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CDC reports upbeat financial results for Q4 2009 |
CDC Corporation, a global enterprise software, IT services and new media company, announced its financial results for the fourth quarter and year ended December 31, 2009.
For the fourth quarter of 2009, CDC Corporation reported revenue was $83 million compared to $76.6 million in the third quarter of 2009 and $97 million for the fourth quarter of 2008. Adjusted EBITDA in the fourth quarter of 2009 was $14 million, increasing 56 percent from Adjusted EBITDA of $9 million in the third quarter of 2009.
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 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.
On a standalone basis, CDC Software's revenue for the fourth quarter of 2009 was $54.3 million, up from third quarter's $48.6 million. Adjusted EBITDA was $14.8 million as compared to $13.2 million from Q3 2009, with the margin staying stable at 27%. Bruce Cameron, president of CDC Software said he was proud of the fourth quarter and full year 2009 results in light of the economic downturn across the world. He said CDC Software's robust performance in the fourth quarter primarily resulted from strategies executed last year that focused on disciplined cost controls while still pursuing growth.
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