SHENZHEN, China, March 6 /PRNewswire-Asia-FirstCall/ -- Jingwei International Limited (OTC Bulletin Board: JNGW; "Jingwei"), one of the leading providers of data mining and customer relationship marketing services in China, today issued a profit warning for the fourth quarter of 2008.
Due to rapid deterioration in economic condition at the end of 2008, Jingwei's consolidated net profit for the quarter ended December 31, 2008 is expected to show a decline as compared to that for the fourth quarter of 2007.
John Bi, CFO of Jingwei commented, "While we experienced decline in revenue and profits resulting from lower than expected earning in the fourth quarter of 2008, financials for the full year 2008 look positive. The decline in revenues and profits was primarily attributable to delayed execution of contracts from our clients as a result of economic downturn. Although we can not provide forward financial guidance at this time due to the evolving financing crisis, Jingwei is confident about its continued growth, with opportunities expected from 3G deployment and the stimulus measures being implemented by the government in China."
Jingwei is still in the process of finalizing its audited consolidated results for the year ended December 31, 2008. The information contained in this announcement is only a preliminary assessment by the management of Jingwei and is not based on any figures or information which has been audited or reviewed by Jingwei's auditors. Final results and other details will be disclosed in Jingwei's upcoming Annual Report on Form 10-K.
About Jingwei International Limited
Jingwei International Limited ("Jingwei") is a leading provider of data mining and customer relationship marketing services in the fast growing Chinese market. Powered by advanced data mining technology and a proprietary database of over 300 million Chinese consumers, Jingwei enables leading Chinese companies as well as international brands to reach their target audiences. The Company's services include market segmentation, customer trend, revenue analysis and direct marketing. Jingwei is evolving into an integrated marketing service provider with targeted campaigns via multi media channels including: interactive mobile, telemarketing, direct mail and new media.
For more information, please visit the Company's web site: http://www.jingweicom.com .
Safe Harbor Statement
Certain of the statements made in the press release constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward- looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the global financing crisis, effects of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time. For more information, please contact:
For more information, please contact:
John BI
CFO, Jingwei International
Tel: +86-755-8631-9436
Email: John.bi@jingweicom.com or john.bi.5198@gmail.com
