ChinaNet Online Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for Fiscal 2013
For nine months, the company reported net income attributable to company was $1,623,000 or $0.07 diluted per share on sales of $23,422,000 against net income attributable to company of $1,749,000 or $0.08 diluted per share on sales of $38,349,000 a year ago. Income from operations was $2,112,000 and income before income tax expense, equity method investments and non-controlling interests was $2,184,000 against income from operations of $2,810,000 and income before income tax expense, equity method investments and non-controlling interests of $2,785,000 a year ago. Net cash provided by operating activities was $2,812,000 against $2,467,000 a year ago. Purchases of vehicles and office equipment was $65,000 against $185,000 a year ago.
For fiscal 2013, the company expects sales of $30 million and net income of $1.2 million.