- Total revenue grows 45.6% year over year;
- Exceeding guidance, net revenue (Non-GAAP)(1) grows 55.2% year over year;
- Operating profit grows 131.4% year over year;
- Meeting guidance, net income attributable to AsiaInfo Holdings, Inc. per
basic share is US$0.13.
BEIJING and SANTA CLARA, Calif., April 22 /PRNewswire-Asia/ -- 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 first quarter of 2009.
"I'm pleased to report another quarter of solid growth that exceeded top-line and met bottom-line guidance," said Mr. Steve Zhang, AsiaInfo's president and chief executive officer. "During the quarter, we posted important market share gains in our China Unicom account with new BSS contracts in Shanghai and Hainan and in our China Telecom account with a BSS tender win in Jilin province, once again demonstrating the competitiveness of our software solutions. As we move beyond industry restructuring in the quarters and years to come, we are seeing more opportunities as carriers shift focus from building out their networks to leveraging IT software and services that will enable them to attract, retain and monetize subscribers in an increasingly competitive environment."
First Quarter 2009 Financial Results
Total revenues for the first quarter of 2009 were US$51.0 million, an increase of 45.6% year over year and a decrease of 5.0% sequentially. Exceeding guidance, net revenue (Non-GAAP) for the first quarter of 2009 was US$47.7 million, an increase of 55.2% year over year and a decrease of 6.5% sequentially. The year-over-year increase was primarily driven by strong performance among all three major accounts in the telecom business while the sequential decrease was mainly the result of seasonal effects on the Lenovo-AsiaInfo business unit, which generally performs stronger in the second half of the year.
In the first quarter, AsiaInfo announced contracts with China Mobile to upgrade Business Operation Support Systems ("BOSS") in 11 subsidiaries to support China Mobile's TD-SCDMA launch, contracts with China Unicom to roll out new Business Support Systems ("BSS") in nine subsidiaries, including new market share gains in Shanghai and Hainan, and a tender win with China Telecom to develop a BSS solution for Jilin province, also representing a gain in market share.
In the first quarter of 2009, gross margin was 54.0%, compared to 51.0% in the year-ago period and 53.5% 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 a decrease in lower-margin third-party hardware sales. Gross profit as a percentage of net revenue (Non-GAAP) was 57.7% in the first quarter of 2009, compared to 58.1% in the year-ago period and 56.4% in the previous quarter. The Company noted that gross profit as a percentage of net revenue (non-GAAP) has remained relatively stable at around 55% for the last several quarters.
In the first quarter of 2009, the AsiaInfo Technologies business unit, which focuses on telecommunications software and services, contributed 92.5% to total revenue and 93.1% to net revenue (Non-GAAP). Total revenue for the AsiaInfo Technologies business unit increased 47.0% year over year and 12.9% sequentially to US$47.2 million. Net revenue (Non-GAAP) for the AsiaInfo Technologies business unit increased 58.6% year over year and 9.4% sequentially to US$44.4 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, especially in the form of upgrades to their existing IT systems to support 3G products and services.
In the first quarter of 2009, the Lenovo-AsiaInfo business unit, which focuses on IT security products and services, contributed 7.5% to total revenue and 6.9% to net revenue (Non-GAAP). Total revenue for the Lenovo-AsiaInfo business unit increased 30.6% year over year and decreased 67.9% sequentially to US$3.8 million. Net revenue (Non-GAAP) for the Lenovo-AsiaInfo business unit increased 20.0% year over year and decreased 68.5% sequentially to US$3.3 million. The year-over-year increase reflects a concerted effort to improve operations in this division. Sequentially, the decrease is mainly due to seasonality, as sales in the Lenovo-AsiaInfo business unit are typically strongest in the fourth quarter. Please refer to the end of this press release for condensed segmented financial results for AsiaInfo's two business units.
Total operating expenses increased 40.6% year over year and 1.6% sequentially to US$21.3 million. Sales and marketing expenses increased 33.5% year over year and decreased 0.2% sequentially to US$10.5 million. The year-over-year increase was mainly due to higher sales commission expenses incurred upon signing new contracts. General and administrative expenses increased 36.7% year over year and decreased 2.7% sequentially to US$3.6 million. The year-over-year increase was largely the result of personnel increases over the year-ago period and increased share-based compensation expenses, while the sequential decrease was largely due to non-recurring professional fees incurred in the fourth quarter of 2008. Research and development expenses increased 54.9% year over year and 6.8% sequentially to US$7.2 million, mainly reflecting an increase in headcount in line with the Company's strategy of continuing to invest in research and development of world-class products to take advantage of current and future market opportunities.
Income from operations for the first quarter of 2009 was US$6.2 million, an increase of 131.4% year over year and a decrease of 20.1% sequentially. Operating margin of total revenue(2) was 12.2% for the first quarter of 2009, compared to 7.7% in the year-ago period and 14.5% in the previous quarter. Operating margin of net revenue (Non-GAAP)(3) was 13.0% for the first quarter of 2009, compared to 8.7% in the year-ago period and 15.2% in the previous quarter. The year-over-year 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 consistent with normal seasonal fluctuations.
Other income for the first quarter of 2009 was US$0.8 million, compared to US$2.3 million in the previous year and a loss of US$5.1 million in the previous quarter. The year-over-year decrease was largely the result of investment gains in the first quarter of 2008 as well as lower interest rates in the first quarter of 2009, which resulted in lower interest income. The loss in the fourth quarter of 2008 was mainly the result of US$6.7 million in non-cash impairment charges related to certain short-term investments in stock funds and a long-term investment.
In the first quarter of 2009, AsiaInfo recorded net income attributable to AsiaInfo Holdings, Inc. of US$5.8 million or US$0.13 per basic share, compared to US$5.3 million or US$0.10 per basic share in the year-ago period and US$2.2 million or US$0.05 per basic share in the previous quarter.
Net income attributable to AsiaInfo Holdings, Inc. excluding share-based compensation expense, amortization of acquired intangible assets, impairment loss on investment, after-tax dividend income and gain on discontinued operations (net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP)(4)) was US$7.1 million in the first quarter of 2009 or US$0.17 per basic share. Net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP) in the year-ago period was US$5.2 million or US$0.12 per basic share. Net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP) in the previous quarter was US$10.2 million or US$0.23 per basic share. Net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP) increased 36.9% year over year and decreased 29.9% sequentially.
As of March 31, 2009, AsiaInfo had cash and cash equivalents and restricted cash totaling US$185.6 million and short-term investments totaling US$30.3 million. Operating cash flow in the first quarter of 2009 was a net outflow of approximately US$0.24 million.
(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) Operating margin of total revenue is operating income divided by total
revenue
(3) Operating margin of net revenue (Non-GAAP) is operating income divided
by net revenue (Non-GAAP)
(4) 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.
Second Quarter 2009 Guidance
AsiaInfo expects second quarter 2009 net income attributable to AsiaInfo Holdings, Inc. per basic share to be in the range of US$0.14 to US$0.15, representing an increase of 17% to 25% compared to net income attributable to AsiaInfo Holdings, Inc. from continuing operations per basic share in the first quarter of 2009. The Company expects net revenue (Non-GAAP) to be in the range of US$52 million to US$53 million, an increase of 51% to 54% year over year.
ASIAINFO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of US$, except shares and per share amounts)
Three Months
Three Months Ended
Ended March 31, December 31,
2009 2008 2008
Revenues:
Software products and solutions $42,437 $27,139 $45,556
Service 4,999 3,341 5,169
Third party hardware 3,540 4,526 2,959
Total revenues 50,976 35,006 53,684
Cost of revenues:
Software products and solutions 18,214 11,156 20,038
Service 1,930 1,714 2,200
Third party hardware 3,316 4,296 2,709
Total cost of revenues 23,460 17,166 24,947
Gross profit 27,516 17,840 28,737
Operating expenses:
Sales and marketing 10,537 7,895 10,557
General and administrative 3,566 2,609 3,665
Research and development 7,215 4,658 6,755
Total operating expenses 21,318 15,162 20,977
Income from operations 6,198 2,678 7,760
Other income:
Interest income 624 1,215 1,237
Dividend income 171 219 12
Gain on sale of short-term investments -- 1,174 329
Impairment loss on investments -- -- (6,676)
Other (expenses) income, net (23) (274) 14
Total other income, net 772 2,334 (5,084)
Income before provision for income
taxes and discontinued operations 6,970 5,012 2,676
Income taxes expense 1,185 733 476
Income from continuing operations 5,785 4,279 2,200
Income from discontinued operations -- 980 --
Net income 5,785 5,259 2,200
Less: Net loss attributable to the
noncontrolling interest(1) 5 -- 11
Net income attributable to AsiaInfo
Holdings, Inc. $5,790 5,259 2,211
Income from continuing operations
per share:
Basic $0.13 $0.10 $0.05
Diluted $0.13 $0.09 $0.05
Income from discontinued operations
per share:
Basic -- $0.02 --
Diluted -- $0.02 --
Net income per share
Basic $0.13 $0.12 $0.05
Diluted $0.13 $0.11 $0.05
Weighted average shares used in
computation:
Basic 43,503,560 44,793,694 43,698,583
Diluted 45,186,058 46,386,208 45,424,511
(1) Amount in relation to noncontrolling interest, formerly named minority
interest, for the three-month periods ended March 31, 2008 and
December 31, 2008 is reclassified in accordance with FASB Statement No.
160, Noncontrolling Interest, which was adopted by the Company on
January 1, 2009.
ASIAINFO HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands of US$, except share and per share amounts)
As at
Mar 31, Dec 31,
2009 2008(1)
ASSETS:
Current Assets:
Cash and cash equivalents $173,390 $172,119
Restricted cash 12,259 12,510
Short term investments 30,316 28,633
Accounts receivable, net (net of allowances
of $3,084 and $2,605 as of March 31, 2009
and December 31, 2008, respectively) 79,739 52,011
Inventories 63,056 12,322
Other receivable 4,014 2,813
Deferred income taxes-current 3,334 3,334
Prepaid expenses and other current assets 5,084 5,425
Total current assets $371,192 $289,167
Long term investment 4,696 4,696
Property and equipment, net 2,803 2,887
Other acquired intangible assets, net 2,695 3,008
Deferred income tax assets- non-current 2,671 2,671
Goodwill 20,723 20,725
Total Assets $404,780 $323,154
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities:
Accounts payable 73,840 13,835
Accrued expenses 15,218 14,235
Deferred revenue 47,853 44,414
Accrued employee benefits 30,312 27,570
Other payables 7,472 5,288
Income taxes payable 1,020 646
Other taxes payable 7,937 6,311
Deferred income tax liability-current 1,512 934
Total current liabilities $185,164 $113,233
Unrecognized tax benefits - non-current 1,347 1,326
Other long term liabilities 135 135
Total liabilities $186,646 $114,694
Stockholders' equity:
Common stock $469 $464
Additional paid-in capital 218,749 215,948
Treasury stock, at cost (27,749) (27,749)
Statutory reserve 17,212 17,212
Accumulated deficit (9,776) (15,566)
Accumulated other comprehensive income 19,176 18,093
Total AsiaInfo holdings, Inc.
stockholders' equity $218,081 $208,402
Non controlling interest(2) 53 58
Total stockholders' equity 218,134 208,460
Total Liabilities and Stockholders' Equity $404,780 $323,154
(1) December 31, 2008 balances were extracted from audited financial
statements.
(2) Amount in relation to noncontrolling interest, formerly named minority
interest, as of December 31, 2008 is reclassified in accordance with
FASB Statement No. 160, Noncontrolling Interest, which was adopted by
the Company on January 1, 2009.
ASIAINFO HOLDINGS, INC.
CONDENSED INFORMATION FOR REPORTABLE SEGMENTS (UNAUDITED)
(Amounts in thousands of US$)
Three Months Ended
March 31, 2009
AsiaInfo Lenovo
Technologies -AsiaInfo Total
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
Gain on settlement of escrow -- -- --
Contribution profit (loss) $10,176 ($1,260) $8,916
Corporate general and administration 2,718
Operating profit $6,198
Three Months Ended
March 31, 2008
AsiaInfo Lenovo
Technologies -AsiaInfo Total
Revenues:
Software products and solutions $24,452 $2,687 $27,139
Service 3,304 37 3,341
Third party hardware 4,323 203 4,526
Total revenues 32,079 2,927 35,006
Cost of revenues:
Software products and solutions 10,281 875 11,156
Service 1,674 40 1,714
Third party hardware 4,107 189 4,296
Total cost of revenues 16,062 1,104 17,166
Gross profit 16,017 1,823 17,840
Business unit expenses:
Sales and marketing 5,885 2,010 7,895
General and administrative 577 13 590
Research and development 4,110 548 4,658
Total business unit expenses 10,572 2,571 13,143
Gain on settlement of escrow -- -- --
Contribution profit (loss) $5,445 ($748) $4,697
Corporate general and administration 2,019
Operating profit $2,678
Three Months Ended
December 31, 2008
AsiaInfo Lenovo
Technologies -AsiaInfo Total
Revenues:
Software products and solutions $35,634 $9,922 $45,556
Service 4,864 305 5,169
Third party hardware 1,265 1,694 2,959
Total revenues 41,763 11,921 53,684
Cost of revenues:
Software products and solutions 16,814 3,224 20,038
Service 2,073 127 2,200
Third party hardware 1,202 1,507 2,709
Total cost of revenues 20,089 4,858 24,947
Gross profit 21,674 7,063 28,737
Business unit expenses:
Sales and marketing 6,641 3,916 10,557
General and administrative 684 353 1,037
Research and development 5,948 807 6,755
Total business unit expenses 13,273 5,076 18,349
Gain on settlement of escrow -- -- --
Contribution profit (loss) $8,401 $1,987 $10,388
Corporate general and administration 2,628
Operating profit $7,760
First 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 April 22, 2009 (8:00 a.m. Beijing/Hong Kong Time on April 23, 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 878859#.
A replay of the call will be available until 8:00 p.m. Eastern Time on
May 22, 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 134123#.
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, measurement 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 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
2008 Q1
AsiaInfo Lenovo
Technologies AsiaInfo Total
(in thousands of US dollars)
Net Revenue (Non-GAAP) 27,972 2,738 30,710
Third Party Hardware Costs 4,107 189 4,296
Total Revenues 32,079 2,927 35,006
2008 Q4
AsiaInfo Lenovo
Technologies AsiaInfo Total
(in thousands of US dollars)
Net Revenue (Non-GAAP) 40,561 10,414 50,975
Third Party Hardware Costs 1,202 1,507 2,709
Total Revenues 41,763 11,921 53,684
(2) Net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP)
Net income attributable to AsiaInfo Holdings, Inc. (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 attributable to AsiaInfo Holdings, Inc. 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 Ended Mar. 30
2008 Q4
2009 2008
(in US dollar thousands)
GAAP net income 5,790 5,259 2,211
Adjustments:
- Share based compensation 1,182 690 919
- Amortization of acquired
intangible assets 312 446 359
- Impairment loss on investment -- -- 6,676
- Gain on discontinued operations -- (980) --
- Gain on settlement of escrow -- -- --
- Dividend income, net of tax (171) (219) (12)
Non-GAAP net income 7,113 5,196 10,153
(3) Net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP) Per Basic Share
Net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP) per share is calculated based on net income attributable to AsiaInfo Holdings, Inc. (Non-GAAP). 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 attributable to AsiaInfo Holdings, Inc. 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 Ended Mar. 30
2008 Q4
2009 2008
(in US dollar thousands)
GAAP net income 0.13 0.12 0.05
Adjustments:
- Share based compensation 0.03 0.02 0.02
- Amortization of acquired
intangible assets 0.01 0.01 0.01
- Impairment loss on investment -- -- 0.15
- Gain on discontinued operations -- (0.02) --
- Gain on settlement of escrow -- -- --
- Dividend income, net of tax -- (0.01) --
Non-GAAP net income 0.17 0.12 0.23
Cautionary Note Regarding Forward-Looking Statements
The information contained in this document is as of April 22, 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 periodic reports on Forms 10-Q and 8-K filed with the United States Securities and Exchange Commission and available at www.sec.gov.
For investor and media inquiries, please contact:
In China:
Sheryl Zhang
AsiaInfo Holdings, Inc.
Tel: +86-10-8216-6039
Email: ir@asiainfo.com
Andrew Keller
Ogilvy Financial, Beijing
Tel: +86-10-8520-3112
Email: andrew.keller@ogilvy.com
In the United States:
Mr. Thomas Smith
Ogilvy Financial, New York
Tel: +1-212-880-5269
Email: thomas.smith@ogilvypr.com
