Anticipates 2010 revenue to be in a range of $352m to $358m
CDC Corp, an enterprise software, IT services and new media company, has reported revenue of $83m for the fourth quarter of 2009, a decrease of 15% compared to $97m for the same period last year.
The company’s operating income for the fourth quarter was $0.56m, compared to an operating loss of $60.5m for the same period last year.
For the fourth quarter ended December 31, 2009, the company posted a net income attributable to controlling interest of $0.3m compared to a net loss attributable to controlling interest of $81.1m in the fourth quarter of 2008. Net income attributable to controlling interest was $5.6m in the third quarter of 2009.
License revenue, maintenance revenue, services revenue and hardware revenue for the quarter were $10.5m, $25.3m, $15.8m, and $2.05m, respectively.
For the year ended December 31, 2009, CDC has reported revenue of $320.1m compared to $409.1m for 2008. Adjusted EBITDA was $42.7m, compared to $35.9m last year. Net income attributable to controlling interest was $16.8m, or $0.14 per share, compared to net loss attributable to controlling interest of $114.2m, or $1.07 net loss per share for 2008.
Peter Yip, CEO of CDC Corp, said: “Overall, we are pleased with the performance of our businesses despite challenging market conditions. We remain cautiously optimistic with regard to our long-term prospects since we believe we now have an optimal business and technology platform in place for all of our key businesses.
“Furthermore, management believes that CDC Corporation has a sum-of-parts valuation and its price is not reflective of the value contained in the company’s underlying assets of its four key businesses. As a result, we are considering possible strategic alternatives that may include strategic transactions or the periodic distribution of certain of these assets by CDC Corporation.
CDC anticipates 2010 revenue to be in a range of $352m to $358m, an increase of 10-12% from $320.1m in 2009, and Adjusted EBITDA to be in a range of $48m to $51m, an increase of 12-19% from $42.7m in 2009.