050 China (Mainland): 400-681-6949 Password: 618842# A
replay of the call will be available for 30 days as follows:
+852-3005-2020 (Hong Kong & other areas) PIN number: 147257#
Additionally, a live and archived web cast of this call will be
available at:
http://www.corpasia.net/us/CISG/irwebsite/index.php?mod=event About
CNinsure Inc. CNinsure is a leading independent intermediary
company operating in China. CNinsure's distribution network reaches
many of China's most economically developed regions and affluent
cities. The Company distributes a wide variety of property and
casualty and life insurance products underwritten by domestic and
foreign insurance companies operating in China, and provides
insurance claims adjusting as well as other insurance-related
services. Forward-looking Statements This press release contains
statements of a forward-looking nature. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these forward-
looking statements by terminology such as "will," "expects,"
"believes," "anticipates," "intends," "estimates" and similar
statements. Among other things, the management's quotations and the
Business Outlook section contain forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about CNinsure and the industry.
Potential risks and uncertainties include, but are not limited to,
those relating to CNinsure's limited operating history, especially
its limited experience in selling life insurance products, its
ability to attract and retain productive agents, especially
entrepreneurial agents, its ability to maintain existing and
develop new business relationships with insurance companies, its
ability to execute its growth strategy, its ability to adapt to the
evolving regulatory environment in the Chinese insurance industry,
its ability to compete effectively against its competitors,
quarterly variations in its operating results caused by factors
beyond its control and macroeconomic conditions in China and their
potential impact on the sales of insurance products. All
information provided in this press release is as of March 2, 2010,
and CNinsure undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances,
or to changes in its expectations, except as may be required by
law. Although CNinsure believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that its expectations will turn out to be correct, and
investors are cautioned that actual results may differ materially
from the anticipated results. Further information regarding risks
and uncertainties faced by CNinsure is included in CNinsure's
filings with the U.S. Securities and Exchange Commission, including
its annual report on Form 20-F. About Non-GAAP Financial Measures
To supplement CNinsure's consolidated financial results presented
in accordance with GAAP, CNinsure uses in this release the
following non-GAAP financial measures: adjusted total operating
costs and expenses, adjusted general and administrative expenses,
adjusted net income from operations and adjusted net income
attributable the Company's shareholders, which exclude the one-time
charge of RMB 29.6 million recognized as share-based compensation
expenses in the fourth quarter of 2008, as a result of the
surrender and cancellation of options to purchase an aggregate of
30,804,500 ordinary shares by various option holders in December
2008. 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 tables captioned "Reconciliations of non-GAAP
financial measures to comparable GAAP measures" set forth at the
end of this release. CNinsure believes that these non-GAAP
financial measures provide meaningful supplemental information
regarding its operating results. The Company believes that both
management and investors benefit from referring to these non-GAAP
financial measures in assessing the Company's performance and when
planning and forecasting future periods. A limitation of using
adjusted operating costs and expenses, adjusted general and
administrative expenses, adjusted operating income and adjusted net
income is that these non-GAAP measures exclude the one-time
share-based compensation charge that was a significant expense in
the fourth quarter of 2008. Management compensates for this
limitation by providing specific information regarding the GAAP
amounts excluded from each non-GAAP measure. The accompanying
tables have more details on the reconciliations between GAAP
financial measures that are comparable to non-GAAP financial
measures. CNINSURE INC. Unaudited Condensed Consolidated Balance
Sheets (In thousands) As of As of As of December 31, December 31,
December 31, 2008(2) 2009 2009 (As Adjusted) RMB RMB US$ ASSETS:
Current assets: Cash and cash equivalents 1,510,432 1,457,890
213,582 Restricted cash 4,200 1,957 287 Accounts receivable, net
90,452 181,360 26,569 Insurance premium receivables 21 230 34 Other
receivables 57,151 52,108 7,634 Deferred tax assets 1,808 2,602 381
Amounts due from related parties 207,595 25,337 3,712 Other current
assets 5,224 6,015 881 Total current assets 1,876,883 1,727,499
253,080 Non-current assets: Property, plant, and equipment, net
72,538 108,318 15,869 Goodwill 37,888 535,911 78,511 Intangible
assets 53,518 81,485 11,938 Deferred tax assets 4,836 3,801 557
Investment in affiliates 427 86,701 12,701 Other non-current assets
425 2,250 330 Total assets 2,046,515 2,545,965 372,986 CNINSURE
INC. Unaudited Condensed Consolidated Balance Sheets-(Continued)
(In thousands) As of As of As of December 31, December 31, December
31, 2008(2) 2009 2009 (As adjusted) RMB RMB US$ LIABILITIES AND
SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable 59,867
72,716 10,653 Insurance premium payables 4,200 1,957 287 Other
payables and accrued expenses 73,712 182,139 26,684 Accrued payroll
15,336 24,152 3,538 Income tax payable 26,140 37,410 5,480 Amounts
due to related parties 10,967 19,274 2,824 Total current
liabilities 190,222 337,648 49,466 Non-current liabilities: Other
tax liabilities 1,871 2,537 372 Deferred tax liabilities 8,351
19,075 2,794 Total liabilities 200,444 359,260 52,632 Common stock
7,036 7,036 1,031 Additional paid-in capital 1,666,723 1,604,774
235,101 Statutory reserves 71,237 103,877 15,218 Retained earnings
80,462 348,663 51,079 Accumulated other comprehensive loss (73,810)
(72,542) (10,628) Total CNinsure Inc. shareholders' equity
1,751,648 1,991,808 291,801 Noncontrolling Interests(2) 94,423
194,897 28,553 Total shareholders' equity 1,846,071 2,186,705
320,354 Total liabilities and shareholders' equity 2,046,515
2,545,965 372,986 CNINSURE INC. Unaudited Condensed Consolidated
Statements of Operations (In thousands, except for shares and per
share and per ADS data) For The Three Months Ended December 31,
2008(3) 2009 2009 (As Adjusted) RMB RMB US$ Net revenues:
Commissions and fees 281,266 355,217 52,040 Other service fees 155
278 40 Total net revenues 281,421 355,495 52,080 Operating costs
and expenses: Commissions and fees (145,861) (177,180) (25,957)
Selling expenses (6,222) (15,342) (2,248) General and
administrative expenses (78,768) (52,809) (7,736) Total operating
costs and expenses (230,851) (245,331) (35,941) Net income from
operations 50,570 110,164 16,139 Other income, net: Gain on
disposal of a subsidiary 525 -- -- Investment income -- -- --
Interest income 11,414 7,195 1,054 Interest expense (29) -- --
Others, net (155) 371 54 Changes in fair value of contingent
consideration payables -- -- -- Net income before income taxes
62,325 117,730 17,247 Income tax expense (17,648) (28,328) (4,150)
Share of income of affiliated companies 135 811 119 Net income
44,812 90,213 13,216 For The Twelve Months Ended December 31,
2008(3) 2009 2009 (As Adjusted) RMB RMB US$ Net revenues:
Commissions and fees 843,107 1,154,090 169,075 Other service fees
855 761 112 Total net revenues 843,962 1,154,851 169,187 Operating
costs and expenses: Commissions and fees (436,803) (579,911)
(84,957) Selling expenses (17,328) (49,498) (7,252) General and
administrative expenses (180,031) (199,246) (29,190) Total
operating costs and expenses (634,162) (828,655) (121,399) Net
income from operations 209,800 326,196 47,788 Other income, net:
Gain on disposal of a Subsidiary 525 -- -- Investment income --
18,905 2,770 Interest income 47,967 33,299 4,878 Interest expense
(95) (4) (1) Others, net (28) 1,408 206 Changes in fair value of
contingent consideration payables -- (5,946) (871) Net income
before income taxes 258,169 373,858 54,770 Income tax expense
(62,438) (95,618) (14,008) Share of income of affiliated companies
135 774 114 Net income 195,866 279,014 40,876 CNINSURE INC.
Unaudited Condensed Consolidated Statements of
Operations-(Continued) (In thousands, except for shares and per
share and per ADS data) For The Three Months Ended December 31,
2008(3) 2009 2009 (As Adjusted) RMB RMB US$ Less: Net income (loss)
attributable to the noncontrolling interests 1,076 (3,561) (522)
Net income attributable to the Company's shareholders 43,736 93,774
13,738 Net income per share: Basic 0.048 0.103 0.015 Diluted 0.048
0.100 0.015 Net income per ADS: Basic 0.959 2.055 0.301 Diluted
0.954 1.995 0.292 Shares used in calculating net income per share
and ADS: Basic 912,497,726 912,497,726 912,497,726 Diluted
916,705,322 940,308,935 940,308,935 For The Twelve Months Ended
December 31, 2008(3) 2009 2009 (As Adjusted) RMB RMB US$ Less: Net
income (loss) attributable to the noncontrolling interests 4,129
(21,827) (3,197) Net income attributable to the Company's
shareholders 191,737 300,841 44,073 Net income per share: Basic
0.210 0.330 0.048 Diluted 0.209 0.324 0.047 Net income per ADS:
Basic 4.202 6.594 0.966 Diluted 4.180 6.481 0.950 Shares used in
calculating net income per share and ADS: Basic 912,497,726
912,497,726 912,497,726 Diluted 917,335,390 928,312,312 928,312,312
CNINSURE INC. Reconciliations of Non-GAAP Financial Measures to
Comparable GAAP Measures (In RMB in thousands) For The Three Months
Ended For The Three Months Ended December 31, 2008 December 31,
2009 GAAP Adjustment Non-GAAP GAAP Adjustment Non-GAAP Total
operating cost and expenses 230,851 (29,634) 201,217 245,331 --
245,331 General and administrative expenses 78,768 (29,634) 49,134
52,809 -- 52,809 Net income from operation 50,570 29,634 80,204
110,164 -- 110,164 Net income attributable to the Company's
shareholders 43,736 29,634 73,370 93,774 -- 93,774 For The Twelve
Months Ended For The Twelve Months Ended December 31, 2008 December
31, 2009 GAAP Adjustment Non-GAAP GAAP Adjustment Non-GAAP Total
operating cost and expenses 634,162 (29,634) 604,528 828,655 --
828,655 General and administrative expenses 180,031 (29,634)
150,397 199,246 -- 199,246 Net income from operation 209,800 29,634
239,434 326,196 -- 326,196 Net income attributable to the Company's
shareholders 191,737 29,634 221,371 300,841 -- 300,841 (1) This
announcement contains translations of certain Renminbi (RMB)
amounts into U.S. dollars (US$) at specified rates solely for the
convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars are made at a rate of RMB6.8259 to
US$1.00, the effective noon buying rate as of December 31, 2009 in
The City of New York for cable transfers of RMB as set forth in
H.10 weekly statistical release of the Federal Reserve Board. (2)
Effective from January 1, 2009, the Company adopted Financial
Accounting Standards Board (FASB) Accounting Standards Codification
810 ("ASC 810") Non-controlling Interests, (formerly FASB Statement
("SFAS") No. 160, Non-controlling Interests in Consolidated
Financial Statements). As a result, the presentation and disclosure
requirements had applied retrospectively for all periods presented,
requires noncontrolling interests to be separately presented as a
component of stockholders' equity on the consolidated balance
sheets. The balance sheet data as of December 31, 2008 was
extracted from the Form 20-F for the year ended December 31, 2008,
as adjusted to give the effect of the adoption of ASC 810. (3)
Amounts were extracted from the current report on Form 6-K filed on
February 25, 2009, as adjusted to give the effect of the adoption
of ASC 810, Non-controlling Interests, (formerly SFAS No. 160).
DATASOURCE: CNinsure Inc. CONTACT: Oasis Qiu, Investor Relations
Manager of CISG, +86-20-6122-2777x850, or qiusr@cninsure.net Web
Site: http://www.corpasia.net/us/CISG/irwebsite/index.php?mod=event
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