AsiaInfo-Linkage, Inc. (ASIA) reported that its first quarter of 2013 net income attributable to the company increased to US$14.1 million, or US$0.19 per share, from US$6.4 million, or US$0.09 per share, in the year-ago period.
Net income attributable to the company was US$15.6 million, or US$0.21 per share, in the previous quarter.
The sequential increase was primarily due to the recognition of Key Software Enterprise tax status for two of the Company's Chinese subsidiaries, retroactively granted for the years 2011 and 2012, which resulted in a positive impact of US$9.0 million, or US$0.12 per basic share, and led to a tax benefit of US$6.6 million, or US$0.09 per basic share, recognized in the first quarter of 2013.
Non-GAAP net income attributable to the company was US$26.6 million or US$0.37 per basic share, up from US$19.4 million or US$0.27 per basic share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the first quarter of 2013 were US$143.0 million, an increase of 15.6% year-over-year. The year-over-year increase was primarily the result of healthy demand from China's three telecom carriers.
The company expects second quarter 2013 non-GAAP net income attributable to the company per basic share to be in the range of US$0.22 to US$0.25. The company expects second quarter 2013 non-GAAP net revenue to be in the range of US$133.0 million to US$137.0 million. Analysts expect the company to report earnings of $0.25 per share for the second-quarter.
In a separate prelease, the company said that its stockholders successfully passed all proposed resolutions at its annual meeting of stockholders, which was held on April 25, 2013 in Beijing. Of the 72.76 millionshares of the Company's common stock outstanding and entitled to vote as of the February 25, 2013 record date for the Annual Meeting, a total of 61.67 million shares were represented in person or by proxy, which constituted a quorum.
The stockholders approved a proposal to elect Steve Zhang, Thomas Manning and Sean Shao to board to serve for three-year terms to expire at the 2016 annual meeting of stockholders and until their respective successors are duly elected and qualified.
The stockholders also approved a proposal to ratify the appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2013.
The stockholders also adopted a proposal to approve, on an advisory basis, the compensation paid to the Company's named executive officers.
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