SHANGHAI, April 7, 2015 /PRNewswire-FirstCall/ — E-House (China) Holdings Limited (“E-House”) (NYSE: EJ), a leading real estate services company in China, today announced that it has entered into a definitive agreement (the “Definitive Agreement”) with Jupai Holdings Limited (“Jupai”), a leading third-party wealth management service provider in China, regarding the proposed transfer of E-House Capital, the asset management business unit of E-House focusing on the design and management of real estate or related investment projects and funds, to Jupai (the “Transaction”). E-House, through E-House (China) Capital Investment Management Limited (“E-House Investment”), a wholly owned subsidiary of E-House, currently owns approximately 33% of the total issued and outstanding shares of Jupai.
The asset management business of E-House Capital is currently operated by Scepter Pacific Limited, a company incorporated in the British Virgin Islands (“Scepter Pacific”), and its subsidiaries and consolidated entities. E-House, through E-House Investment, owns 51% of Scepter Pacific, while Reckon Capital Limited, a company incorporated in the British Virgin Islands (“Reckon Capital”), owns the remaining 49%. Reckon Capital is majority owned by Mr. Xin Zhou, who is the chief executive officer and co-chairman of E-House. Under the Definitive Agreement, E-House Investment and Reckon Capital will transfer all of their respective equity interests in Scepter Pacific in exchange for Jupai’s issuance, on a pro rata basis, to E-House Investment and Reckon Capital an aggregate number of Jupai’s ordinary shares equal to 20% of Jupai’s total post-issuance equity interest on a fully diluted basis (without giving effect to shares issued in the proposed initial public offering of Jupai) upon completion of a proposed initial public offering of Jupai and listing of Jupai’s American depositary shares representing its ordinary shares on a major stock exchange in the U.S. (the “Proposed IPO”). The closing of the Transaction is conditional upon the closing of the Proposed IPO and certain other customary closing conditions. Immediately upon the closing of the Transaction and the Proposed IPO, E-House will become the largest shareholder of Jupai with an approximately 37% equity interest in Jupai (without giving effect to the shares issued in the Proposed IPO).
E-House also announced today that Jupai has submitted, on a confidential basis, a draft registration statement on Form F-1 in compliance with the U.S. Securities Act of 1933, as amended (the “Securities Act”) to the U.S. Securities and Exchange Commission (the “SEC”) for the Proposed IPO. The Proposed IPO is expected to commence as capital markets conditions permit and is subject to Jupai’s public filing of the registration statement with the SEC in compliance with the Securities Act, and the SEC declaring such registration statement effective. The proposed number of American depositary shares to be offered and sold in the Proposed IPO has not yet been determined.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act. This press release is not intended to, and does not, constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and it is not intended to, and does not, constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the issuer and management, as well as financial statements.
About E-House
E-House (China) Holdings Limited (“E-House”) (NYSE: EJ) is China’s leading real estate services company with a nationwide network covering more than 250 cities. E-House offers a wide range of services to the real estate industry, including real estate online services through our 70%-owned subsidiary, Leju Holdings Limited (NYSE: LEJU), primary sales agency, secondary brokerage, information and consulting, offline advertising and promotion, real estate investment management and financial services, and community value-added services. E-House has received numerous awards for its innovative and high-quality services, including “China’s Best Company” from the National Association of Real Estate Brokerage and Appraisal Companies and “China Enterprises with the Best Potential” from Forbes. For more information about E-House, please visit http://www.ehousechina.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “may,” “intend,” “confident,” “is currently reviewing,” “it is possible,” “subject to” and similar statements. Among other things, the quotations from management and discussion of the Proposed IPO in this press release contain forward-looking statements. E-House or Jupai may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission. Statements that are not historical facts, including statements about beliefs and expectations of E-House or Jupai, are forward-looking statements and are subject to change, and such change may be material and may have a material adverse effect on E-House’s or Jupai’s financial condition and results of operations for one or more prior periods. Forward-looking statements involve inherent risks and uncertainties. For example, the Transaction and the Proposed IPO may not be consummated or may not result in the benefits that we anticipate. A number of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the forward-looking statements in this press release. Potential risks and uncertainties include, but are not limited to, difficulties in integrating the transferred businesses, changes in market conditions that may prevent or delay the Proposed IPO, a severe or prolonged downturn in the global economy and other risks outlined in E-House’s and Jupai’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of this press release, and neither E-House nor Jupai undertakes any obligation to update any such information, except as required under applicable law.
For investor and media inquiries please contact:
Ms. Michelle Yuan Director of Investor Relations E-House (China) Holdings Limited Phone: +86 (21) 6133-0754 E-mail: michelleyuan@ehousechina.com
Mr. Derek Mitchell Ogilvy Financial In the U.S.: +1 (646) 867-1888 In China: +86 (10) 8520-6139 E-mail: ej@ogilvy.com
PIETARSAARI, Finland, April 1, 2015 /PRNewswire/ — Beamex introduces MC6 Workstation, a new and advanced panel-mounted calibrator and communicator.
In today’s process industry, equipment is often calibrated out in the field. However, there are many advantages to performing maintenance and calibration tasks in the workshop, which often make this the preferred solution. For example, a workshop is a controlled environment, enabling better accuracy for calibration work. In addition, all equipment is always available and ready to use.
Beamex has been producing versatile, modular workshop calibration benches for more than 20 years. With the introduction of the new MC6 Workstation model, the calibration and communicator capabilities of the Beamex workshop offering are raised to a whole new level.
The MC6 Workstation offers calibration capabilities for pressure, temperature and various electrical signals. It also contains a full fieldbus communicator for use with HART, FOUNDATION Fieldbus and Profibus PA instruments. What really makes the MC6 Workstation unique is its usability. It has a large 5.7″ colour touchscreen with a multilingual user interface.
The ergonomic design of the panel-mounted MC6 Workstation makes it ideal for sectors such as pharmaceuticals, energy, oil and gas, food and beverage and the service industry, as well as the petrochemical and chemical industries.
The MC6 is one device with several different operational modes, which makes it fast and easy to use – and technicians have less to learn. The operational modes include Meter, Calibrator, Documenting Calibrator, Data Logger and Fieldbus Communicator.
The MC6 Workstation communicates with automatic pressure controllers and temperature blocks, enabling fully automatic calibration.
In addition, the MC6 Workstation is part of the Beamex Integrated Calibration offering. The MC6 Workstation is capable of communicating with Beamex CMX Calibration Management Software, enabling fully automated and paperless calibration and documentation.
BEAMEX is a leading worldwide provider of calibration solutions that meet even the most demanding of requirements for process instrumentation. Beamex offers a comprehensive range of products and services – from portable calibrators to workstations, calibration accessories, calibration software, industry-specific solutions and professional services. Through Beamex’s subsidiaries, branch offices and an extensive network of independent distributors, their products and services are available in more than 70 countries. Beamex has more than 10,000 customers worldwide.
For further information, please contact:
Beamex Headquarters:
MarketingDepartment Beamex Oy Ab Ristisuonraitti 10 FI-68600 Pietarsaari Finland
LAKE MARY, Fla., March 31, 2015 /PRNewswire/ — FARO Technologies, Inc. (NASDAQ: FARO), the world’s most trusted source for 3D measurement, imaging, and realization technology, announces the release of the newly designed PointSense for Autodesk’s Revit® building design software. PointSense introduces breakthrough functionality to significantly improve the evaluation and conversion of point cloud data to Building Information Modeling (BIM).
BIM has become a standard in the planning, building and management of new facilities and Autodesk Revit® is one of the most established BIM programs for the Architecture, Engineering and Construction (AEC) industry. FARO’s latest software release accelerates and simplifies the analysis and design of laser scan data directly in Autodesk Revit®.
“PointSense is FARO’s first software release following our recent acquisition of kubit™ and upholds FARO’s strategy to be a leader in the AEC market,” stated Jay Freeland, FARO’s President and CEO. “As BIM continues to be an established requirement in the construction industry, we recognize the need to provide customers with a complete field to finish solution. PointSense enhances the architectural design process by simplifying the extraction of BIM models to point clouds. This is merely the beginning of FARO’s efforts to greatly enhance scan-to-BIM workflows.”
PointSense users will experience additional functionality compared to traditional native Autodesk Revit® tools previously available to the market. Some of the new features include: extraction and alignment of architectural walls, creation of Revit® family types such as doors, windows, beams, construction lines and ground models, real 3D snap-to-point clouds, plane detection and scaled ortho-image generation.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about demand for and customer acceptance of FARO’s products, and FARO’s product development and product launches. Statements that are not historical facts or that describe the Company’s plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as “is,” “will” and similar expressions or discussions of FARO’s plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.
Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:
The Company’s inability to successfully identify and acquire target companies or achieve expected benefits from acquisitions that are consummated;
development by others of new or improved products, processes or technologies that make the Company’s products less competitive or obsolete;
the Company’s inability to maintain its technological advantage by developing new products and enhancing its existing products;
declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions; and
other risks detailed in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Forward-looking statements in this release represent the Company’s judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.
About FARO
FARO is the world’s most trusted source for 3D measurement, imaging and realization technology. The Company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, rapid prototyping, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes.
The Company’s global headquarters is located in Lake Mary, FL; its European regional headquarters in Stuttgart, Germany; and its Asia/Pacific regional headquarters in Singapore. FARO has other offices in the United States, Canada, Mexico, Brazil, Germany, the United Kingdom, France, Spain, Italy, Poland, Turkey, the Netherlands, Switzerland, Portugal, India, China, Malaysia, Vietnam, Thailand, South Korea, and Japan.
Amphe-Coal EX ideal for use in the mining industry
ZHUHAI, China, March 20, 2015 /PRNewswire/ — Amphenol Technology (Zhuhai) Co., Ltd./Amphenol Industrial Products Group, a global lea…
SHANGHAI, March 18, 2015 /PRNewswire/ — E-House (China) Holdings Limited (“E-House” or the “Company”) (NYSE: EJ), a leading real estate services company in China, today announced its unaudited financial results for the fiscal quarter and full year ended December 31, 2014.
Fourth Quarter 2014 Highlights
Total revenues increased by 22% year-on-year to $312.3 million
Revenues from real estate online services increased by 36% year-on-year to $171.8 million, including $124.5 million in revenues from e-commerce services, which grew by 61% year-on-year
Revenues from real estate information and consulting services increased by 30% year-on-year to $31.7 million
Revenues from primary real estate agency services increased by 6% year-on-year to $95.0 million
Non-GAAP[1] income from operations was $39.7 million; excluding spending of $11.7 million in new business units (community value-added services and real estate financial services) launched in 2014, non-GAAP income from operations was $51.5 million
Non-GAAP net income attributable to E-House shareholders was $25.9 million, or $0.14 per diluted American depositary share (“ADS”)
[1] E-House uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to E-House shareholders, (4) net income (loss) attributable to E-House shareholders per basic ADS, and (5) net income (loss) attributable to E-House shareholders per diluted ADS, each of which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions. See “About Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” below for more information about the non-GAAP financial measures included in this press release.
Full Year 2014 Financial Highlights
Total revenues increased by 24% year-on-year to $904.5 million
Revenues from real estate online services increased by 48% year-on-year to $495.9 million, including $326.7 million in revenues from e-commerce services, which grew by 92% year-on-year
Revenues from real estate information and consulting services increased by 8% year-on-year to $82.7 million
Revenues from primary real estate agency services increased by 2% year-on-year to $273.9 million
Non-GAAP income from operations was $99.1 million; excluding spending of $19.9 million in new business units (community value-added services and real estate financial services) launched in 2014, non-GAAP income from operations was $119.0 million
Non-GAAP net income attributable to E-House shareholders was $70.9 million, or $0.46 per diluted ADS
Xin Zhou, E-House’s co-chairman and CEO, said, “We achieved strong revenue growth in 2014 despite overall weakness in China’s real estate market. This was driven primarily by continued high growth of our online services unit Leju, which became a stand-alone public company in April 2014. In addition, our real estate information and consulting services and primary real estate agency services continued to grow as well in 2014, due to solid execution by our team.”
Mr. Zhou continued, “While our existing business units continued to deliver solid growth, we launched two new business units in the second half of 2014 to broaden our service scope from serving mainly home buyers to home owners as well, and to help position our company for continued growth well into the future. The two new business units, community value-added services and real estate financial services, have seen very encouraging early results within the first several months of their operations and are reflective of the types of innovative products and services we aim to bring to our customers. Our real estate financial services peer-to-peer platform ‘Fang Jin Suo’ has introduced a variety of real estate-related financial products since its launch and has attracted over 14,000 individuals, resulting in over $47 million of transaction flows through the platform. Our mobile community services app ‘Shi Hui’ attracts significant mobile users by offering free products and services, mostly supplied by retailers and service providers, and has already grown its user base to more than 3.3 million, with approximately 390,000 daily active users. Retailers and service providers have found Shi Hui more effective in brand promotion than regular mobile ads due to active user engagement and participation. In addition, a portion of Shi Hui users are directed to the official websites of these retailers and service providers for additional opportunities to win free awards and discounts, driving increased online traffic to these websites. Due to the unique mobile marketing solutions Shi Hui provides, retailers and service providers have increased their activities on Shi Hui by providing nearly RMB4 billion (approximately US$650 million) worth of free offers and discounts. In addition, Shi Hui has also been used as a community social network app as it groups its users by their residential compounds, office buildings or schools. Because of Shi Hui’s initial success, we expanded its operations from Shanghai and Beijing to a total of 10 cities as of the end of 2014 and expect to continue expanding into at least 50 cities in 2015. We believe both Shi Hui and Fang Jin Suo complement our existing services and will add new potential growth drivers to the company. Therefore, we plan to invest $200 million to $300 million in these new businesses during the next two years.”
Bin Laurence, E-House’s CFO, said, “We are very pleased that E-House achieved top-line growth in all of our existing business segments in 2014, despite a difficult real estate market with overall real estate transaction volume reductions. Our margins have been impacted by our spending on new business initiatives; yet, excluding the new business-related expenditures, we achieved profitability in both Leju and E-House’s remaining businesses, as well as solid growth in operating income. Based on the initial results that we have seen, we believe the investments in our new businesses will create additional value for our shareholders. Furthermore, we continued to pay attractive dividends in the form of a special dividend which included both cash and shares in Leju in January 2015, and a cash dividend that we are announcing today.”
Fourth Quarter 2014 Results
Total revenues were $312.3 million, an increase of 22% from $255.4 million for the same quarter of 2013, primarily driven by the growth of revenues from real estate online services.
Revenues from real estate online services were $171.8 million, an increase of 36% from $126.3 million for the same quarter of 2013, mainly contributed by the growth of revenues from e-commerce services. Revenues from e-commerce services were $124.5 million, an increase of 61% from $77.5 million for the same quarter of 2013, primarily due to a 28% increase in discount coupons redeemed (see “Selected Operating Data” below for more details on the discount coupons sold and redeemed). Revenues from online advertising services were $43.8 million, a slight increase from $43.2 million for the same quarter of 2013. Revenues from listing services were $3.5 million, compared to $5.6 million for the same quarter of 2013, primarily due to the slowdown in secondary home sales.
Revenues from real estate brokerage services were $97.8 million, an increase of 6% from $92.1 million for the same quarter of 2013. Real estate brokerage services include primary real estate agency services and secondary real estate brokerage services. Revenues from primary real estate agency services were $95.0 million, an increase of 6% from $89.2 million for the same quarter of 2013. The increase was caused by the increase of average commission rate, despite the slight decreases in the total gross floor area (“GFA”) of new properties sold and the total transaction value of new properties sold compared to the same quarter of 2013. (See “Selected Operating Data” below for more details on the total GFA and transaction value of new properties sold.) Revenues from secondary real estate brokerage services were $2.8 million, which was relatively flat compared to $2.9 million for the same quarter of 2013.
Revenues from real estate information and consulting services were $31.7 million, an increase of 30% compared to $24.4 million for the same quarter of 2013, due to increased revenues in both information services and consulting services.
Revenues from other services were $11.0 million, a decrease of 12% from $12.6 million for the same quarter of 2013. Other services include offline real estate advertising services, promotional events services, real estate fund management services, community value-added services and real estate financial services. No material revenues were generated by the newly launched community value-added services and real estate financial services. The revenue decrease from other services in the fourth quarter was primarily due to the decrease in revenues from offline promotional events services.
Cost of revenues was $96.5 million, an increase of 16% from $83.2 million for the same quarter of 2013, primarily due to increased staff costs from primary real estate agency services, and increased consulting project costs from real estate information and consulting services, in line with the revenue increases.
Selling, general and administrative (“SG&A”)expenses were $186.0 million, an increase of 36% from $136.3 million for the same quarter of 2013, primarily due to higher SG&A expenses for real estate online services, as well as $8.0 million in expenses related to community value-added services and $3.7 million in expenses related to real estate financial services, both of which commenced in the third quarter of 2014.
Income from operations was $30.5 million, a decrease of 20% from $38.0 million for the same quarter of 2013. Non-GAAP income from operations was $39.7 million, a decrease of 17% from $48.1 million for the same quarter of 2013. Excluding the expenses related to newly-launched community value-added services and real estate financial services, non-GAAP income from operations was $51.5 million.
Net income was $21.6 million, a decrease of 28% from $29.9 million for the same quarter of 2013. Non-GAAP net income was $31.2 million, a decrease of 14% from $36.5 million for the same quarter of 2013.
Net income attributable to E-House shareholders was $18.6 million, or $0.12 per diluted ADS, a decrease of 41% from $31.8 million, or $0.22 per diluted ADS, for the same quarter of 2013. Non-GAAP net income attributable to E-House shareholders was $25.9 million, or $0.14 per diluted ADS, a decrease of 32% from $38.3 million, or $0.26 per diluted ADS, for the same quarter of 2013.
Full Year 2014 Results
Total revenues were $904.5 million, an increase of 24% from $731.1 million for 2013, primarily driven by the growth of revenues from real estate online services and real estate information and consulting services.
Revenues from real estate online services were $495.9 million, an increase of 48% from $335.4 million for 2013, contributed by the growth of revenues from e-commerce and online advertising services. Revenues from e-commerce services were $326.7 million, an increase of 92% from $170.2 million for 2013, primarily due to a 61% increase in discount coupons redeemed (see “Selected Operating Data” below for more details on the discount coupons sold and redeemed). Revenues from online advertising services were $154.9 million, an increase of 7% from $145.4 million for 2013, due to growth in both the Company’s new home and home furnishing channels. Revenues from listing services were $14.3 million, compared to $19.8 million for 2013, primarily due to the slowdown in secondary home sales.
Revenues from real estate brokerage services were $283.4 million, a slight increase from $280.8 million for 2013. Revenues from primary real estate agency services were $273.9 million, an increase of 2% from $269.6 million for 2013. Revenues from secondary real estate brokerage services were $9.5 million, a decrease of 15% from $11.2 million for 2013, due to the Company’s decision to close unprofitable physical stores.
Revenues from real estate information and consulting services were $82.7 million, an increase of 8% from $76.7 million for 2013, mainly due to an increase in revenues from real estate information services.
Revenues from other services were $42.5 million, an increase of 11% from $38.2 million for 2013, primarily attributable to carried interest recognized from real estate fund management services of $5.4 million during the third quarter of 2014.
Cost of revenues was $306.1 million, an increase of 12% from $274.0 million for 2013, due to increased staff costs from primary real estate agency services, and increased consulting project costs from real estate information and consulting services, partially offset by the decrease of the fees paid to third parties for services in connection with the Company’s online listing business, and the decrease of the amortization expenses of intangible assets.
SG&A expenses were $545.5 million, an increase of 36% from $400.9 million for 2013, primarily due to higher SG&A expenses for real estate online services, as well as $15.8 million in expenses related to community value-added services and $3.9 million in expenses related to real estate financial services, both of which commenced in the third quarter of 2014.
Income from operations was $61.7 million, a slight increase from $61.0 million for 2013. Non-GAAP income from operations was $99.1 million, a decrease of 3% from $102.5 million for 2013. Excluding the expenses related to newly-launched community value-added services and real estate financial services, non-GAAP income from operations was $119.0 million.
Net income was $52.3 million, an increase of 2% from $51.1 million for 2013. Non-GAAP net income was $88.0 million, an increase of 4% from $84.9 million for 2013.
Net income attributable to E-House shareholders was $40.0 million, or $0.26 per diluted ADS, a decrease of 23% from $52.0 million, or $0.38 per diluted ADS, for 2013. Non-GAAP net income attributable to E-House shareholders was $70.9 million, or $0.46 per diluted ADS, a decrease of 17% from $85.4 million, or $0.63 per diluted ADS, for 2013.
Cash Flow
As of December 31, 2014, the Company’s cash and cash equivalents balance was $630.6 million.
Fourth quarter 2014 net cash provided by operating activities was $42.2 million, mainly attributable to non-GAAP net income of $31.2 million, as well as increases in accrued payroll and welfare of $39.9 million, an increase in income tax payables and other tax payables of $26.4 million and a decrease in customer deposits of $22.5 million, offset by an increase in accounts receivable of $39.2 million and an increase in restricted cash of $38.6 million. Net cash used in investing activities was $17.3 million, mainly comprised of $15.2 million in capital expenditures, and $5.9 million prepayment for business acquisition, partially offset by the collection of short-term investment of $1.3 million and proceeds from the disposal of property and equipment of $2.3 million. Net cash provided by financing activities was $18.1 million, mainly comprised of $36.0 million cash received from short-term loan, partially offset by $15.5 million in dividends paid to shareholders and $2.2 million paid for the acquisition of the remaining non-controlling interests in the Company’s online business.
Declaration of Cash Dividend
E-House announced today that its board of directors had authorized and approved the Company’s payment of a cash dividend of $0.15 per ordinary share ($0.15 per ADS). The cash dividend will be payable on or about May 15, 2015 to shareholders of record as of the close of business on April 10, 2015. Dividends to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.
Business Outlook
The Company estimates that its fiscal 2015 total revenues will be approximately $1.05 billion to $1.10 billion, which would represent an increase of approximately 16% to 22% from $904.5 million in 2014. This forecast reflects the Company’s current and preliminary view, which is subject to change.
Conference Call Information
E-House’s management will host an earnings conference call on March 18, 2015 at 8:15 a.m. U.S. Eastern Time (8:15 p.m.Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S./International:
+1-845-675-0437
Hong Kong:
+852-3018-6771
Mainland China:
+86-10-800-819-0121
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is “E-House earnings call.”
A replay of the conference call may be accessed by phone at the following number until March 25, 2015:
E-House (China) Holdings Limited (“E-House”) (NYSE: EJ) is China’s leading real estate services company with a nationwide network covering more than 250 cities. E-House offers a wide range of services to the real estate industry, including real estate online services through our 70%-owned subsidiary, Leju Holdings Limited (NYSE: LEJU), primary sales agency, secondary brokerage, information and consulting, offline advertising and promotion, real estate investment management and financial services, and community value-added services. E-House has received numerous awards for its innovative and high-quality services, including “China’s Best Company” from the National Association of Real Estate Brokerage and Appraisal Companies and “China Enterprises with the Best Potential” from Forbes. For more information about E-House, please visit http://www.ehousechina.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “may,” “intend,” “confident,” “is currently reviewing,” “it is possible,” “subject to” and similar statements. Among other things, the Business Outlook section and quotations from management in this press release, as well as E-House’s strategic and operational plans, contain forward-looking statements. E-House may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission, including Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about E-House’s beliefs and expectations, are forward-looking statements and are subject to change. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the forward-looking statements in this press release. Potential risks and uncertainties include, but are not limited to, a severe or prolonged downturn in the global economy, E-House’s susceptibility to fluctuations in the real estate market of China, government measures aimed at China’s real estate industry, failure of the real estate services industry in China to develop or mature as quickly as expected, diminution of the value of E-House’s brand or image, E-House’s inability to successfully execute its strategy of expanding into new geographical markets in China, E-House’s failure to manage its growth effectively and efficiently, E-House’s failure to successfully execute the business plans for its strategic alliances and other new business initiatives, E-House’s loss of its competitive advantage if it fails to maintain and improve its proprietary CRIC system or to prevent disruptions or failure in the system’s performance, E-House’s failure to compete successfully, fluctuations in E-House’s results of operations and cash flows, E-House’s reliance on a concentrated number of real estate developers, natural disasters or outbreaks of health epidemics and other risks outlined in E-House’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of this press release, and E-House does not undertake any obligation to update any such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement E-House’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), E-House uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to E-House shareholders, (4) net income (loss) attributable to E-House shareholders per basic ADS, and (5) net income (loss) attributable to E-House shareholders per diluted ADS, each of which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
E-House believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding its operating performance by excluding share-based compensation expense and amortization of intangible assets resulting from business acquisitions, , which may not be indicative of E-House’s operating performance. These non-GAAP financial measures also facilitate management’s internal comparisons to E-House’s historical performance and assist its financial and operational decision making. A limitation of using these non-GAAP financial measures is that share-based compensation expense and amortization of intangible assets resulting from business acquisitions that may continue to exist in E-House’s business for the foreseeable future. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliation between non-GAAP financial measures and their most comparable GAAP financial measures.
For investor and media inquiries please contact:
Ms. Michelle Yuan Director of Investor Relations E-House (China) Holdings Limited Phone: +86 (21) 6133-0754 E-mail: michelleyuan@ehousechina.com
Mr. Derek Mitchell Ogilvy Financial In the U.S.: +1 (646) 867-1888 In China: +86 (10) 8520-6139 E-mail: ej@ogilvy.com
E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEET
(In thousands of U.S. dollars)
December 31,
December 31,
2013
2014
ASSETS
Current assets
Cash and cash equivalents
413,319
630,617
Restricted cash
2,310
40,402
Customer deposits, net
67,602
92,797
Accounts receivable, net
357,442
415,150
Advance payment for properties, current
60,076
51,983
Properties held for sale
15,305
34,842
Short-term investment
1,279
—
Deferred tax assets, net
66,332
64,805
Prepaid expenses and other current assets
44,235
39,339
Amounts due from related parties
1,263
6,094
Total current assets
1,029,163
1,376,029
Property and equipment, net
50,077
49,109
Intangible assets, net
141,232
120,381
Investment in affiliates
39,052
51,681
Goodwill
51,600
51,540
Customer deposits, non-current, net
652
797
Investment in preferred shares of a private entity
—
39,485
Other non-current assets
43,744
87,902
Total assets
1,355,520
1,776,924
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
11,265
8,261
Accrued payroll and welfare expenses
102,632
116,577
Income tax payable
98,686
117,594
Other tax payable
40,001
49,390
Amounts due to related parties
5,536
7,356
Advance from property buyers
2,453
2,261
Short-term borrowings
—
35,954
Dividend payables
—
12,902
Advance from customers and deferred revenue
24,617
19,013
Liability for exclusive rights, current
8,968
—
Other current liabilities
62,467
85,837
Total current liabilities
356,625
455,145
Deferred tax liabilities
29,901
28,203
Convertible senior notes
131,651
132,752
Other non-current liabilities
1,472
658
Total liabilities
519,649
616,758
Equity
Ordinary shares ($0.001 par value): 1,000,000,000 and 1,000,000,000 shares authorized, 137,816,482 and 142,123,368 shares issued and outstanding, as of December 31, 2013 and December 31, 2014, respectively
138
142
Additional paid-in capital
859,468
991,646
Subscription receivables
(2,148)
(196)
Accumulated deficit
(107,705)
(67,703)
Accumulated other comprehensive income
72,185
83,901
Total E-House equity
821,938
1,007,790
Non-controlling interests
13,933
152,376
Total equity
835,871
1,160,166
TOTAL LIABILITIES AND EQUITY
1,355,520
1,776,924
E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share data and per share data)
Three months ended
Year ended
December 31,
December 31,
2013
2014
2013
2014
Revenues
255,376
312,325
731,079
904,499
Cost of revenues
(83,243)
(96,515)
(274,036)
(306,133)
Selling, general and administrative expenses
(136,340)
(185,975)
(400,947)
(545,492)
Other operating income
2,235
653
4,918
8,787
Income from operations
38,028
30,488
61,014
61,661
Interest expenses
(193)
(1,334)
(193)
(5,325)
Interest income
594
1,030
2,180
3,210
Other income (expenses), net
(189)
678
(1,051)
3,858
Income before taxes and equity in affiliates
38,240
30,862
61,950
63,404
Income tax expense
(7,691)
(9,522)
(13,678)
(14,901)
Income before equity in affiliates
30,549
21,340
48,272
48,503
Income (loss) from equity in affiliates
(668)
282
2,814
3,835
Net income
29,881
21,622
51,086
52,338
Less: net income (loss) attributable to
non-controlling interests
(1,871)
3,026
(871)
12,336
Net income attributable to E-House shareholders
31,752
18,596
51,957
40,002
Earnings per share:
Basic
0.23
0.13
0.40
0.29
Diluted
0.22
0.12
0.38
0.26
Shares used in computation:
Basic
135,829,362
141,427,003
130,163,165
139,211,442
Diluted
146,664,066
146,710,603
135,779,997
146,687,835
Note 1: The conversion of Renminbi (“RMB”) amounts into USD amounts is based on the rate of USD1 = RMB6.1190 on December 31, 2014 and USD1 = RMB6.1380 for the three months ended December 31, 2014
E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars)
Three months ended
Year ended
December 31,
December 31,
2013
2014
2013
2014
Net income
29,881
21,622
51,086
52,338
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustment
5,042
3,321
17,533
(2,120)
Unrealized holding gains for investment in preferred shares of a private entity
—
9,136
—
13,765
Comprehensive income
34,923
34,079
68,619
63,983
Less: Comprehensive income (loss) attributable to non-controlling interests
(1,778)
3,290
(404)
12,270
Comprehensive income attributable to E-House shareholders
36,701
30,789
69,023
51,713
E-HOUSE (CHINA) HOLDINGS LIMITED
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In thousands of U.S. dollars, except share data and per ADS data)
BERLIN, March 13, 2015 /PRNewswire/ — Berlin plays a leading role throughout Europe in the digital economy – as of today a 3D city model of the German capital is available to the public as Open Data. Until now Internet users have ha…
SHANGHAI, March 5, 2015 /PRNewswire-FirstCall/ — E-House (China) Holdings Limited (“E-House”) (NYSE: EJ), a leading real estate services company in China, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2014 before the U.S. markets open on March 18, 2015.
E-House’s management will host an earnings conference call on March 18, 2015 at 8:15 a.m. U.S. Eastern Time (8:15 p.m.Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S./International: +1-845-675-0437 Hong Kong: +852-3018-6771 Mainland China: +86-10-800-819-0121
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is “E-House earnings call.”
A replay of the conference call may be accessed by phone at the following number until March 25, 2015:
E-House (China) Holdings Limited (“E-House”) (NYSE: EJ) is China’s leading real estate services company with a nationwide network covering more than 250 cities. E-House offers a wide range of services to the real estate industry, including real estate online services, primary sales agency, secondary brokerage, information and consulting, offline advertising and promotion and real estate investment management services. E-House has received numerous awards for its innovative and high-quality services, including “China’s Best Company” from the National Association of Real Estate Brokerage and Appraisal Companies and “China Enterprises with the Best Potential” from Forbes. For more information about E-House, please visit http://www.ehousechina.com.
For investor and media inquiries, please contact:
Ms. Michelle Yuan Director of Investor Relations E-House (China) Holdings Limited Phone: +86 (21) 6133-0754 E-mail: michelleyuan@ehousechina.com
Mr. Derek Mitchell Ogilvy Financial In the U.S.: +1 (646) 867-1888 In China: +86 (10) 8520-6139 E-mail: ej@ogilvy.com
LAKE MARY, Fla., March 4, 2015 /PRNewswire/ — FARO Technologies, Inc. (NASDAQ: FARO), the world’s most trusted source for 3D measurement, imaging, and realization technology, announces the acquisition of kubit GmbH, a global leader in the development of software for surveying and as-built documentation. The acquisition also includes substantially all of the assets of its U.S. distributor kubit USA, Inc.
Located in Dresden, Germany, kubit has been developing field-proven software products to enable and simplify the use of real world objects in CAD applications since 1999. Initially launched to link total stations directly to AutoCAD, today kubit is the industry leader in providing tools to integrate 3D laser scan data with CAD environments such as Autodesk Revit and AutoCAD. kubit’s software is hardware independent, giving customers the flexibility to utilize any hardware offering, thus ensuring maximum productivity.
kubit software is used in a large number of applications, including but not limited to:
Building Information Modeling (BIM)
Archaeology
Architecture
Plant survey
Construction
Built heritage conservation
Facility management
Interior outfitting
Police and security forces
Surveying
“The acquisition of kubit is an exciting step in FARO’s strategy to develop integrated, disruptive 3D documentation product offerings for the Architecture, Engineering and Construction market,” stated Jay Freeland, FARO’s President and CEO. “By adding kubit’s products to our portfolio, customers now have significantly enhanced software options to serve a vast array of point cloud modeling, analysis needs, and measurement capabilities with very high connectivity to the Autodesk suite of products.”
The all cash transaction includes an initial payment as well as future earnout payments.
For more information about FARO’s 3D scanning solutions visit: http://www.faro.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about demand for and customer acceptance of FARO’s products, and FARO’s product development and product launches. Statements that are not historical facts or that describe the Company’s plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as “is,” “will” and similar expressions or discussions of FARO’s plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.
Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:
The Company’s inability to successfully identify and acquire target companies or achieve expected benefits from acquisitions that are consummated;
development by others of new or improved products, processes or technologies that make the Company’s products less competitive or obsolete;
the Company’s inability to maintain its technological advantage by developing new products and enhancing its existing products;
declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions; and
other risks detailed in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Forward-looking statements in this release represent the Company’s judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.
About FARO
FARO is the world’s most trusted source for 3D measurement, imaging and realization technology. The Company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, rapid prototyping, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes.
The Company’s global headquarters is located in Lake Mary, FL; its European regional headquarters in Stuttgart, Germany; and its Asia/Pacific regional headquarters in Singapore. FARO has other offices in the United States, Canada, Mexico, Brazil, Germany, the United Kingdom, France, Spain, Italy, Poland, Turkey, the Netherlands, Switzerland, Portugal, India, China, Malaysia, Vietnam, Thailand, South Korea, and Japan.
Flexible Cable Jumpers Using Micro-Coax Snap-On Connectors Now Available from Pasternack
IRVINE, Calif., March 3, 2015 /PRNewswire/ — Pasternack, a leading manufacturer and supplier of RF, microwave and millimeter wave products, introduces new lines of ultra-miniature UMCX, WMCX and HMCX32 coaxial cable assemblies. These low profile, flexible micro-coax jumper cables offer operation from DC to 6 GHz and are ideal for wireless applications including Wi-Fi, Wireless LAN, Bluetooth, ZigBee, LTE, mini-PCI, mobile antenna/GPS/radio systems, PDA/PCS/cellular handset application and other wireless communications systems. These cables are commonly used to connect an external antenna to a mini-PCB.
Pasternack Unveils New Lines of Ultra-Miniature Cable Assemblies with Performance Up to 6 GHz
The new RF cable assemblies from Pasternack include 40 unique configurations with multiple coax options including 0.81mm, 1.13mm, 1.37mm, RG178 and double shielded RG178 (RG178-DS). Both in-series and between-series cables are available in this release and the miniature UMCX, WMCX and HMCX32 snap-on connectors have mated connection heights ranging from 1.2mm to 2.5mm. Pasternack’s new UMCX and WMCX cable jumpers are compatible with Hirose® U.FL™ and W.FL™ connectors respectively.
Ultra-miniature UMCX, WMCX and HMCX32 cable assemblies from Pasternack are offered in standard lengths from stock while custom lengths and special configurations are available upon request. Custom cables can be assembled from the UMCX 2.5 series using RG178 coax with more than a hundred compatible connector options that can be selected from Pasternack’s catalog of coaxial connectors. Each of the new cable assemblies in this offering are 100% RF and continuity tested prior to shipment.
“Pasternack is continually expanding its industry leading offering of coaxial cable assemblies, and the addition of these new ultra-miniature cables gives design engineers an even greater variety of popular configurations to choose from,” says Steve Ellis, Interconnect Product Manager at Pasternack. “The low profile connectors on these cables are perfect for connecting to miniature circuit boards found in many of today’s wireless equipment.”
A leader in RF products since 1972, Pasternack is an ISO 9001:2008 certified manufacturer and supplier offering the industry’s largest selection of active and passive RF, microwave and millimeter wave products available for same-day shipping.
— Company Will Host Conference Call at 8:00 a.m. EST Monday, March 2, 2015 —
BEIJING, March 2, 2015 /PRNewswire/ — 58.com Inc. (NYSE: WUBA) (“58.com”) today announced that it has acquired Anjuke, a major online real estate listing platform in China. 58.com paid approximately US$ 267,010,000, including approximately 5,087,585 new ordinary shares of 58.com (one ADS represents two class A ordinary shares) and $160,170,715 in cash for a 100% equity stake.
Founded in Shanghai in 2007, Anjuke provides potential home buyers and renters an efficient and user-friendly experience to search for primary and secondary real estate. It also enables developers and real estate agents to effectively market their properties online. Following the acquisition, Anjuke will continue to operate its website and mobile app under the Anjuke brand.
Mr. Michael Jinbo Yao, Chairman and CEO of 58.com, commented, “There is still very robust demand for real estate in China and the opportunity for the best online real estate platform remains massive. This transaction allows us to create China’s largest secondary and rental real estate platform by combining 58.com’s housing content category with Anjuke’s platform. Our housing category has been one of 58.com’s fastest growing businesses and this acquisition allows us to generate new growth drivers by expanding into primary real estate services, which we previously did not cover. Anjuke has a highly recognizable brand and an incredibly talented team. We will continue to aggressively invest in our business as we seek to extend our leadership in the market. ”
Mr. Mike Weiping Liang, Chairman and CEO of Anjuke, added, “We are pleased to join 58.com since it will immediately allow Anjuke to access a large platform with significant traffic, financial resources, nationwide presence and strong marketing capabilities. I feel both companies share very similar DNA in how we focus on generating growth, attracting the best talent and creating the best user experience. Both businesses also have complementary user and customer demographics and geographic coverage. Anjuke looks forward to leveraging 58.com’s resources to explore new opportunities across China’s real estate market.”
China Renaissance acted as the financial advisor of the transaction.
58.com’s management will host a conference call to discuss the acquisition on Monday, March 2, 2015 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m. Beijing / Hong Kong the same day).
Dial-in details for the earnings conference call are as follows:
International:
+1-412-902-4272
U.S. Toll Free:
+1-888-346-8982
Hong Kong:
800-905945
China:
4001-201203
Passcode:
WUBA
Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.
A telephone replay of the call will be available after the conclusion of the conference call through 8:00 a.m. U.S. Eastern Standard Time, March 9, 2015. The dial-in details for the replay are as follows:
International:
+1-412-317-0088
U.S. Toll Free:
+1-877-344-7529
Passcode:
10061596
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of 58.com’s website at http://www.58.com.
About Anjuke
Anjuke is an online real estate sales and renting service provider in China. Anjuke offers efficient and user-friendly listing services for buyers and owners of primary and secondary residential and commercial properties as well as real estate agents. Anjuke’s platform covers 67 cities in China and provides real estate agents with an effective online marketing platform.
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China’s largest online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local merchants and consumers to connect, share information and conduct business. 58.com’s broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com .
Safe Harbor Statements
This press release contains forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. 58.com may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about 58.com’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: 58.com’s goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user base and network of local merchants for its online marketplace; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users’ information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.
