| Best
Voip Service Providers Chart |
 |
|
$9.95
- $16.58 |
|
 |
|
$19.99
- $39.99 |
|
 |
|
$9.95
- $15.95 |
|
PacificNet Reports Record First Quarter Results23 May 2006
PacificNet Inc. (Nasdaq: PACT), a leading provider of CRM and telemarketing services, call center, Interactive Voice Response (IVR) and Value-Added Services (VAS) in China, today reported unaudited results for the first quarter ended March 31, 2006.
Q1 2006 Highlights (in US dollars)
-- Quarterly revenues of $15,034,000 represented an increase of 63% as
compared to $9,212,000 from Q1 2005. This exceeded the Company's
revenue projection of between $13 and $14 million.
-- Quarterly gross profit was $6,481,000, an increase of 282% as
compared to $1,698,000 from Q1 2005. Gross profit margin increased
to 43% for Q1 2006 from 18% for Q1 2005.
-- Quarterly operating profit was $2,012,000, an increase of 160% as
compared to $773,000 from Q1 2005. Operating profit margin increased
to 13% for Q1 2006 from 8% for Q1 2005.
-- Quarterly net income of $921,000, or EPS of 8.5 cents per basic
share (8.0 cents per diluted share), represented an increase of
122% as compared to net income of $415,000, or 4 cents per basic
share (4 cents per diluted share) in Q1 2005. This was in the upper
end of the range of the Company's latest first quarter earnings
projection of 7 to 9 cents per basic share. Net profit margin
increased to 6.13% for Q1 2006 from 4.50% for Q1 2005. The
Company's Q1 results also included a total of $358,000 in non-cash
expenses, including depreciation and amortization expense of
$296,000 and a new $62,000 non-cash stock-based compensation expense
recognized during Q1 as a result of the implementation of SFAS
123( R ) which became effective on January 1, 2006.
-- Cash and cash equivalents were $11,189,000 as of March 31, 2006,
compared to $2,323,000 at the end of Q1 2005.
-- Equity per share of $2.99 and cash per share of $1.03 as of March 31,
2006, as compared to equity per share of $2.57 and cash per share of
$0.24 as of March 31, 2005 respectively.
-- Quarterly revenues of $3,027,000, $7,040,000, and $3,355,000; and
operating profit of $120,000, $1,714,000, and $351,000 were
generated from the Company's three business units: (1) CRM Outsourcing
Services, (2) Value Added Services (VAS) and (3) Telecom Distribution
Services, respectively. This compares to revenues of $3,064,000,
$1,409,000, and $4,676,000; and operating profit of $239,000, $556,000,
and $129,000, respectively for Q1 2005.
-- Increasing operating margin reflects Company's continuous shift
from B2B services to B2C services.
-- Continued profitability in each of the acquired subsidiaries: Epro,
ChinaGoHi (Lion Zone), Linkhead, Smartime, Clickcom and Guangzhou 3G,
-- Expanded presence in China with offices in Hong Kong, Beijing,
Shenzhen, Guangzhou, and VAS branch offices in 26 provinces in China
including Guangdong, Guangxi, Hubei, Hunan, Jiangsu, Zhejiang,
Shanghai, Henan, Anhui, Yunnan, Gansu, Ningxia, Inner Mongolia,
Guizhou, Tianjin, Qinghai, Hainan, Heilongjiang, Shanxi, Shandong,
Chongqing, Jiangxi, Beijing, Hebei, Liaoning, and Jilin.
2006 Business Outlook
Today, the Company reiterated its outlook for fiscal 2006:
-- Total revenues will be between $60 and $70 million.
-- Net income will be between $4.5 and $5.2 million, or about 41 to 50
cents per basic share.
For the second quarter:
-- Total revenues will be between $14 and $15 million.
-- Net income will be between $1,000,000 and $1,200,000, or about 10 to
12 cents per basic share.
-- PacificNet's strategy in 2006 is to capture market share and
top-line growth in the VAS and CRM market in China while enhancing
profit margins through integration of subsidiary operations and
synergy development.
-- The Company expects continued revenue and profit growth in 2006
through organic growth and accretive acquisitions in the VAS, IVR and
CRM market in China.
"We are happy to report another strong quarter of record growth both in revenues and profits as this period is traditionally a slower period due to the long Lunar New Year holidays in China," said Tony Tong, Chairman and CEO of PacificNet. "This is our ninth quarter of profitability and growth. During the quarter, we continued to increase our profit margin by expanding rapidly in our VAS and B2C services. We believe that in 2006 this strategy will result in growing profitability. This strategy is already gaining traction, as our first quarter operating margin increased from 8% to 13% year-over-year. We believe promising opportunities exist to grow rapidly in many of our targeted vertical markets. For example, the growing number of banking and financial services companies selecting us to enhance customer service operations reflects the evolving and increasingly competitive nature of the financial services industry in China. Today, consumers choose a provider in China not solely based upon price, but upon a number of factors including CRM service, loyalty, and retention programs. This trend has created the demand for and deployment of large scale customer contact centers. We believe that the CRM contact center has emerged as the new competitive advantage for the market leaders in China. To become a market leader in China, whether as a product or service provider, a company needs to devote resources to CRM and customer service. With over 15 years as a leading provider and the experience in CRM and contact center management in Hong Kong and China, we believe PacificNet is well positioned to capture a significant share of this rapidly growing market."
"We made significant progress in transitioning our business from the lower-margin Communications Distribution Business to higher-margin value-added telecom services and Internet B2C e-commerce," said Victor Tong, President of PacificNet. "Acquisitions such as Clickcom and Guangzhou 3G helped us enter the mobile internet market in China. In addition, the recent announcement that we entered into a definitive agreement to acquire iMobile (Beijing) Technology Co., Ltd. further enhances our position in this rapidly growing B2C market in China. We also continue to rapidly expand our VAS Business, through strong organic growth as a result of leading companies in China increasingly selecting us for important programs. The acquisition of a majority interest in Guangzhou Wanrong, one of the leading providers of VAS in China, is expected to help support our growth during the second half of fiscal 2006 and beyond. The success that we developed in this business allowed us to recently acquire a controlling interest in ChinaGoHi, one of the most widely recognized brand names in China. We believe that the combination of its innovative infomercials along with our growing call center operations will allow us generate increased revenues from marketing campaigns."
"In addition to making several key acquisitions recently, we laid the foundation for a strong future, by hiring additional personnel in key areas to support our accounting and back-office functions, as well as implemented the systems to allow the Company to better measure the performance of each of its units. Although we dramatically increased the size of our accounting and compliance department since last year, we were late in filing our Form 10-KSB for the year ended December 31, 2005 and we needed to take an extension to file our first quarter results. We recognize the importance of timely filing our results, and believe we now have the necessary components to meet future deadlines. With the mobile Internet expected to be one of the key drivers of future economic growth in China, as well as VAS and CRM services playing an increasingly important role in leading Chinese companies' marketing activities, we feel PacificNet is well positioned for the future."
New Appointment of VP of Finance and Interim CFO, and Resignation of CFO ShaoJian Wang.
As indicated in our 10-K filed on April 28, we have greatly expanded our Finance and Accounting staff in China in the last six months. In January, we promoted Mary Ma to the new position of Vice President of Finance, a position which will be permanently stationed in China. We have gradually transitioned the roles, responsibilities and job function of the CFO role to Mary May, the new VP of Finance. We announce the resignation of Mr. ShaoJian Wang as the CFO of PacificNet effective May 26, 2006. Mr. Victor Tong, our President, will take on the position of the Interim CFO during our search of the permanent CFO.
Beginning in Q1 2006, the Company streamlined its reporting procedures by requiring all accounting groups within each subsidiary, which includes tax, treasury, financial planning and analysis groups, to directly report information and communicate to their respective accounting group at the Company's financial accounting headquarters in Shenzhen, China. Each accounting group at Shenzhen is now responsible for overseeing the reporting results delivered for each subsidiary within their group to ensure that the material transactions and financial disclosures provided by such group are accurate, complete and correct and do not contain any material misstatements or omit material information
The Company plans to expand the size of its internal audit group, and has determined to retain an outside independent consulting firm with relevant accounting, experience. In connection with this expansion the Company will give the internal audit group the added responsibility to monitor its wholly owned subsidiaries and partially owned subsidiaries and joint venture operations through reviews and audits at such locations a minimum of three times a quarter. The Company has found that this new responsibility of the internal audit group is critical upon each new acquisition, as the newly acquired subsidiary must quickly become familiar with the Company's policies and procedures for processing, summarizing, reporting and disclosing material information and ensuring that financial information about the new subsidiary is properly accounted for and communicated to management.
2006 Business Highlights, Important Developments and Acquisitions
Recently, the Company expanded its operations by acquiring entities that operate as service providers in the VAS, IVR, and CRM industries, which have grown rapidly in China in recent years. The following are the highlights of the Company's acquisitions and business development so far this year.
* Value-added Services Expansion in Guangxi China
On May 4 , 2006, PacificNet announced that its subsidiary, Guangzhou Wanrong Information Technology Co., Ltd ("Wanrong"), signed a value-added services cooperation agreement to provide IVR and voice information services with China Telecom (NYSE: CHA) in Guangxi province. Guangzhou Wanrong, one of the leading information value-added services development and operation companies, has dedicated itself to becoming a first-class telecom value-added services provider in China. Guangzhou Wanrong's mobile applications include SMS, WAP, JAVA, MMS, IVR, multimedia entertainment download services, interactive media products, life, sports, entertainment, and business information services, as well as mobile email services. Guangzhou Wanrong was granted nationwide SMS service numbers "2388" for China Mobile and "9928" for China Unicom.
According to the agreement, Guangzhou Wanrong will provide a wide variety of voice-based information services to China Telecom's 1.5 million fixed-line phone users and PHS users in two regions of Guangxi province, Baise and Hechi, by utilizing China Telecom's "168" and "160" voice information hotline services. With its powerful voice information development technology and rich voice information service content, Wanrong will provide China Telecom with diversified voice value-added services including interactive voice games, musical greetings, voice chatting & dating, picture and ring-tone downloads, voice information inquiry, the "160" operator assisted voice information navigation hotline, and other value-added services.
* Acquisition of Guangzhou Wanrong
On Jan 31, 2006, PacificNet completed the acquisition of a majority interest in Guangzhou Wanrong, one of the leading value-added telecom service providers in China. Wanrong's integrated value-added mobile services system is valuable for the implementation of PacificNet's "iPACT" program, which is PacificNet's VAS profit-sharing alliance partnership program. The acquisition is expected to be accretive to the Company's earnings in 2006.
* Acquisition of iMobile E-commerce
On February 06, 2006, PacificNet announced that it has entered into a definitive agreement to acquire a 51% majority interest in PacificNet iMobile (Beijing) Technology Co., Ltd ("iMobile"), one of the leading internet information portals and e-commerce distributors for mobile phones, mobile phone accessories, and mobile related value-added services in China. iMobile operates its e-commerce business via two internet portals, " http://www.iMobile.com.cn " and " http://www.18900.com " in addition to a WAP portal " 17wap.com " for mobile phone browsing. iMobile's internet portal is a top ranked site in terms of traffic and has about 2.3 million registered online users and over 400,000 active users, with 5 million daily page views and 20,000 blog postings daily, which makes iMobile the top ranked site in its category in China. In addition, iMobile's 18900.com operation is the designated internet distributor of Motorola, Nokia, and NEC's mobile products in China. 18900.com is the leading internet e-commerce distributor of mobile products in China, providing internet, email, customer service centers, pre and post sale services, logistics, and cash-on-delivery (COD) services to consumers purchasing mobile phone related products in China. iMobile's 18900.com e-commerce operation combines both online internet services with its offline customer service network composed of a nationwide chain of logistics and customer service centers covering 21 provinces and 40 major cities in China.
PacificNet's management team will host a conference call at 8:00 am Eastern Time on Monday, May 22, 2006, to discuss its first quarter results and its outlook for the remainder of 2006. The conference call is open to the public and may be accessed by calling (888) 852-6401 or (706) 645-0115 and entering PIN: 9403149. For those unable to attend the conference call live, an archive of the call will be available for 30 days. The replay numbers are (800) 642-1687 or (706) 645-9291. Please use conference ID 9403149.
About PacificNet
PacificNet Inc. ( http://www.PacificNet.com ), through its subsidiaries, invests in and operates companies that provide outsourcing and Value-Added Services (VAS) in China, such as call centers, telemarketing, direct response television (DRTV) marketing, CRM, interactive voice response (IVR), mobile applications, and communications product distribution services. PacificNet's clients include the leading telecos, banks, insurance, travel, marketing, and business services companies, and telecom consumers, in Greater China. PacificNet's corporate clients include China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, and Hong Kong Government. PacificNet employs over 2,300 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, and branch offices in 26 provinces in China, and is headquartered in Minneapolis USA and Hong Kong.
PacificNet's operations can be classified into the following three main business units:
Group 1. Outsourcing Services: including Business Process Outsourcing (BPO), call center, IT Outsourcing (ITO), and software development services. PacificNet's Outsourcing Services Group includes the following subsidiaries: PacificNet Solutions (aka Smartime or Soluteck Shenzhen) is a leading provider of outsourcing services including software development, R&D, and project management services in China. PacificNet Solutions employs over 280 staff and provides outsourcing services to leading telecom, banking, and financial services companies including Huawei, IBM, and Bank of East Asia.
PacificNet Epro ( http://www.EproTel.com.hk ) is the industry leader and leading provider of outsourced call center, telemarketing, CRM, SMS, Interactive Voice Response (IVR), and other Value-Added telecom Services (VAS) with over 13 years of field experience in Greater China. Epro Telecom's business consists of the following three major categories:
(1) Outsourced Call Center Services: Epro's ISO 9001 certified
outsourcing contact center hosts over 1000 workstations staffed by 600
agents and provides 24x7x365 multi-lingual inbound and outbound
services.
(2) Training and Consulting Services: The Epro Call Center Training
Institute (ECCTI) is a leading provider of contact center management
consulting and training services that help clients maximize the return
on investment in their CRM operations.
(3) Call Center Management Software Products and Solutions: Epro's
software products include: WISE-xb Call Center agent performance,
management, and reporting software, Automatic Call Distribution (ACD)
System, UMS, and SMS.
Group 2. Value-Added Telecom Services (VAS): including Interactive Voice Response (IVR), SMS, and related VAS. PacificNet's VAS Group includes the following subsidiaries:
-- ChinaGoHi provides infomercial marketing services, telemarketing
services, and financial advisory services in China. ChinaGoHi
produces Direct Response Television (DRTV) infomercials aired on
satellite and cable TV, provides informational web portals, and
subscription-based value added services including internet email,
Short Message Services (SMS), mobile WAP services, and Interactive
voice Response (IVR) services via fixed and mobile phones. Linkhead
is a value-added reseller and provider of VAS, such as IVR system
development and integration, SMS, and voice-portal services and is a
channel partner of NMS Communications system hardware, a leading
provider of communications technologies.
-- Clickcom-WOFE, and its affiliated company Dianxun-DE, directly
offer a wide variety of wireless internet services to China's telecom
operators including SMS and Wireless Application Protocol (WAP),
which allows users to access information instantly via handheld
wireless devices and Java mobile applications.
-- Guangzhou3G-WOFE is one of the largest value-added telecom and
information services providers in China with both voice (IVR and call
center) and data (SMS, MMS, WAP, JAVA, GPRS) connection to the four
major telecom operators: China Mobile, China Unicom, China Telecom,
and China Netcom, covering both mobile and fixed-line networks.
-- iPACT International Investment Limited provides the "iPACT"
franchise program. The iPACT program gives local providers of VAS
services products with national brand name recognition. PacificNet
provides all of the hardware, software, applications, and content for
VAS including a variety of IVR and other wireless and fixed-line VAS
content to qualified VAS-Alliance partners on a profit sharing basis.
iPACT's VAS content includes video, audio, color ring back tone (CRBT)
services, and BackGround Music (BGM) services.
Group 3. Communication Products Distribution Services: including calling cards, GSM/CDMA/XiaoLingTong products, multimedia self-service Kiosks. This Group includes the following subsidiaries:
-- PacificNet Communications Limited (referred to herein as
"PacCom"), incorporated in Hong Kong, is a wholly owned subsidiary
of PacificNet that specializes in telecom products distribution,
trading, and related services in Hong Kong and Greater China.
-- iMobile is a leading internet information portal and e-commerce
distributor of mobile phones, mobile phone accessories, and mobile
related value-added services in China. iMobile operates its
e-commerce business via two internet portals,
" http://www.iMobile.com.cn " and " http://www.18900.com " in
addition to a WAP portal " 17wap.com " for mobile phone browsing.
iMobile's internet portal is a top ranked site in terms of traffic
and has about 2.3 million registered online users and over 400,000
active users, with 5 million daily page views and 20,000 blog
postings daily, which makes iMobile the top ranked site in its
category in China. In addition, iMobile's 18900.com operation is the
designated internet distributor of Motorola, Nokia, and NEC's
mobile products in China. 18900.com is the leading internet
e-commerce distributor of mobile products in China, providing
internet, email, customer service centers, pre and post sale
services, logistics, and cash-on-delivery (COD) services to consumers
purchasing mobile phone related products in China. iMobile's
18900.com e-commerce operation combines both online internet services
with its offline customer service network composed of a nationwide
chain of logistics and customer service centers covering 21 provinces
and 40 major cities in China.
-- Shanghai Classic is a leading distributor of mobile communication
products and accessories, telecom services (calling cards, mobile SIM
cards, prepaid stored-value cards), and internet services for mobile
phones.
-- Take 1 Technologies (http://www.take1technologies.com , formerly know as
CheerEra) is a leading designer, developer and manufacturer of
interactive multimedia entertainment stations and self-service
communication kiosk products, including photo and video
entertainment booths, digital camera photo development stations,
self-service karaoke Sing-Along / Act-Along kiosks, internet, MMS,
ring-tone and mobile content download, payment and delivery stations
for mobile phones, and other coin-operated kiosks and kiosk
consumables.
Group 4. Other Business -- other administrative, financial and investment services and non-core businesses such as PacificNet Power Limited (PacPower), etc.:
PacificNet Power Limited (PacPower) was founded in Hong Kong on January 10, 2005 as a subsidiary of PacificNet Limited with 51% ownership by PacificNet. Headquartered in Hong Kong, PacPower invests in, develops, markets, distributes, resells, and manufactures energy saving products for use in commercial, residential, and industrial settings. PacPower also engages in Energy Management Services (EMS), energy savings consultation, analysis and solutions implementation, outsourced energy management services, and Energy Savings Performance Contracts (ESPC). PacPower's energy management services include electrical power management for lighting, air conditioning, elevators and escalators, buildings and roads, and energy related engineering services.
SEGMENT INFORMATION
The Company's reportable segments are operating units, which represent the operations of the Company's significant business operations. Summarized financial information concerning the Company's reportable segments is shown in the following table. The "Other" column includes the Company's other insignificant services and corporate related items, and, as it relates to segment earnings (loss), income, and expense not allocated to reportable segments.
FOR THE THREE Group 1. Group 2. Group 3. Group 4. Total
MONTHS ENDED Outsourcing VAS Communications Other
MARCH 31, Business Business Distribution Business ($)
2006 ($) ($) Business ($) ($)
Revenues 3,027,000 7,040,000 3,355,000 1,612,000 15,034,000
(% of Total
Rev) (20.1%) (46.8%) (22.3%) (10.8%) (100%)
Earnings /
(Loss) from
Operations 120,000 1,714,000 351,000 (173,000) 2,012,000
(% of Total
Earnings) (6.0%) (85.2%) (17.4%) (-8.6%) (100%)
Total Assets 7,446,000 20,637,000 14,011,000 22,419,000 64,513,000
(% of Total (11.5%) (32.0%) (21.7%) (34.8%) (100%)
Assets)
Goodwill 3,543,000 10,045,000 1,100,000 -- 14,688,000
Geographic
Area HK, PRC HK, PRC HK, PRC HK,PRC
FOR THE THREE 1. 2. 3. 4. Total
MONTHS ENDED Outsourcing VAS Communications Other
MARCH 31, Business Business Distribution Business ($)
2005 ($) ($) Business ($) ($)
Revenues 3,064,000 1,409,000 4,676,000 63,000 9,212,000
(% of Total
Rev) (33.3%) (15.3%) (50.8%) (0.6%) (100%)
Earnings /
(Loss) from
Operations 239,000 556,000 129,000 (151,000) 773,000
(% of Total
Earnings) (30.9%) (71.9%) (16.7%) (-19.5%) (100%)
Total Assets 4,476,000 4,200,000 8,388,000 14,266,000 31,330,000
(% of Total (14.3%) (13.4%) (26.8%) (45.5%) (100%)
Assets)
Goodwill 3,543,000 4,660,000 1,100,000 -- 9,303,000
Geographic
Area HK, PRC HK, PRC HK, PRC HK,PRC
Product and service revenues classified by major geographic areas are as follows (in US$):
Hong Kong PRC United States Total
Product revenues $4,517,000 $1,629,000 $0- $6,146,000
Service revenues $3,031,000 $5,857,000 $0 $8,888,000
PACIFICNET INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS
(In thousands of United States dollars, except par values and share numbers)
` March December
31,2006 31,2005
(Unaudited) (Audited)
ASSETS
Current Assets:
Cash and cash equivalents $11,189 $9,579
Restricted cash - pledged bank deposit 1,653 1,652
Accounts receivables 12,674 5,998
Inventories 2,479 1,836
Loan receivable from related parties 3,314 2,520
Loan receivable from third parties 1,105 1,572
Other current assets 7,902 7,973
Total Current Assets 40,316 31,130
Property and equipment, net 8,533 4,300
Investments in affiliated companies and
subsidiaries 411 410
Marketable equity securities - available for
sale 565 539
Goodwill 14,688 14,227
TOTAL ASSETS $64,513 $50,606
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Bank line of Credit 1,011 1,060
Bank loans-current portion 215 188
Capital lease obligations - current portion 107 126
Accounts payable 5,416 3,186
Accrued expenses and other payables 3,171 4,620
Income tax payable 379 296
Subscription payable 390 775
Loan payable to related party 513 369
Total Current Liabilities 11,202 10,620
Long-term liabilities:
Bank loans - non current portion 1,195 6
Capital lease obligations - non current
portion 63 78
Bank loan interest payable 576
Convertible Debenture 8,000
Total long-term liabilities 9,834 84
Total liabilities 21,036 10,704
Minority interest in consolidated subsidiaries 11,024 8,714
Commitments and contingencies
Stockholders' Equity:
Preferred stock, par value $0.0001, Authorized
- 5,000,000 shares
Issued and outstanding - none -- --
Common stock, par value $0.0001, Authorized -
125,000,000 shares Issued and
outstanding:
March 31, 2006 - 13,238,497 shares issued,
10,889,611 outstanding
December 31, 2005 - 12,000,687 issued,
10,831,024 outstanding 1 1
Treasury stock, at cost (2006 Q1: 2,348,886
shares, 2005: 1,169,663 shares) (243) (119)
Additional paid-in capital 58,191 57,690
Cumulative other comprehensive income (loss) 227 247
Accumulated deficit (25,666) (26,587)
Less stock subscription receivable (57) (44)
Total Stockholders' Equity 32,453 31,188
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $64,513 $50,606
PACIFICNET INC. AND SUBSIDIARIESCONSOLIDATED INCOME STATEMENTS(Unaudited. In
thousands of United States dollars, except earnings per share and share
amounts)
2006 2005
THREE MONTHS ENDED MARCH 31:
Revenues $15,034 $9,212
Services 8,888 3,264
Product sales 6,146 5,948
Cost of revenues (8,553) (7,514)
Services (3,256) (2,321)
Product sales (5,297) (5,193)
Gross margin 6,481 1,698
Selling, general and administrative
expenses (4,323) (882)
Depreciation and amortization (58) (43)
Interest expense (88)
EARNINGS FROM OPERATIONS 2,012 773
Interest income 32
Sundry income 125 93
Amortization of convertible debt
issuance cost - -
Liquidated damages provision - -
Earnings before Income Taxes and
Minority Interest 2,169 866
Provision for income taxes (115) (26)
Share of earnings of associated
companies (3) (8)
Minority interests (1,130) (417)
Net Earnings Available to Common
Stockholders $921 $415
BASIC EARNINGS PER SHARE $0.085 $0.042
Net earnings $0.085 $0.042
DILUTED EARNINGS PER SHARE $0.080 $0.038
Net earnings $0.080 $0.038
Safe Harbor Statement
This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them.
Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, fluctuations in quarterly operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.
Contact:
PacificNet USA office:
Jacob Lakhany
Tel: +1-605-229-6678
PacificNet Beijing office:
Ada Yu
Tel: +86-10-59225000
23/F, Tower A, TimeCourt,
No.6 Shuguang Xili,
Chaoyang District,
Beijing,
China 100028
or
CEOcast, Inc. for PacificNet
Ed Lewis
Tel: +1-212-732-4300
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Telecom Articles
|
