Key Developments: Camelot Information Systems Inc (CIS)
1.73USD
17 Jun 2013
$0.00 (+0.00%)
$1.73
$1.75
$1.76
$1.73
30,172
110,779
$2.56
$0.93
Latest Key Developments (Source: Significant Developments)
Camelot Information Systems Inc Issues Q2, FY 2013 Guidance Below Analysts' Estimates
Camelot Information Systems Inc announced that for the second quarter of 2013, it expects net revenues of approximately $62 million and an adjusted net income attributable to Camelot of approximately $1.0 million. For fiscal 2013, it expects net revenues of approximately $260 million and adjusted net income attributable to Camelot of approximately $5.0 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $66 million and net income of $2.5 million for the second quarter of 2013, revenue of $274 million and net income of $5.9 million for fiscal 2013. Full Article
Camelot Information Systems Inc Announces Departure Of Co-President
Camelot Information Systems Inc announced that Mr. Qian Zhao has resigned his positions as Co-President and Director, effective January 8, 2013, for personal reasons. Full Article
Camelot Information Systems Inc Issues Q4 2012 Guidance Below Analysts' Estimates; Lowers FY 2012 Guidance
Camelot Information Systems Inc announced that for the fourth quarter of 2012, it expects net revenues of approximately $70 million and adjusted net loss attributable to Camelot of approximately $0.2 million. For fiscal 2012, it expects net revenues of approximately $252 million and adjusted net income attributable to Camelot of approximately $10.5 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $76 million and net income of $5.24 million for the fourth quarter of 2012, revenue of $266 million and net income of $13.8 million for fiscal 2012. Full Article
Camelot Information Systems Inc Issues Q3 2012 Guidance Above Analysts' Estimates; Reaffirms FY 2012 Guidance
Camelot Information Systems Inc announced that for the third quarter of 2012, it expects net revenues of approximately $70 million and adjusted net income of approximately $6.3 million. For fiscal 2012, it expects net revenues of approximately $266 million and adjusted net income of approximately $18 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $68 million and net income of $5 million for the third quarter of 2012, revenue of $260 million and net income of $16 million for fiscal 2012. Full Article
Camelot Information Systems Inc Forms Joint Venture With Wuhan Iron and Steel Engineering Technologies Group Co., Ltd., The Technology Subsidiary Of Wuhan Iron and Steel Group
Camelot Information Systems Inc announced that on June 28, the Company signed a definitive agreement with Wuhan Iron and Steel Engineering Technologies Group Co., Ltd., the technology subsidiary of Wuhan Iron and Steel Group, to create a joint venture named Wuhan Steel Camelot Information Systems Co., Ltd. (the Joint Venture). The Joint Venture, in which each party plans to invest RMB11 million (USD1.7 million) for a 50% interest, is designed to create a platform upon which to develop and grow the IT application business for the iron and steel industry. The Joint Venture will bring together the strengths of both companies: Camelot's brand, talent, technology, and management expertise, alongside Wuhan Iron and Steel's industry expertise and market knowledge. By leveraging these valuable assets, the Joint Venture will create the premier platform for high-end software development, related product R&D, and the development of outsourcing and other customized solutions for the iron and steel industry. Full Article
Camelot Information Systems Inc Reaffirms FY 2012 Guidance; Issues Q2 2012 Guidance; Net Income Guidance Below Analysts' Estimates
Camelot Information Systems Inc announced that for the second quarter of 2012, it expects net revenues of approximately $62 million, adjusted net income of approximately $3.2 million. For fiscal 2012, the Company continues to expect net revenues of approximately $266 million, adjusted net income of approximately $18 million. According to I/B/E/S Estimates, analysts were expecting the Company to report net income of $5.34 million; revenue of $64.5 million for the second quarter of 2012; net income of $14.7 million on revenues of $260.6 million for fiscal 2012. Full Article
Camelot Information Systems Inc Enters Partnership Agreement With Huawei Device Co. Ltd. To Expand Mobile Enterprise Applications Market
Camelot Information Systems Inc announced that the Company has entered into a strategic cooperative agreement (the "Agreement") with Huawei Device Co., Ltd. ("Huawei Device") to develop enterprise application solutions for Huawei's mobile business users. The Agreement was signed on April 18, 2012 and has a three-year term. According to the Agreement, Camelot and Huawei Device will jointly form special project teams to develop mobile enterprise application solutions for Huawei Device's mobile equipment and closely work together to expand the domestic enterprise mobile-solution market. The scope of the strategic cooperation pertains to both companies' activities in hardware and software development for general enterprise solutions, as well as the mobile enablement of industry-specific solutions for the consumer-product, manufacturing, and finance industries. Full Article
Camelot Information Systems Inc Issues FY, Q1 2012 Guidance-Conference Call
Camelot Information Systems Inc announced that for fiscal 2012, it expect revenue of approximately $266 million, and an adjusted net income of approximately $18 million, or $0.38 per ADS based on $46.9 million diluted ADS. For the first quarter of 2012, it expects revenue of approximately $57 million, and an adjusted net loss of $5.9 million, or $0.13 per diluted ADS based on the $44.4 million diluted ADS. Full Article
Camelot Information Systems Inc Announces Formation of Camelot Financial Information Technology Services Co., Ltd.
Camelot Information Systems Inc announced the formation of a new, wholly owned subsidiary with the goal of sharpening the Company's focus on clients, technology and markets, in the BFSI (banking, financial services, and insurance) sector. Camelot launched the new subsidiary, named Camelot Financial Information Technology Services Co., Ltd., which will consolidate the Company's FIS resources and will integrate the teams from the Company's existing FIS business line and from previously acquired companies. This new subsidiary will become a cohesive, integrated unit within Camelot with its sole focus on clients, technology, and markets in the BFSI sector. Full Article
Law Firm of Levi & Korsinsky Announces Investigation Of Camelot Information Systems Inc
Law Firm of Levi & Korsinsky announced that class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Camelot Information Systems Inc. (Camelot or the Company) American Depository Shares between July 21, 2010 and August 17, 2011, inclusive (the Class Period), including those who acquired Camelot ADSs pursuant or traceable to the Company’s July 21, 2010 initial public offering (IPO) and December 10, 2010 Secondary Offering. The Complaint alleges that the Company and certain of its executive officers and/or directors misrepresented or failed to disclose material adverse facts concerning the Company’s business and financial results, including that: the Company’s IT professionals were not a competitive advantage to the Company and many were dissatisfied with Camelot, which would adversely affect Camelot’s ability to retain its customers; the Company was suffering from undisclosed attrition of employees, which was negatively affecting the Company’s ability to attract new customers; the Company misrepresented the numbers of highly trained professionals at its disposal; and Camelot’s contract with its important customer, IBM, was not as solid as represented and would not be renewed on the same terms. Full Article
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