iSoftStone net revenue up 12.9% Q3 2013

iSoftStone Holdings Ltd. (NYSE: ISS) said its net revenues increased 12.9% to USD111.3m in the third quarter 2013 from USD98.6m in the third quarter 2012.

Gross profit decreased 15.0% to USD29.5m in the third quarter 2013 from USD34.7m in the third quarter 2012, while net loss was USD7.2m compared with a net income of USD7.5m in the third quarter 2012.

Non-GAAP net loss in the third quarter 2013 (note 1) was USD1.9m compared with a net income of USD10.4m in the third quarter 2012.

Diluted earnings per American Depositary Share (ADS) were a loss of USD0.13 in the third quarter 2013 and an income of USD0.13 in the third quarter 2012. Each ADS represents 10 ordinary shares.

Net revenues increased 13.3% to USD313.8m in the first nine months 2013 from USD276.9m in the first nine months 2012.

CEO T.W. Liu said, “The third quarter was challenging for us, especially in costs. Our revenues grew 12.9% from last year´s third quarter, with the highest growth in IT services, up 21.2% in revenues, while consulting and solutions services revenues were down 8.4% mainly due to lower volume in SMART business as we worked off some of its backlog. Higher business volume came from our largest communications client and China banking clients, plus modest growth from our US business, but was partly offset by lower revenues in the European and Japanese markets that continued to decline during the quarter.”

Founded in 2001, iSoftStone is a leading China-based IT services provider serving both greater China and global clients. For more information, visit www.isoftstone.com.

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