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CDC Corporation Reports a 56 Percent Increase in the Fourth Quarter 2009 Adjusted EBITDA from the Third Quarter 2009 and a Full Year 2009 Net Income Attributable to Controlling Interest of $16.8 million.

HONG KONG & ATLANTA -- CDC Corporation (NASDAQ: CHINA), a leading global enterprise software, IT services and new media company, today announced financial results for the fourth quarter and year ended December 31, 2009. For the fourth quarter of 2009, CDC Corporation reported Adjusted EBITDA(a) from continuing operations(b) or Adjusted EBITDA* of $14.0 million, a 56 percent increase from Adjusted EBITDA of $9.0 million for the third quarter 2009, and compared to Adjusted EBITDA for the fourth quarter of 2008 of $9.7 million. For the fourth quarter of 2009, revenue was $83.0 million compared to $76.6 million in the third quarter of 2009 and $97.0 million for the fourth quarter of 2008.

For the year ended December 31, 2009, net income attributable to controlling interest was $16.8 million, or $0.14 net income per share, compared to net loss attributable to controlling interest of $114.2 million, or $1.07 net loss per share for 2008, which was primarily due to goodwill impairment. For the full year 2009, CDC Corporation reported revenue of $320.1 million and Adjusted EBITDA of $42.7 million, compared to revenue of $409.1 million and Adjusted EBITDA of $35.9 million for the full year 2008.

Fourth quarter 2009 revenue and Adjusted EBITDA exceeded First Call consensus estimates of $81.9 million and $10.2 million, respectively. In the fourth quarter of 2009, CDC Corporation also recorded operating cash flow of $6.0 million, compared to $6.8 million in operating cash flow in the fourth quarter of 2008, marking nine consecutive quarters of positive operating cash flows. For the fourth quarter of 2009, net income attributable to controlling interest was $0.3 million compared to a net income attributable to controlling interest of $5.6 million in the third quarter of 2009 and a net loss attributable to controlling interest of $81.1 million in the fourth quarter of 2008.

"Overall, we are pleased to report net income for the fourth quarter and full year 2009 compared to significant losses in the comparable periods in prior year," said Peter Yip, CEO of CDC Corporation. "We believe we have turned the corner on all our core businesses which have seen improvements in their profit margins in the fourth quarter of 2009 compared to the third quarter of 2009, despite the global recession. Our strategy is to execute a variety of strategic growth alternatives begun last year and continuing in 2010, which we anticipate will help position our businesses for growth. For example, CDC Global Services is executing on strategies that we expect will help position it as a future leader in the IT and R&D outsourcing areas in China, while planning for some strategic initiatives that we believe will help unlock shareholder value. We are also very excited about CDC Games' two new local games scheduled for launch in the first half of this year. We have been receiving excellent support from Turbine, the developer of The Lord of the Rings Online, and are making progress on resolving the technical issues related to this game. We now expect to launch this exciting and long-awaited MMORPG later this year. We are focusing on the execution of our business plan for each of our core businesses and we are cautiously optimistic on our long-term growth and prospects."

CDC Corporation Consolidated

* Total revenue for CDC Corporation in the fourth quarter of 2009 was $83.0 million, compared to $76.6 million in the third quarter of 2009.

* Adjusted EBITDA in the fourth quarter of 2009 was $14.0 million, an increase of 56 percent from Adjusted EBITDA of $9.0 million in the third quarter of 2009.

Balance Sheet

The company's balance sheet as of December 31, 2009 remained solid, with Non-GAAP Cash and Cash Equivalents(a) of $130.8 million.

Subsidiary Revenue and Operating Metrics Summary

CDC Software

On a standalone basis, CDC Software had the following results for the three months ended September 30, 2009 and December 31, 2009:

Total revenue for CDC Software for the fourth quarter of 2009 was $54.3 million compared to $48.6 million in the third quarter 2009. For the fourth quarter of 2009, Adjusted EBITDA(a) was $14.8 million, compared to $13.2 million in the third quarter 2009. Non-GAAP earnings per share(a) almost quadrupled to $0.40 compared to $0.11 in the fourth quarter of 2008. Third quarter 2009 Non-GAAP earnings per share was $0.33. For the year ended December 31, 2009, Non-GAAP earnings per share was $1.31 compared to $0.66 per share for the year ended December 31, 2008. Operating cash flow for the year ended December 31, 2009 increased by 56 percent to $53.0 million, compared to $33.9 million for the full year ended December 31, 2008.

CDC Software is now trading as a separately listed public company on the NASDAQ Global Market under the symbol: CDCS. For a more information regarding the financial performance of CDC Software during the fourth quarter and full year ended December 31, 2009, please see CDC Software's fourth quarter 2009 press release located at the company's website:

"We are proud of our strong results for the fourth quarter and full year 2009 at CDC Software, especially in light of the global economic downturn," said Bruce Cameron, president of CDC Software. "We are pleased with our fourth quarter 2009 results, which again exceeded Wall Street consensus estimates in many of our key financial metrics including Non-GAAP earnings per share and license revenue. Our cash flow from operations for 2009 of $53.0 million represents a record for CDC Software. CDC Software's robust performance in the fourth quarter, especially our improvements in Adjusted EBITDA margin and license revenue, primarily resulted from our strategies executed last year, which focused on disciplined cost controls while still pursuing growth. We are especially pleased on our strong organic license revenue growth in the fourth quarter and on our solid pipeline for the first half of this year."

CDC Global Services

On a standalone basis, CDC Global Services had the following results for the three months ended September 30, 2009 and December 31, 2009:

Total revenue for CDC Global Services for the fourth quarter of 2009 was $17.6 million compared to $19.2 million for the third quarter of 2009. Fourth quarter 2009 Adjusted EBITDA was $0.4 million compared to $0.3 million in the third quarter of 2009. Gross margin improved to 20 percent in the fourth quarter compared to 17 percent in the third quarter of 2009. For the full year, revenue decreased to $75.2 million compared to $109.7 million for the full year 2008, due primarily to decreased demand for contract labor as a result of the global recession. Approximately 65 percent of revenue in 2009 was derived from the U.S. market while 35 percent was from international sources. Staff utilization for the fourth quarter was 84 percent, representing a decrease from 90 percent in the third quarter of 2009.

CDC Global Services continued its plans to expand its offshore service delivery capabilities in China which it expects to accomplish through organic growth of its existing engineering centers and the strategic acquisition of local IT outsourcing firms in several of China's key cities. These centers are expected to be organized and developed into practices specializing in various core skills that the company believes are much sought after in today's IT outsourcing market. CDC Global Services expects to operate clusters of these Offshore Development Centers (ODC) and which are expected to provide a whole array of services in software testing, Java software, .net software, embedded software development as well as software implementation for products that are from CDC Software and other international companies.

These local IT outsourcing firms can also provide CDC Global Services with immediate access to the growing domestic ITO service market in China. CDC Global Services' goals are to grow to 5,000 professional staff in China over the next few years and derive 35 percent of its revenue from the China domestic service markets.

Some of the recent outsourcing initiatives undertaken recently include evaluating an ITO firm in Shenzhen that serves local government and mobile operators in China. CDC Global Services currently is recruiting several new sales professionals for its outsourcing business that includes a recent hire for its Shanghai/Nanjing centers, as well as engaging new Alliance Partners.

The company plans to leverage CDC Software's extensive customer base in creating cross-selling opportunities of CDC Global Services' offshore IT outsourcing services. In addition to the implementation services that CDC Software traditionally sells together with its products, CDC Global Services believes it can offer new value to these customers by providing them competitively-priced, high-quality services in the design, development and testing of their software systems, product R&D work, maintenance and support of legacy software using CDC Global Services offshore engineering resources.

Some additional highlights in the CDC Global Services business during the fourth quarter of 2009 included several significant new engagements:

* A $44 billion global pharmaceutical products, prescription medicines, consumer healthcare and generics company has contracted for CDC Global Services to implement its SAP solutions at its main U.S. distribution facility.

* A $31 billion diversified manufacturer of aerospace products, control technologies for building, home and industry and other products contracted with CDC Global Services to implement its solution at multiple operating divisions and distribution facilities globally.

* A $14 billion leading human therapeutics company in the biotechnology industry contracted with CDC Global Services to implement its SAP solution at eight distributions facilities globally.

* A Sydney, Australia area city council serving 65,000 residents and 1,300 businesses contracted with Praxa to implement and refine its business portal.

* An Australian self-funding charitable organization contracted with Praxa to prepare a roadmap and analyze the business requirements for the replacement of their existing application software system to a single CRM platform.

"CDC Global Services is executing on a number of strategic initiatives that we expect will help expand its IT outsourcing operations in China which is a growing services market," said CK Wong, chairman of CDC Global Services. "Through a combination of organic growth and disciplined acquisitions in various cities in China, we plan to reach to 5,000 professional staff in our China-based offshore development centers and IT outsourcing centers over next few years. We are also looking at ways to penetrate the growing China domestic IT service market. The centers that we plan to expand are also expected to serve both our international and China clients. We believe these well-orchestrated initiatives can help to unlock shareholder value of CDC Corporation operating as a synergistic group of companies."

CDC Games

On a standalone basis, CDC Games had the following results for the three months ended September 30, 2009 and December 31, 2009:

Total revenue from continuing operations(b) for CDC Games during the fourth quarter of 2009 was $7.0 million compared to $6.2 million in the third quarter of 2009. Adjusted EBITDA for the fourth quarter of 2009 was $0.5 million compared to negative Adjusted EBITDA of $0.9 million in the third quarter of 2009. Adjusted EBITDA margin was 7 percent compared to negative 14 percent in the third quarter of 2009. Total peak concurrent users (PCU) in the fourth quarter increased 7 percent from the third quarter and total average concurrent users (ACU) increased 9 percent from the third quarter of 2009. For the year ended December 31, 2009, CDC Games reported revenue of $28.9 million compared to $44.9 million in 2008, due primarily to fewer new games and new updates for its current games provided in 2009. However, CDC Games expects to launch major new versions of its current games, as well as new local games for 2010.

CDC Games is planning to launch two new domestic games in China during the first half of this year, East Fantasy Online and Richman Universe Online. Developed by Chengdu, China-based BL Interactive Net Co., East Fantasy is a cartoon type 3D massive multiplayer online action role playing game (MMOARPG) featuring a humorous story line, six characters, and voiceovers from prominent voiceover actors who also provide voices for well known animated characters like Naruto, a popular Japanese manga series. Richman Universe Online, a casual MMORPG, is developed by Beijing-based Softstar Technology and is based on the theme of the popular Monopoly game and battle chess.

Additionally, in mid-January 2010, CDC Games launched a new version of Yulgang, version 4.0. Since its launch, the game has shown strong increases in PCU. CDC Games also extended its exclusive distribution rights for Yulgang in China until March 2011. Another new update for Yulgang is planned for later this year. Updates are also planned for the company's other games including a major update for Shaiya in the second quarter.

CDC Games completed a successful closed beta test of The Lord of the Rings Online (LOTRO) last year. The game's commercial launch has been delayed due to technical issues related to the nature of China's IT infrastructure. As a result, LOTRO is planned for commercial launch later this year.

"We are very pleased with our Adjusted EBITDA improvement in the fourth quarter, and our sequential quarter revenue improvement," said Simon Wong, CEO of CDC Games. "While we are disappointed with the delays for the commercial launch of LOTRO, we believe it is important that the game be fully tested for optimal technical performance, so it is now scheduled for later this year. We are also excited about our new domestic games planned for each quarter of this year, with two planned in the first half of this year. In addition, we have extended our license for Yulgang until March 2011 and have recently launched a major new update of the game which has been delivering increased metrics. We also expect to launch new updates for all our games, including a major update of Shaiya, in the coming quarters. With the planned new local games in our pipeline and the new updates of our other games, we expect continued improvement in our operating metrics for 2010."

During 2009, saw a negative impact to its portal's advertising revenue as a result of the China government's tightened regulation of online healthcare and medicine ads. is addressing the impact of that regulation through the expansion of content for its vertical channels, including its popular automobile channel. Its portal business, in conjunction with the China Auto Dealers Association, conducted the third annual automobile consumer reputation survey, a popular program that surveys brands and services in the automobile industry in various cities in China that is covered extensively by the media. Additionally,'s auto channel won a media award that is one of the oldest and considered most reputable in the auto industry. Its games channel was awarded "Outstanding anime/comic/game media award" by the General Administration of Press and Publication's (GAPP) game committee and received the "Outstanding network innovation" award for the 60th anniversary of the People's Republic of China, which was jointly given by the Beijing Municipality Internet Marketing Management Office and Beijing Association of Online Media. Also in the fourth quarter, TTG,'s publishing business, secured a management contract with the Tourism Development Division of the Ministry of Industry and Primary Resources, for the management Asian Tourism Forum (ATF) event.


CDC Corporation also holds a 20 percent equity interest in Bbmf. The company launched its first 3G comics in the summer of 2006 and has since grown organically to become one of the largest independent operators of 3G comics in Japan. Bbmf currently offers about 20,000 titles and four million pages of comic content licensed from approximately 1,000 authors and 100 publishers, which is considered to be one of the largest libraries in Japan. Bbmf also has one of the world's largest comic print to mobile production centers. The 3G comic operator is evaluating various options in their domestic and international growth strategy. CDC Corporation expects Bbmf to continue to grow rapidly in this exciting 3G mobile content/Internet social networking space.

Concluding Remarks

Yip concluded, "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. As we have previously stated, we are actively considering very carefully the most tax efficient and orderly manner to distribute registered shares of our underlying publicly listed subsidiaries to our shareholders. These potential distributions would be managed, after consulting with our tax advisor and capital market experts, to enhance the liquidity of these subsidiaries.

As part of these strategies, the board of CDC Corporation plans to seek shareholder approval for the execution of a reverse split of CDC Corporation's common stock at a ratio of three to one. We believe this will help reduce related administrative expenses and maximize shareholder participation in any potential distributions we may make."


CDC Corporation offers the following guidance for 2010, based upon preliminary financial results, information and estimates:

* 2010 Revenue: $352 million - $358 million, an increase of 10-12 percent from $320.1 million in 2009

* 2010 Adjusted EBITDA: $48 million - $51 million, an increase of 12-19 percent from $42.7 million in 2009.

Conference Call

The company's senior management will host a conference call for financial analysts and investors on Tuesday, March 09, at 8:30 AM EST.

USA-based Toll Free Number: +1-(888) 603-6873

International: +1 973 582 2706

Pass code: #: 58741443

Call Leader: Matthew Lavelle

This call is being webcast by CCBN and can be accessed at CDC Corporation's corporate web site at

The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (

Instant Replay

For those unable to call in, a digital instant replay will be available after the call until Sept. 1, 2009. U.S. based Toll Free Number: +1 800 642 1687, U.S.-based Toll Number: +1 706 645 9291 Passcode or PIN #: 58741443


All dollar amounts are in U.S. dollars

* CDC Corporation has recently changed the composition of its Adjusted EBITDA measurement, as provided herein, to be consistent with the presentation of Adjusted EBITDA for its subsidiary, CDC Software Corporation. CDC Corporation believes this revised presentation is a useful measure of operating performance. A reconciliation of this revised Adjusted EBITDA measurement to our historical Adjusted EBITDA measurement is provided below.

((a)) Adjusted Financial Measures

This press release includes Adjusted EBITDA from continuing operations, Adjusted EBITDA Margin, Non-GAAP Cash and Cash Equivalents and Non-GAAP Earnings Per Share, which are not prepared in accordance with GAAP (collectively, the "Non-GAAP Financial Measures"). Non-GAAP Financial Measures are not alternatives for measures such as net income, earnings per share and cash and cash equivalents prepared under generally accepted accounting principles in the United States ("GAAP"). These Non-GAAP Financial measures may also be different from non-GAAP measures used by other companies. Non-GAAP Financial Measures should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP.

Investors should be aware that these Non-GAAP Financial Measures have inherent limitations, including their variance from certain of the financial measurement principals underlying GAAP, should not be considered as a replacement for GAAP performance measures, and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. These supplemental Non-GAAP Financial Measures should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to net earnings determined in accordance with GAAP. Reconciliations of Non-GAAP Financial Measures to GAAP are provided herein immediately following the financial statements included in this press release.

((b)) Adjustment for Discontinued Businesses

During the second and fourth quarter of 2008, the mobile value added business of and operations of CDC Games International, respectively, were discontinued. The operations of CDC Games International, a subsidiary of CDC Games Corporation, included operations in the U.S., Japan and Korea. All historical results related to these two businesses have been included in discontinued operations.

((c)) SFAS 160 Adoption

As of January 2009, the company adopted SFAS 160, Non-controlling Interests in Consolidated Financial Statements. After the adoption of SFAS 160, net income (loss) is now referred to as net income (loss) attributable to controlling interest on the consolidated statement of operations.

((d) )2008 Revised Quarterly Information

Results provided herein for certain quarters of 2008 may be different than those previously reported in our press releases due to certain year-end adjustments required to be made in connection with the audit of our financial statements for the year ended December 31, 2008.

About CDC Corporation

The CDC family of companies includes CDC Software (NASDAQ: CDCS) focused on enterprise software applications and services, CDC Global Services focused on IT consulting services, and outsourced R&D and application development, CDC Games focused on online games, and, Inc. (HKGEM:8006) focused on portals for the greater China markets. For more information about CDC Corporation (NASDAQ: CHINA), please visit

About CDC Software

CDC Software (NASDAQ: CDCS), The Customer-Driven Company[TM], is a provider of enterprise software applications and a full range of services designed to help organizations deliver a superior customer experience, while increasing efficiencies and profitability. Leveraging a service-oriented architecture (SOA), CDC Software offers multiple delivery options for their solutions including on-premise, hosted, cloud-based SaaS or blended-hybrid deployment offerings. CDC Software's solutions include enterprise requirements planning (ERP), manufacturing operations management, enterprise manufacturing intelligence, supply chain management (demand management, order management and warehouse and transportation management), e-Commerce, human capital management, customer relationship management (CRM), complaint management and aged care solutions.

CDC Software's recent acquisitions are part of its "acquire, integrate, innovate and grow" strategy. Fueling the success of this strategy is the company's global scalable business and technology infrastructure featuring multiple complementary applications and services, domain expertise in vertical markets, cost effective product engineering centers in India and China, a highly collaborative and fast product development process utilizing Agile methodologies, and a worldwide network of direct sales and channel operations. This strategy has helped CDC Software deliver innovative and industry-specific solutions to more than 6,000 customers worldwide within the manufacturing, distribution, transportation, retail, government, real estate, financial services, health care, and not-for-profit industries. For more information, please visit

About CDC Global Services

CDC Global Services, a business unit of CDC Corporation, provides IT consulting services, including platform-specific services for Microsoft and SAP, as well as project management, IT staffing, managed help desk solutions and a full range of outsourced service offerings. CDC Global Services provides hardware for data collection and RFID, through partnerships with some of the industry's most reputable vendors. CDC Global Services customers benefit from streamlined vendor management and the ability to control project costs, while being able to access the right IT resources through a singular point of contact. For more information on CDC Global Services, visit:

About CDC Games

CDC Games is a market leader in online and mobile games in China with more than 160 million registered users. The company pioneered the "free-to-play, pay-for-merchandise" online games model in China with Yulgang and launched the first free-to-play, pay for merchandise FPS (first person shooter) game in China with Special Force. For more information on CDC Games, visit:

About Inc. is a leading operator of Internet portals, serving a broad range of audiences in China. In 2006, it was chosen as the second company to host Google's Video Adsense which serves video ads targeted at China's English-speaking audience. also was appointed by the Jilin government as the exclusive web sponsor of the 2007 Asian Winter Games. was listed on the GEM of the Stock Exchange of Hong Kong Limited on March 9, 2000. In December 2000, Inc. was admitted as a constituent stock of the Hang Seng IT and IT Portfolio Indices.

Cautionary Note Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our beliefs and expectations about the performance of our core businesses, our beliefs about strategic alternatives we are considering and the potential benefits related thereto, including strategies related to CDC Global Services, our beliefs about anticipated future growth and the competitive position of our businesses, our beliefs about unlocking shareholder value at our subsidiaries, our beliefs regarding our plans for growth both organically and through acquisitions, our beliefs and plans relating to our expansion in China for CDC Global Services and the utilization of IT outsourcing firms, our plans to leverage CDC Software's customer base for CDC Global Services, our beliefs regarding value that can be provided to our customers and potential customers, our expectations regarding future expansion in China and the potential benefits to us, our customers and shareholders, our expectations regarding the launch of new games at CDC Games, and the timing thereof, our beliefs regarding the current performance of our games and the continuation any increases we may have experienced, our plans with respect to updates for our games and the timing thereof, our beliefs and expectations regarding continued improvement in our operating metrics at CDC Games during 2010, our beliefs regarding our business and technology platform, our beliefs regarding our "sum-of-parts" valuation, our expectations regarding any of our strategies to help unlock shareholder value, our plans with respect to any matters to be put to our shareholders, and the expected benefits thereof, our beliefs regarding our competitive positioning in the event of a recovery in the global economy, our beliefs regarding the utility of the pro forma financial information provided herein, our beliefs regarding staff utilization rates at CDC Global Services, our beliefs regarding factors that may have negatively affected performance at our businesses, our expectations and estimates regarding our financial performance for future periods including those related to revenue and Adjusted EBITDA, and other statements that are not historical fact, the achievement of which involve risks, uncertainties and assumptions. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including the following: (a) the ability to realize strategic objectives by taking advantage of market opportunities in targeted geographic markets; (b) the ability to make changes in business strategy, development plans and product offerings to respond to the needs of current, new and potential customers, suppliers and strategic partners; (c) the effects of restructurings and rationalization of operations in our companies; (d) the ability to address technological changes and developments including the development and enhancement of products; (e) the ability to develop and market successful products and services; (f) the entry of new competitors and their technological advances; (g) the need to develop, integrate and deploy enterprise software applications to meet customer's requirements; (h) the possibility of development or deployment difficulties or delays; (i) the dependence on customer satisfaction with the company's games, software products and services; (j) continued commitment to the deployment of the products, including enterprise software solutions; (k) risks involved in developing software solutions and integrating them with third-party software and services; (l) the continued ability of the company's products and services to address client-specific requirements; (m) demand for and market acceptance of new and existing enterprise software and services and the positioning of the company's solutions; (n) risks associated with our convertible debt; and (o) the ability of staff to operate the enterprise software and extract and utilize information from the company's products and services. If any such risks or uncertainties materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Also, the results and benefits experienced by customers and users set forth in this press release may differ from those of other users and customers. Further information on risks or other factors that could cause results to differ is detailed in filings or submissions with the United States Securities and Exchange Commission made by CDC Corporation in its Annual Report for the year ended December 31, 2008 on Form 20-F filed on June 30, 2009. All forward-looking statements included in this press release are based upon information available to management as of the date of the press release, and you are cautioned not to place undue reliance on any forward looking statements which speak only as of the date of this press release. The company assumes no obligation to update or alter the forward looking statements whether as a result of new information, future events or otherwise. Historical results are not indicative of future performance.
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Date:Mar 8, 2010
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