Camelot Information Systems Inc. Announces Unaudited Fourth-Quarter and Full-Year 2012 Financial Results

   Camelot Information Systems Inc. Announces Unaudited Fourth-Quarter and
                       Full-Year 2012 Financial Results

PR Newswire

BEIJING, April 26, 2013

BEIJING, April 26, 2013 /PRNewswire/-- Camelot Information Systems Inc.
("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of
enterprise application services and financial industry IT services in China,
today announced unaudited financial results for the fourth quarter and year
ended December 31, 2012.

Fourth-Quarter Financial and Operating Highlights:

  oNet revenues were $71.9 million in the fourth quarter of 2012, an increase
    of 20.4% from $59.7 million in the fourth quarter of 2011 and an increase
    of 14.0% from the third quarter
  oNet revenues from enterprise application services (EAS) grew 7.0%
    year-over year, with growth in other sectors offset by lower sales in the
    Resources & Energy and Manufacturing & Automotive sectors
  oNet revenues from financial industry IT services (FIS) increased 47.3%
    year-over-year due to pent-up demand stemming from 2011 and from
    continuing solid execution
  oGross profit was $15.9 million, as compared to $15.9 million in the
    year-ago quarter and $17.2 million in the third quarter
  oLoss from operations was $9.0 million, as compared to a loss from
    operations of $3.2 million in the year ago quarter and $31.9 million loss
    from operations in the third quarter. Adjusted operating loss[1] was $2.8
    million, as compared to an adjusted operating loss of $1.0 million in the
    year-ago quarter and adjusted operating income of $5.5 million in the
    third quarter
  oNet loss attributable to Camelot was $10.6 million, as compared to net
    income attributable to Camelot of $0.5 million in the year-ago quarter and
    a net loss attributable to Camelot of $31.5 million in the third quarter.
    Adjusted net loss^1 attributable to Camelot was $4.5 million, as compared
    to adjusted net income of $2.7 million in the year-ago quarter and
    adjusted net income attributable to Camelot of $5.8 million in the third
    quarter
  oOn October 16, 2012, the Company signed a share transfer agreement with
    the original shareholders of Dimension regarding transferring 35% of
    Dimension to the latter in exchange of 1,152,352 ordinary shares, which
    was the share consideration issued to the original shareholders during
    shareholders during acquisition of the entity as of January 1, 2011

[1] For more information about the adjusted (i.e. non-GAAP) financial measures
contained in this press release, please see "Use of Non-GAAP Financial
Measures" below.

Full-Year Financial and Operating Highlights:

  oNet revenues increased 11.9% to $254.1 million in 2012, as compared to
    $227.1 million in 2011
  oAdjusted operating income^1 was $7.8 million, as compared to adjusted
    operating income of $13.0 million in 2011
  oOperating loss was $39.0 million, as compared to U.S. GAAP operating loss
    of $43.1 million in 2011
  oAdjusted net income^1 attributable to Camelot was $6.2 million, as
    compared to adjusted net income attributable to Camelot of $15.3 million
    in 2011. Adjusted diluted earnings per ADS^1 in 2012 were $0.14, as
    compared to diluted earnings per ADS of $0.34 in 2011
  oNet loss attributable to Camelot was $40.5 million, as compared to U.S.
    GAAP net income attributable to Camelot of $40.8 million in 2011

"Camelot demonstrated satisfactory revenue growth in the fourth quarter of
2012, despite a continuing soft China macro economy. Revenues in our EAS
segment grew at a reasonable rate, but the growth was offset by declines in
the economically sensitive Resources & Energy and Manufacturing & Automotive
sectors. Revenue growth in our FIS segment was healthy, also benefiting from
an easy comparison with second half of 2011. Though our revenues were in line
with our guidance, adjusted net-income fell short of our target due to certain
one-time payments and charges in the quarter," commented Mr. Simon Ma,
Camelot's Chairman and Chief Executive Officer. "We believe our business
remains fundamentally solid though we continue to work within a continuing
sluggish macroeconomic environment."

Fourth-Quarter 2012 Financial Results

Net revenues for the fourth quarter ended December 31, 2012 increased 20.4% to
$71.9 million from $59.7 million in the year-ago quarter.

Net Revenues by Business Line (in thousands, except percentage)
Business Line                         Three Months Ended Three Months Ended
                                      December 31, 2012  December 31, 2011
Enterprise application services (EAS) $42,714   59.4%    $39,912   66.9%
Financial industry IT services(FIS)   29,138    40.6%    19,778    33.1%
Total net revenues                    $71,852   100.0%   $59,690   100.0%

EAS net revenues increased 7.0% year-over-year to $42.7 million in the quarter
and also increased 2.0% from the prior quarter. The increase in quarterly EAS
net revenues was primarily due to strength in most sectors, offset by lower
revenues from the Resource & Energy and Manufacturing & Automotive sectors.
EAS net revenues amounted to 59.4% of total net revenues in the quarter. FIS
net revenues increased 47.3% year-over-year to $29.1 million and increased
38.0% from the prior quarter. FIS net revenues accounted for 40.6% of the
quarter's total net revenues.

Cost of revenues increased 27.7% to $55.9 million from $43.8 million in the
year-ago quarter. Adjusted cost of revenues increased 27.8% to $55.7 million
from $43.5 million in the year-ago quarter. Adjusted cost of revenues excludes
$216,000 of share-based compensation expense and $32,000 of
acquisition-related intangible expense.

Gross profit increased 0.2% to $15.9 million from $15.9 million in the
year-ago quarter. Adjusted gross profit increased 0.3% to $16.2 million from
$16.1 million in the year-ago quarter. The gross margin was 22.2% in the
quarter, as compared to 26.6% in the year-ago quarter. The adjusted gross
margin was 22.5% in the quarter, as compared to 27.0% in the year-ago quarter.

Operating expenses were $25.6 million in the quarter, as compared to $19.3
million in the year-ago quarter. Adjusted operating expenses were $19.7
million, as compared to $17.3 million in the year-ago quarter. Operating
expenses increased faster than revenues year-over-year due to compensation in
exchange for shares in a subsidiary, bad debt expense, and other one-time
expenses. Adjusted operating expenses exclude $1.6 million of share-based
compensation expense and $403,000 of acquisition-related intangible expense.

Operating loss was $9.0 million, as compared to an operating loss of $3.2
million in the year-ago quarter. Adjusted operating loss was $2.8 million, as
compared to an adjusted operating loss of $1.0 million in the year-ago
quarter.

Net loss attributable to Camelot for the fourth quarter of 2012 was $10.6
million, as compared to net income of $0.5 million in the year-ago quarter.
Adjusted net loss attributable to Camelot for the fourth quarter of 2012 was
$4.5 million, as compared to adjusted net income of $2.7 million in the
year-ago quarter. Adjusted net income includes $3.9 million in compensation
received in exchange for shares in a subsidiary.

Full-Year 2012 Financial Results

In 2012, net revenues increased 11.9% to $254.1 million from $227.1 million in
2011. Revenues in the EAS business line in 2012 were $165.1 million, an
increase of 3.7% from $159.2 million in the prior year. Revenues in the FIS
business line in 2012 were $89.0 million, an increase of 30.9% from the prior
year. Gross profit was $62.0 million in the year, as compared to $59.6
million in the prior year. The gross margin was 24.4% in the year, as
compared to 26.2% in the prior year. Adjusted gross profit was $62.4 million
in the year, as compared to $62.7 million in the prior year. The adjusted
gross margin was 24.6% in the year, as compared to 27.5% in the prior year.

Operating loss was $39.0 million in the year, as compared to an operating loss
of $43.1 million in the prior year. Adjusted operating income was $7.8
million in the year, as compared to $13.0 million in the prior year. The
adjusted operating margin was 3.1% in the year, as compared to 5.7% in the
prior year.

Net loss attributable to Camelot was $40.5 million in 2012, as compared to a
net loss of $40.8 million in the prior year, or a loss of $0.91 per diluted
ADS as compared to a loss of $0.91 per ADS in the prior year. Adjusted net
income attributable to Camelot was $6.2 million, or $0.14 per ADS in 2012, as
compared to $15.3 million, or $0.34 per ADS, in the prior year.

Balance Sheet and Cash Flow

As of December 31, 2012, the Company had $95.5 million in cash and cash
equivalents, short-term investments, and term deposits, as compared to $102.4
million in cash, cash equivalents and term deposits as of December 31, 2011.
The decrease was mainly due to a $40.4 million net loss, a $14.8 million
increase in accounts receivable, $11.0 million in repayment of bank borrowing,
offset by $35.3 million in maturity of time deposits, $6.6 million of
impairment of goodwill, and $29.6 million of impairment of intangible assets
in 2012.

In the fourth quarter of 2012, the Company did not repurchase any shares.

Days' sales outstanding[2] ("DSO") were 180 days in the fourth quarter of
2012, a decrease of 26 days from 206 days in the prior quarter.

[2] Calculated by dividing average accounts receivable, net of deferred
revenue, by rolling gross revenues before business tax and related surcharges,
and multiplying by 360 days. Rolling gross revenues are for the 12 months
ended December 31, 2012.

Employees

The Company's headcount increased to 6,085 as of December 31, 2012, which
included 5,343 information technology (IT) professionals, versus 5,966 total
employees and 5,230 IT professionals at the end of the third quarter. Of the
IT professionals, EAS employee headcount numbered 2,289, and FIS employee
headcount numbered 3,054.

Conference-Call Information

Camelot senior management will host a conference call at 8:00 a.m. (U.S.
Eastern Daylight Time) / 5:00 a.m. (U.S. Pacific Daylight Time) / 8:00 p.m.
(Beijing / Hong Kong time) on Friday, April 26 to discuss the Company's
fourth-quarter and full-year 2012 financial results.

The conference call may be accessed by calling:

US Toll free:                          (877) 474-9501
US Toll / International:               (857) 244-7554
Hong Kong toll free:                   800.96.3844
HK Toll:                               852.3002.1672
UK toll free:                          08082347616
UK toll:                               44.207.365.8426
South China toll free / China Telecom: 10 800 130 1713
North China toll free / China Netcom:  10 800 713 1756
China toll:                            86 4008811630
Taiwan toll free:                      00801148420

Passcode: 72459964

Please dial in approximately 10 minutes before the scheduled time of the call.

A replay of the conference call may be accessed by phone at the following
numbers until 11:59 p.m. Central China Time on May 3, 2013:

US Toll free:            (888) 286-8010
US Toll / International: (617) 801-6888

Passcode: 98510217

A live webcast of the conference call and recording of the conference call
will be available on the investor relations page of Camelot's website at
www.camelotchina.com.

USE OF NON-GAAP FINANCIAL MEASURES

To supplement the unaudited consolidated financial statements presented in
accordance with U.S. GAAP, Camelot uses the non-GAAP ("adjusted") financial
measures of gross profit and margin, operating expenses, operating income and
margin, net income attributable to Camelot Information Systems Inc. and
margin, and diluted earnings per share and diluted earnings per ADS, which are
adjusted from results based on U.S. GAAP to exclude impairment of intangible
assets, impairment of goodwill, share-based compensation, acquisition-related
intangible amortization, and changes in fair value of contingent
consideration. The non-GAAP financial measures are provided as additional
information to help our investors compare business trends among different
reporting periods on a consistent basis and to enhance investors' overall
understanding of our current financial performance and prospects for the
future. The non-GAAP financial measures should be considered in addition to
results prepared in accordance with U.S. GAAP, but should not be considered a
substitute for or superior to U.S. GAAP results. In addition, our calculation
of the non-GAAP financial measures may differ from the calculations used by
other companies, and therefore comparability may be limited.

STATEMENT REGARDING UNAUDITED FINANCIAL INFORMATION

The unaudited financial information set forth above is subject to adjustments
that may be identified when audit work is performed on the Company's year-end
financial statements, which could result in significant differences from this
unaudited financial information.

ABOUT CAMELOT INFORMATION SYSTEMS INC.

Camelot is a leading domestic provider of enterprise application services and
financial industry information technology ("IT") services in China, focusing
on the high end of the IT value chain. The Company is the largest domestic
provider of SAP-based Enterprise Resource Planning services in China as
measured by 2010 revenue and by the number of SAP consultants as of December
31, 2010. Camelot also ranked as number-one in the banking testing market in
2010, according to IDC. Camelot also operates in other areas of the Asia
Pacific region, including Taiwan and Japan. The Company provides services to a
wide range of industries, including financial services, resources and energy,
manufacturing and automobile, technology, as well as telecommunication, media
and education.

SAFE HARBOR

This press release contains statements that may constitute "forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve a number of risks and uncertainties
that could cause actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by these forward-looking statements. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following: the
Company's growth strategies, the Company's ability to attract and retain
skilled professionals, the market of IT services in China, the wages of IT
professionals, the Company's ability to serve, retain, and attract customers.
Further information regarding these and other risks is included in Camelot's
filings with the U.S. Securities and Exchange Commission, including its annual
report on Form 20-F. Camelot does not undertake any obligation to update any
forward-looking statement as a result of new information, future events or
otherwise, except as required under applicable law.



Company Contacts:
                                          Investor Relations Contacts:
Camelot Information Systems Inc.
                                          CCG Investor Relations
Mr. Franklin King, Interim Chief
Financial Officer                         Mr. Crocker Coulson, President

Tel: +86 (10) 8201 9008                   Tel: +1 (646) 213-1915

E-mail: investors@camelotchina.com        E-mail: crocker.coulson@ccgir.com


Ms. Jojo Guo, Investor Relations Manager  Mr. John Harmon, CFA, Sr. Acct. Mgr.

Tel: +1 (646) 371-6533                    Tel: +86 (10) 8573 1014 (Beijing)

E-mail: investors@camelotchina.com        E-mail: john.harmon@ccgir.com

– financial tables follow –

------------------------------------------------------------------------------



CAMELOT INFORMATION SYSTEMS INC.
Condensed Consolidated Balance Sheets (Unaudited)
(U.S. Dollars in Thousands, Except per Share Data)
                                   December 31,                December 31,
                                   2012                        2011
Assets
Current assets
Cash and cash equivalents          $84,463                     $57,128
Term deposits                      9,726                       45,318
Restricted cash                    1,137                       4,626
Short-term investments             1,284                       –
Billed accounts receivable         45,279                      47,834
Unbilled accounts receivable       105,240                     87,212
Other current assets               23,395                      19,659
Total current assets               270,524                     261,777
Property and equipment, net        4,393                       4,673
Goodwill and other intangible      11,949                      46,248
assets
Other long-term assets             2,062                       2,698
Total assets                       $288,928                    $315,396
Liabilities and equity
Current liabilities
Consideration payable in
connection with business           $2,992                      $5,132
acquisition
Other current liabilities          79,877                      71,099
Total current liabilities          82,869                      76,231
Contingent consideration in        –                           2,822
relation to acquisition
Other non-current liabilities      2,786                       4,255
Total liabilities                  85,655                      83,308
Equity ^(a)                        203,273                     232,088
Total liabilities and equity       $288,928                    $315,396
Note:

(a) As of December 31, 2012, there were 190,926,475 ordinary shares issued and
185,069,020 shares outstanding.







CAMELOT INFORMATION SYSTEMS INC.
Condensed Consolidated Statements of Comprehensive Income
(Loss) (Unaudited)
(U.S. Dollars in Thousands, Except per Share Data)
                      Three Months Ended                       Twelve Months Ended
                      December 31,                             December 31,
                      2012               2011                  2012         2011
Net revenues          $71,852            $59,690               $254,063     $227,120
Cost of               (55,911)           (43,787)              (192,034)    (167,520)
revenues^(1)(2)
Gross profit          15,941             15,903                62,029       59,600
Selling and           (4,275)            (4,319)               (15,409)     (20,263)
marketing^(1)(2)
General and           (18,695)           (12,212)              (41,908)     (45,065)
administrative^(1)(2)
Research and          (2,711)            (2,348)               (8,047)      (5,956)
development costs
Changes in fair value
of contingent         38                 (442)                 (170)        (1,669)
consideration for
acquisition
Impairment of         –                  –                     (6,610)      (8,552)
intangible assets
Impairment of         –                  –                     (29,597)     (21,457)
goodwill
Total operating       (25,643)           (19,321)              (101,741)    (102,962)
expense
Government subsidies  734                189                   742          255
Income (loss) from    (8,968)            (3,229)               (38,970)     (43,107)
operations
Interest expense      (15)               (189)                 (188)        (935)
Interest income       167                476                   900          1,194
Income (loss) before
provisions for income (8,816)            (2,942)               (38,258)     (42,848)
tax
Income tax            (1,718)            3,283                 (2,144)      1,791
benefit(expense)
Net Income (Loss)     (10,534)           341                   (40,402)     (41,057)
Noncontrolling        (92)               120                   (144)        233
interest
Net Loss attributable
to Camelot            ($10,626)          $461                  ($40,546)    ($40,824)
Information Systems
Inc.^(3)
Earnings per share
Basic-ordinary shares ($0.06)            $0.00                 ($0.23)      ($0.23)
Diluted-ordinary      ($0.06)            $0.00                 ($0.23)      ($0.23)
shares
Earnings per ADS
Basic-ADSs            ($0.24)            $0.01                 ($0.91)      ($0.91)
Diluted-ADSs          ($0.24)            $0.01                 ($0.91)      ($0.91)
Weighted average
shares outstanding
Basic-ordinary shares 177,979,046        177,212,430           177,711,280  179,954,056
Diluted-ordinary      177,979,046        185,938,452           177,711,280  179,954,056
shares
Weighted average ADSs
outstanding
Basic-ADSs            44,494,762         44,303,108            44,427,820   44,998,514
Diluted-ADSs          44,494,762         46,484,613            44,427,820   44,998,514
Net Income (Loss)     (10,534)           341                   (40,402)     (41,057)
Other comprehensive
income, net of tax:
Change in cumulative
foreign currency      1,460              2,513                 2,153        8,229
translation
adjustments
Comprehensive loss    ($9,074)           $2,854                ($38,249)    ($32,828)
Less: comprehensive
income(loss)
attributable to the   (108)              114                   (173)        252
noncontrolling
interest
Comprehensive loss
attributable to       ($9,182)           $2,968                ($38,422)    ($32,576)
Camelot Information
Systems Inc.
(1) Includes the following amounts of share-based
compensation expenses for the periods indicated
                      Three Months Ended Twelve Months Ended
                      December 31,       December 31,
                      2012        2011   2012        2011
Cost of revenues      $216        $28    $278        $1,463
Selling and marketing 418         825    2,043       7,427
General and           1,209       159    2,120       10,476
administrative
Total share-based     $1,843      $1,012 $4,441      $19,366
compensation expenses
(2) Includes the following amounts of amortization
expense related to intangible assets acquired for
business combination for the periods indicated
                      Three Months Ended Twelve Months Ended
                      December 31,       December 31,
                      2012        2011   2012        2011
Cost of revenues      $32         $211   $127        $1,594
Selling and marketing 331         527    1,645       3,213
General and           72          71     285         278
administrative
Total
acquisition-related   $435        $809   $2,057      $5,085
intangible
amortization expenses
(3) The following table sets forth the
reconciliation of our adjusted net loss attributable
to Camelot Information Systems Inc. to the U.S. GAAP
net loss attributable to Camelot Information Systems
Inc.:
                      Three Months Ended Twelve Months Ended
                      December 31,       December 31,
                      2012        2011   2012        2011
Net loss attributable
to Camelot
Information Systems   ($10,626)   $461   ($40,546)   ($40,824)
Inc.
(U.S. GAAP)
Share-based           1,843       1,012  4,441       19,366
compensation
Acquisition-related
intangible            435         809    2,057       5,085
amortization
Changes in fair value
of contingent         (38)        442    170         1,669
consideration
Impairment of         -           -      6,610       8,552
intangible assets
Impairment of         -           -      29,597      21,457
goodwill
Non-cash compensation 3,908       -      3,908       -
expense
Total adjusted        6,148       2,263  46,783      56,129
amounts
Adjusted net income
(loss) attributable
to Camelot            ($4,478)    $2,724 $6,237      $15,305
Information Systems
Inc.



CAMELOT INFORMATION SYSTEMS INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(U.S. Dollars in Thousands)
                                      Three-Month Periods Twelve-Month Periods
                                      Ended December 31,  Ended December 31,
                                      2012       2011     2012       2011
Cash flow from operating activities:
Net loss                              ($10,534)  $341     ($40,402)  ($41,057)
Adjustments to reconcile net loss to
net cash provided by(used in)
operating activities:
Depreciation of property and          199        269      957        1,087
equipment
One time gain from disposal 35%       3,908      -        3,908      -
shares of dimension
Amortization of intangible assets     581        863      2,814      5,285
Deferred income taxes                 (190)      (1,934)  (903)      (4,060)
Impairment of intangible assets       -          -        6,610      8,552
Impairment of goodwill                -          -        29,597     21,457
Provision for account receivable      1,839      518      778        3,235
Provision for other current assets    -          (1,231)  633        -
Share-based compensation              1,843      1,011    4,441      19,366
Gains on disposal of property and     27         11       52         20
equipment
Change in fair value of contingent    (38)       442      170        1,669
consideration for acquisition
Changes in operating assets and
liabilities:
Accounts receivable                   10,978     8,872    (14,812)   (23,364)
Other assets                          (1,542)    (2,039)  (3,739)    (3,503)
Accounts payable                      2,764      1,678    1,093      (406)
Other liabilities                     17,622     4,839    14,427     6,918
Net cash used in operating activities 27,457     13,640   5,624      (4,801)
Cash flow from investing activities:
Purchase of term deposits             (4,664)    (10,342) (28,900)   (44,785)
Maturity of term deposits             18,996     -        64,227     -
Restricted cash                       594        8,003    3,518      2,743
Repayment of loan to unrelated        -          13       -          13
parties
Proceeds from disposal of property    16         11       24         29
and equipment
Purchase of property and equipment    (146)      (203)    (668)      (867)
Purchase of intangible assets and     1,269      78       (1,304)    -
other asset
Purchase of businesses, net of cash   -          -        (3,500)    (11,430)
acquired
Net cash provided (used in) by        16,065     (2,440)  33,397     (54,297)
investing activities
Cash flow from financing activities:
Proceeds from bank borrowing          331        1,373    3,212      9,205
Repayment of bank borrowing           (437)      (8,472)  (10,998)   (12,230)
Repurchase of ordinary shares         -          -        -          (14,415)
Payment of professional fee related   -          558      -          (406)
to initial public offering
Payment of reimbursable issuance cost -          (969)    -          (694)
related to follow-on offering
Payment of contingent consideration
and deferred consideration for        -          (1,188)  (5,100)    (7,961)
business
acquisitions
Proceeds from stock option exercises  -          41       -          1,335
Net cash used in financing activities (106)      (8,657)  (12,886)   (25,166)
Effect of foreign exchange rate       648        298      1,200      1,036
changes
Net increase (decrease) in cash and   44,064     2,841    27,335     (83,228)
cash equivalents
Cash and cash equivalents, beginning  40,399     54,287   57,128     140,356
of period
Cash and cash equivalents, end of     $84,463    $57,128  $84,463    $57,128
period





CAMELOT INFORMATION SYSTEMS INC.
Reconciliations of Adjusted Financial Measures to Comparable GAAP Measures
(Unaudited)
(US Dollars in Thousands, Except per Share Data and Percentage)
             Three Months Ended                   Three Months Ended
             December 31, 2012                    December 31, 2011
             GAAP     Adjustments        Adjusted GAAP     Adjustments     Adjusted
Cost of      $55,911  ($248)      (a)    $55,663  $43,787  (239)       (a) $43,548
revenues
Gross profit 15,941   248         (a)    16,189   15,903   239         (a) 16,142
Operating    25,643   (5,900)     (a)    19,743   19,321   (2,024)     (a) 17,297
expenses
Operating    (8,968)  6,148       (a)    (2,820)  (3,229)  2,263       (a) (966)
income(loss)
Net          (10,626) 6,148       (a)(d) (4,478)  461      2,263       (a) 2,724
income(loss)
Net gross    22.2%    0.3%        (b)    22.5%    26.6%    0.4%        (b) 27.0%
margin
Net
operating    (12.5%)  8.6%        (a)    (3.9%)   (5.4%)   3.8%        (a) (1.6%)
margin
Net margin   (14.8%)  8.6%        (a)    (6.2%)   0.8%     3.8%        (a) 4.6%
Diluted EPS  ($0.06)  $0.03       (c)    ($0.03)  $0.00    $0.01       (c) $0.01
Diluted      ($0.24)  $0.14       (c)    ($0.10)  $0.01    $0.05       (c) $0.06
EPADS
             Twelve Months Ended                  Twelve Months Ended
             December 31, 2012                    December 31, 2011
             GAAP     Adjustments        Adjusted GAAP     Adjustments     Adjusted
Cost of      $192,034 ($405)      (a)    $191,629 $167,520 ($3,057)    (a) $164,463
revenues
Gross profit 62,029   405         (a)    62,434   59,600   3,057       (a) 62,657
Operating    101,741  (46,378)    (a)    55,363   102,962  (53,072)    (a) 49,890
expenses
Operating    (38,970) 46,783      (a)    7,813    (43,107) 56,129      (a) 13,022
income(loss)
Net          (40,546) 46,783      (a)(d) 6,237    (40,824) 56,129      (d) 15,305
income(loss)
Net gross    24.4%    0.2%        (b)    24.6%    26.2%    1.3%        (b) 27.5%
margin
Net
operating    (15.3%)  18.4%       (a)    3.1%     (19.0%)  24.7%       (a) 5.7%
margin
Net margin   (16.0%)  18.4%       (a)    2.5%     (18.0%)  24.7%       (a) 6.7%
Diluted EPS  ($0.23)  $0.26       (c)    $0.04    ($0.23)  $0,31       (c) $0.09
Diluted      ($0.91)  $1.05       (c)    $0.14    ($0.91)  $1.25       (c) $0.34
EPADS

Notes:
(a) The non-GAAP adjustments include share-based compensation expenses,
amortization expense related to
intangible assets acquired for business acquisition, changes in fair value of
contingent consideration and impairment
of goodwill and intangible assets, where were presented in the notes (1) and
(2) below Condensed Consolidated
Statements of Operations (Unaudited) for the reconciliation process
(b) Adjustments to exclude acquisition-related intangible asset amortization
expense and share-based compensation recorded in cost of sales of $248, $239,
$405 and $3,057 for the three-month periods ended December 31, 2012 and 2011,
and the twelve-month periods ended December 31, 2012 and 2011, respectively.
(c) Adjusted diluted EPS is computed by dividing adjusted net income
attributable to Camelot Information Systems Inc. by the weighted average
number of diluted ordinary shares outstanding used in computing the GAAP
diluted EPS for the respective periods.
(d) Net income refers to net income attributable to Camelot.













SOURCE Camelot Information Systems Inc.

Website: http://www.camelotchina.com
 
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