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China Internet Nationwide Financial Services Inc. Reports Financial Results for the Fourth Quarter and Full Year 2017

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China Internet Nationwide Financial Services Inc. Reports Financial Results for the Fourth Quarter and Full Year 2017

PR Newswire

BEIJING, May 15, 2018 /PRNewswire/ -- China Internet Nationwide Financial Services Inc. (NASDAQ:CIFS) ("CIFS" or the "Company"), a leading financial advisory services company, today announced its financial results for the three and twelve months ended December 31, 2017.

Fourth Quarter of 2017 Financial Highlights (all comparisons to prior year unless noted)

  • Net revenue increased by 147.8% to $12.01 million for the fourth quarter of 2017, driven by an increase of 157.2% to $1,165 million in total amount of financing advised. 
  • Net income increased by 145.7% to $10.79 million for the fourth quarter of 2017, driven by increase in net revenue and partially offset by the increase in operating expenses.
  • Basic and diluted earnings per share was $0.49 for the fourth quarter of 2017, compared to $0.22 for the same period of the prior year.

Full Year 2017 Financial Highlights

  • Net revenue increased by 58.7% to $25.12 million for 2017, as the total amount of financing advised increased by 65.1% to $2,429 million
  • Net income increased by 73.1% to $24.05 million for 2017, driven by increase in net revenue and partially offset by the increase in operating expenses.
  • Basic and diluted earnings share was $1.15 for 2017, compared to $0.69 for the prior year.

Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS, commented, "We are very pleased to close the year on a high note. With both net revenue and net profit more than doubled, our growth moment remained strong in the fourth quarter of 2017."

Mr. Lin continued, "We remain focused on executing our long-term growth plan and start making good progress in our FinTech Initiative which we launched in November 2017. Our newly launched supply chain financing services and the newly acquired big data platform, Anytrust, are also starting to ramp quickly. Looking ahead, we believe that we have the right strategy and the right execution plan to take the Company to the next level and anticipate continuing growth momentum for our businesses in the near future."

Fourth Quarter of 2017 Financial Results


For the Three Months Ended December 31,

($ thousands, except per share data)

2017


2016


% Change

Revenue

$          12,009


$             4,846


147.8%

Gross profit

11,595


4,739


144.7%

Gross margin

96.6%


97.8%


-1.2 pp

Operating income

9,439


3,663


157.7%

Operating margin

78.6%


75.6%


-3.0 pp

Net Income

10,795


4,394


145.7%

EPS - basic & diluted

0.49


0.22


122.7%

Revenue

For the fourth quarter of 2017, net revenue increased by $7.16 million, or 147.8%, to $12.01 million from $4.85 million for the same period of the prior year. The increase in net revenue was primarily due to the increase in total amount of financing advised which increased by $712 million, or 157.2%, to $1,165 million for the fourth quarter of 2017 from $453 million for the same period of the prior year. The increases in net revenue and amount of financing advised were across all the board.


For the Three Months Ended December 31,


2017


2016


No. of
Clients
Advised


Amount of
Financing
Advised
($ Millions)


Revenue
($ Millions)


No. of
Clients
Advised


Amount of
Financing
Advised
($ Millions)


Revenue
($ Millions)

Commercial payment advisory services

14


$           649


$        7.51


6


$        272


$        2.86

International corporate financing advisory services

2


350


1.31


1


100


0.38

Intermediary bank loan advisory services

6


166


3.13


1


81


1.61

Technical services

-


-


0.06


-


-


-

Total

22


$        1,165


$      12.01


8


$        453


$        4.85

Revenue from commercial payment advisory services increased by $4.65 million, or 162.9%, to $7.51 million for the fourth quarter of 2017 from $2.86 million for the same period of the prior year. The Company assisted 14 SMEs in obtain acceptance bills from banks with total amount of financing advised of $649 million during the fourth quarter of 2017, compared to 6 SMEs and $272 million, respectively, during the same period of the prior year.

Revenue from international corporate financing advisory services increased by $0.93 million, or 242.0%, to $1.31 million for the fourth quarter of 2017 from $0.38 million for the same period of the prior year. The Company provided international corporate financing advisory services to 2 SMEs with total amount of financing advised of $350 million during the fourth quarter of 2017, compared to 1 SMEs and $100 million, respectively, during the same period of the prior year.

Revenue from intermediary loan advisory services increased by $1.52 million, or 94.6%, to $3.13 million for the fourth quarter of 2017 from $1.61 million for the same period of the prior year. The Company provided intermediary loan advisory services to 6 SMEs with total amount of financing advised of $166 million during the fourth quarter of 2017, compared to 1 SMEs and $81 million, respectively, during the same period of the prior year.

Revenue from technical service, related to our newly acquired subsidiary, Anytrust, was $0.06 million for the fourth quarter of 2017, compared to $nil for the same period of the prior year.

Revenue from commercial payment advisory services, inte

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