Monthly Archives: May 2011

Pansoft announced financial results for Q3 2011

BVI-registered Pansoft Company Limited, a provider of software solutions for enterprise resource planning in China, announced unaudited financial results for the fiscal third quarter ended March 31, 2011. For the reported period, BVI company’s revenues were US$3.9 million, this is a 70.8% increase compared to US$2.3 million for the three months period ended March 31, 2011. The increase was due to strong organic growth plus the contribution from newly acquired businesses.

Company’s gross profit was US$0.9 million, compared to US$1.4 million in the same period of 2010. Gross margin was 23.0%, compared to 62.3% in the three months ended March 31, 2010. The drop in gross margin was mainly attributable to higher expenses.

The company reported operating loss in the amount of US$0.3 million, compared to operating income of US$0.8 million in the third quarter of 2010. Diluted earnings per share were US$0.02, compared to US$0.13 in the prior year period.

Net income attributable to Pansoft shareholders was $0.1 million, compared to net income of $0.7 million in the year-ago quarter, and was lower than the prior period.

Cost of sales was US$3.0 million, compared to US$0.9 million in the three months ended March 31, 2010. Such increase was attributed 40% to Pansoft China and 60% to newly acquired businesses.

Chinese insurance company receives acquisition proposal from BVI company

On May 14, 2011, Cninsure Inc., an independent insurance intermediary company operating in China and listed on Nasdaq, received a preliminary non-binding proposal letter from TPG Asia V MU, Inc., Kingsford Resources Limited, a company registered in the British Virgin Islands, and CDH Inservice Limited, to acquire all of the outstanding ordinary shares of the company. The shares are to be purchased in a going private transaction for US$19.00 per ADS, or US$0.95 per ordinary share, in cash, subject to certain conditions.

The Board of Directors is reviewing and evaluating the proposal, there can be no assurance that any definitive offer will be made, any agreement will be executed or this or any other transaction will be approved or consummated.

Cninsure Inc. is distributing a wide variety of property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, and provides insurance claims adjusting as well as other insurance-related services.