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November 22, 2009

CDC Software Q3 revenue down 20% to $48.6m

Posts net income of $6.15m, compared to $4.23m for same period last year

By CBR Staff Writer

CDC Software has reported revenue of $48.6m for the third quarter of 2009, a decrease of 20% compared to $60.5m for the same period last year. License revenue, maintenance revenue, services revenue and hardware revenue were 16%, 52%, 31% and 1%, respectively, of total revenue.

Operating income for the quarter was $7.2m, up compared to $5.6m for the third quarter of 2008. Operating margin was 15% during the quarter. Gross profit increased to $27.2m from $26.9m and gross margin remained flat at 56%.

The company has posted a net income of $6.1m for the third quarter of 2009, an increase compared to $4.23m for the same period last year. Earnings per share increased to $0.22 from $0.15.

Peter Yip, CEO of CDC Software, said: “We are pleased that we exceeded Wall Street consensus estimates for third quarter GAAP net income and Non-GAAP net income per share, which are key financial metrics for our company. In addition, our cash flow from operations of $19.2m represented an increase of more than 200% from the same period last year and is the highest on record for CDC Software.

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“Our fourth quarter sales pipeline has continued to increase and has shown steady growth over the last four quarters. In addition, our cross-sell opportunities in the fourth quarter have continued to increase as well as the mix of new logo customer as a percentage of license sales.”

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