CAMELOT INFORMATION (NYSE:CIS)

BEIJING, March 28, 2014 /PRNewswire/ -- Camelot Information Systems Inc. (NYSE: CIS) ("Camelot" or the "Company"), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced the completion of the merger contemplated by the previously announced agreement and plan of merger (the "Merger Agreement"), dated as of September 18, 2013, by and among the Company, Camelot Employee Scheme Inc. ("Parent") and Camelot Employee SubMerger Scheme INC. As a result of the merger, the Company became a wholly owned subsidiary of Parent.

Under the terms and conditions of the Merger Agreement, which was approved by the Company's shareholders at an extraordinary general meeting held on March 25, 2014, each of the Company's ordinary shares, no par value (the "Shares") (including Shares represented by American depositary shares ("ADSs")) issued and outstanding immediately prior to the effective time of the merger has been cancelled in exchange for the right to receive $0.5125 per Share or $2.05 per ADS surrendered for cancellation, in each case, in cash, without interest and net of any applicable withholding taxes, except for the following excluded Shares: (i) Shares beneficially owned by Mr. Yiming Ma, Ms. Heidi Chou and Mr. Yuhui Wang or any person controlled by any of them; (ii) Shares beneficially owned by certain existing shareholders of the Company (and/or entities affiliated with or related to them) who have elected to cancel their rollover Shares and to subscribe for newly issued shares of Parent; and (iii) Shares owned by holders of Shares who have validly exercised and not effectively withdrawn or lost their appraisal rights pursuant to Section 179 of the BVI Business Companies Act, 2004, as amended. Each excluded Share (including ADSs that represent excluded Shares but excluding the dissenting Shares) issued and outstanding immediately prior to the effective time of the merger, will be cancelled and will cease to exist, and no consideration will be delivered with respect thereto. The Company did not receive any notice of objection from any shareholder prior to the vote to approve the merger, which is required for exercising any dissenter rights.

Registered shareholders and holders of ADSs entitled to the merger consideration will receive a letter of transmittal and instructions from Citibank, N.A., the paying agent appointed by Parent, on how to surrender their share certificates or the certificates evidencing their ADSs respectively in exchange for the merger consideration and should wait to receive the letter of transmittal before surrendering their certificates. Payment of the merger consideration will be made to surrendering ADS holders as soon as practicable after Citibank, N.A., the Company's ADS depositary, receives the merger consideration.

The Company also announced today that it requested that trading of its ADSs on the New York Stock Exchange (the "NYSE") to be suspended beginning on March 28, 2014.

The Company requested that the NYSE file a Form 25 with the Securities and Exchange Commission (the "SEC") notifying the SEC of the delisting of its ADSs on the NYSE and the deregistration of the Company's registered securities. The Company intends to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC in ten days. The Company's obligation to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will cease once the deregistration becomes effective.

BEIJING, March 25, 2014 /PRNewswire/ -- Camelot Information Systems Inc. (NYSE: CIS) ("Camelot" or the "Company"), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced that, at an extraordinary general meeting held today, the Company's shareholders voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement"), dated as of September 18, 2013, by and among the Company, Camelot Employee Scheme Inc. ("Parent") and Camelot Employee SubMerger Scheme INC, and to authorize and approve any and all transactions contemplated by the Merger Agreement, including the merger.

Immediately following the consummation of the transactions contemplated under the Merger Agreement, Parent will be beneficially owned by Mr. Simon Yiming Ma, the Company's Chairman and Chief Executive Officer, Ms. Heidi Chou, the Company's President, Mr.Yuhui Wang, the Company's Executive Vice President (and/or entities affiliated with or related to them), together with other 33 existing shareholders of the Company (and/or entities affiliated with or related to them) who have elected to cancel their rollover shares and to subscribe for newly issued shares of Parent.

Approximately 61% of the Company's total outstanding ordinary shares voted in person or by proxy at today's extraordinary general meeting. Of those ordinary shares, approximately 84% were voted in favor of the proposal to authorize and approve the Merger Agreement and any and all transactions contemplated by the Merger Agreement, including the merger.

BEIJING, February 25, 2014 /PRNewswire/ -- Camelot Information Systems Inc. (NYSE: CIS) ("Camelot" or the "Company"), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced that it would call an extraordinary general meeting of shareholders (the "EGM") to be held at 10:00 a.m. on March 25, 2014 (Beijing Time). The meeting will be held at the Company's office at Beijing Publishing House, A6 North Third Ring Road, Xicheng District, Beijing, the People's Republic of China, to consider and vote on, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger dated as of September 18, 2013 (the "Merger Agreement"), by and among the Company, Camelot Employee Scheme Inc. and Camelot Employee SubMerger Scheme INC. ("Merger Sub"), the plan of merger and the transactions contemplated by the Merger Agreement.

Shareholders of record as of the close of business in the British Virgin Islands on March 5, 2014 will be entitled to vote at the EGM. The record date for holders of American depositary shares ("ADSs") entitled to instruct Citibank, N.A., the ADS depositary, to vote the shares represented by the ADSs is the close of business in New York City on February 24, 2014.

Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company. If completed, the merger will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the New York Stock Exchange, the Company will cease to be a publicly traded company and the ADS program will be terminated. The Company's board of directors, acting upon the unanimous recommendation of the independent committee formed by the board of directors, authorized and approved the Merger Agreement, the plan of merger and the transaction contemplated by the Merger Agreement and resolved to recommend that the Company's shareholders and ADS holders to vote for, among other things, the proposal to authorize and approve the Merger Agreement, the plan of merger and the transaction contemplated by the Merger Agreement.

This announcement is neither a solicitation of proxies, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for the proxy statement and other materials that have been or will be filed with or furnished to the SEC.

Third-Quarter 2013 Financial Results

• Net revenues in the third quarter ended September 30, 2013 increased 12.5% to $70.9 million from $63.0 million in the same period in 2012
• Earnings per ADS Basic and Diluted was (0.04) vs. last years (0.71).

"We achieved solid year-over-year revenue growth in the third quarter of 2013, and revenues exceeded our guidance due to strength in our EAS business line. During the remainder of 2013, we expect solid but more moderate performance in our EAS business line, as we expect the delivery of some contracts to stretch into next year," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "Looking towards 2014, we expect some near-term challenges due to shifts in our customer mix due to economic reforms in China. We still believe that over the long term, the need for greater competitiveness among Chinese enterprises will increase, which should drive further demand for our services, which help companies become more efficient and competitive."

BEIJING, September 18, 2013 /PRNewswire/ -- Camelot Information Systems Inc. (NYSE: CIS) ("Camelot" or the "Company"), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Camelot Employee Scheme Inc. ("Parent"), a limited liability company incorporated under the laws of the British Virgin Islands (the "BVI") and wholly owned by Mr. Simon Yiming Ma ("Mr. Ma"), the Company's Chairman and Chief Executive Officer, and Camelot Employee SubMerger Scheme INC. ("Merger Sub"), a limited liability company incorporated under the laws of the BVI and a wholly owned subsidiary of Parent,pursuant to which Parent will acquire the Company for US$0.5125 per ordinary share of the Company (a "Share")or US$2.05 per American Depositary Shares, each representing four (4) Shares (an "ADS"). This represents a 36.7% premium over the closing price of US$1.50 per ADS as quoted by the New York Stock Exchange (the "NYSE") on March 11, 2013, the last trading day prior to the Company's announcement on March 12, 2013 that it had received a "going private" proposal, and a 41.3% premium over the volume-weighted average closing price of the Company's ADSs during the 30 trading days prior to March 12, 2013. The consideration to be paid to holders of Shares and ADSs implies an equity value for the Company of approximately US$98.2 million, on a fully diluted basis.

Immediately following the consummation of the transactions contemplated under the Merger Agreement, Parent will be beneficially owned by Mr. Ma, Ms. Heidi Chou, the Company's President, Mr. Yuhui Wang, the Company's Executive Vice President (and/or entities affiliated with or related to them) (collectively, the "Buyer Group"),together with other 32 existing shareholders of the Company (and/or entities affiliated with or related to them) who have elected to cancel their rollover Shares and to subscribe for newly issued shares of Parent (the "Rollover Shareholders").

Subject to the terms and conditions of the Merger Agreement, at the effective time of the merger (the "Effective Time"), Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent (the "Merger"). At the Effective Time, each of the Company's Shares issued and outstanding immediately prior to the Effective Time (including Shares represented by ADSs) will be cancelled in exchange for the right to receive US$0.5125 per Share or US$2.05 per ADS, in each case, in cash and without interest , except for the excluded Shares (the "Excluded Shares"), which include (i) Shares beneficially owned by the Buyer Group or any person controlled by any of them prior to the Effective Time (the "Founder Shares"); (ii) Shares beneficially owned by the Rollover Shareholders (the "Rollover Shares"); and (iii) Shares (the "Dissenting Shares") owned by holders of Shares who have validly exercised and not effectively withdrawn or lost their appraisal rights pursuant to Section 179 of the BVI Business Companies Act, 2004, as amended (the "BVI Companies Act") (the "Dissenting Shareholders"). Each Excluded Share (including ADSs that represent Excluded Shares but excluding the Dissenting Shares) issued and outstanding immediately prior to the Effective Time will be cancelled and will cease to exist, and no consideration will be delivered with respect thereto. Each Dissenting Shareholder will be cancelled at the Effective Time for the right to receive the fair value of such Shares as determined in accordance with the provisions of the BVI Companies Act.

Parent has entered into a debt commitment letter, pursuant to which China Development Industrial Bank has agreed to provide Parent with debt financing in an amount of US$70 million, the proceeds of which will be used to finance the consummation of the Merger and the other transactions contemplated by the Merger Agreement. Parent has also entered into an equity commitment letter, pursuant to which Zoyi Management Consulting, Ltd. has committed to cause certain of the funds and/or entities that it manages or advises to purchase convertible notes of Parent at or immediately prior to the Effective Time for an aggregate cash purchase price in immediately available funds equal toUS$20 million, plus an additional US$10 million at the sole option of Zoyi Management Consulting, Ltd. The Buyer Group hasentered into a limited guarantee in favor of the Company.

The Company's board of directors, acting upon the unanimous recommendation of the independent committee (the "Independent Committee") formed by the board of directors, approved the Merger Agreement and the Merger and resolved to recommend that the Company's shareholders vote to authorize and approve the Merger Agreement and the Merger. The Independent Committee, which is comprised solely of independent and disinterested directors of the Company who are unaffiliated with any of Parent, Merger Sub, the Buyer Group or any of the management members of the Company, negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The Merger, which is currently expected to close in early 2014, is subject to customary closing conditions, including the approval by an affirmative vote of shareholders representing more than fifty percent (50%) of the outstandingShares of the Company, present and voting in person or by proxy as a single class at an extraordinary general meeting of the Company's shareholders which will be convened to consider the approval of the Merger Agreement and the Merger. As of the date of the Merger Agreement, the Rollover Shareholders have agreed under a voting agreement to vote all in favor of the Merger Agreement and consummation of the transactions contemplated thereby, including the Merger. If completed, the Merger will result in the Company becoming a privately held company and its ADSs will no longer be listed on the NYSE.

Duff & Phelps Securities, LLC and Duff & Phelps, LLC (collectively, "Duff & Phelps") is serving as financial advisor to the Independent Committee. Shearman & Sterling LLP is serving as United States legal advisor to the Independent Committee and the Company. Maples and Calder is serving as BVI legal advisor to the Independent Committee. Skadden, Arps, Slate, Meagher & Flom LLP is serving as United States legal advisor to the Buyer Group. Locke Lord LLP is serving as United States legal advisor to Duff & Phelps.

Second-Quarter 2013 Financial Results

• Net revenues were $62.5 million in the second quarter of 2013, as compared to $62.1 million in the same period in 2012.
• Gross profit was $12.2 million, as compared to $16.2 million in the same period in 2012.
• Net loss attributable to Camelot was $8.5 million, as compared to net income attributable to Camelot of $2.4 million in the same period in 2012. Adjusted net loss attributable to Camelot¹ was $7.5 million, as compared to adjusted net income attributable to Camelot of $3.5 million in the same period in 2012.
• Earnings per ADS Basic and Diluted was (0.18) vs. last years 0.05.

"We managed to maintain our revenues in the second quarter of 2013 comparable with the same period last year in a challenging business environment, and our top-line performance met our expectations. At this point in 2013, we continue to experience slow economic growth and a higher rate of annual wage increases," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "Throughout the remainder of this year, we will continue to build our new FIS subsidiary, improve the effectiveness of our organization, and invest in new product categories such as solutions."

Business Outlook

Third Quarter of 2013

Camelot expects net revenues in the third quarter of 2013 of approximately $65 million, representing a 4.7% increase from revenues of $62.1 million in the third quarter of 2012.

In addition, the Company expects adjusted net income attributable to Camelot of approximately $2 million in the third quarter of 2013.

Full-Year 2013

For full-year 2013, Camelot expects net revenues of approximately $260 million, representing a 2.3% increase from the prior year.

The Company now expects a full-year 2013 adjusted net loss attributable to Camelot of approximately $4.0 million, as compared to adjusted net income of $6.2 million in the prior year.

First-Quarter Financial Results:

• Net revenues were $59.6 million in the first quarter of 2013, as compared to $57.1 million in the same period in 2012
• Gross profit was $11.8 million, as compared to $12.7 million in the same period in 2012
• Loss from operations was $3.8 million, as compared to a loss from operations of $1.6 million in the same period in 2012. Adjusted operating loss[1] was $2.8 million, as compared to adjusted operating income of$0.6 million in the same period in 2012
• Net loss attributable to Camelot was $4.3 million, as compared to a net loss attributable to Camelot of $0.8 million in the same period in 2012. Adjusted net loss attributable to Camelot¹ was $3.3 million, as compared to adjusted net income attributable to Camelot of $1.4 million in the same period in 2012

"Camelot achieved modest revenue growth in the first quarter of 2013, despite slower customer contract activities with large State-owned customers. Our FIS segment is running at full capacity and delivered strong growth as compared to the first quarter of last year. EAS has higher exposure to these large customers and reported lower revenues and margins," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "We believe our business remains fundamentally solid, although our customer activity remains slow, and we are monitoring the contract activity of our large customers."

Business Outlook

Second Quarter of 2013

Camelot expects net revenues in the second quarter of 2013 of approximately $62 million, roughly flat with the same period in 2012.

In addition, Camelot expects an adjusted net income attributable to Camelot of approximately $1.0 million in the second quarter of 2013.

Full-Year 2013

For full-year 2013, Camelot expects net revenues of approximately $260 million, representing a 2.3% increase from the prior year.

Camelot also expects full-year 2013 adjusted net income attributable to Camelot of approximately $5.0 million, representing a 14.4% decrease from the prior year.

Fourth-Quarter 2012 Financial Results

• Net revenues for the fourth quarter ended December 31, 2012 increased 20.4% to $71.9 million from $59.7 million in the year-ago quarter.
• Gross profit increased 0.2% to $15.9 million from $15.9 million in the year-ago quarter. Adjusted gross profit increased 0.3% to $16.2 million from $16.1 million in the year-ago quarter.
• Diluted EPS was a loss of ($0.06) vs last years $0.00.

"Camelot demonstrated satisfactory revenue growth in the fourth quarter of 2012, despite a continuing soft Chinamacro economy. Revenues in our EAS segment grew at a reasonable rate, but the growth was offset by declines in the economically sensitive Resources & Energy and Manufacturing & Automotive sectors. Revenue growth in our FIS segment was healthy, also benefiting from an easy comparison with second half of 2011. Though our revenues were in line with our guidance, adjusted net-income fell short of our target due to certain one-time payments and charges in the quarter," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "We believe our business remains fundamentally solid though we continue to work within a continuing sluggish macroeconomic environment."

BEIJING, April 23, 2013 /PRNewswire/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (CIS), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced that its special committee of the board of directors (the "Independent Committee"), formed to consider, among other things, the March 12, 2013 non-binding proposal letter from the Company's Chairman and Chief Executive Officer, Mr.Simon Yiming Ma ("Mr. Ma"), its President, Ms. Heidi Chou ("Ms. Chou"), and its Executive Vice President, Mr. Yuhui Wang(together with Mr. Ma and Ms. Chou, the "Buyer Group"), to acquire all of the outstanding shares of the Company not currently owned by the Buyer Group and their respective affiliates and certain other management members of the Company who may choose to join the Buyer Group in a going private transaction (the "Proposed Transaction"), has retained Duff & Phelps Securities, LLC and Duff & Phelps, LLC as its financial advisors and Shearman & Sterling LLP as its international counsel to assist the Independent Committee in its work.

The Independent Committee is continuing its evaluation of the Proposed Transaction and no decisions have been made by the Independent Committee with respect to the Company's response to the Proposed Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposed Transaction or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the Proposed Transaction or any other transaction, except as required under applicable law.

BEIJING, March 12, 2013 /PRNewswire/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced that its Board of Directors has received a preliminary non-binding proposal letter dated March 12, 2013 from its Chairman and Chief Executive Officer, Mr. Simon Yiming Ma ("Mr. Ma"), its President, Ms. Heidi Chou ("Ms. Chou"), and its Executive Vice President and the Chief Executive Officer of CFITS, a subsidiary of the Company, Mr. Yuhui Wang (together with Mr. Ma and Ms. Chou, the "Buyer Group"), to acquire all of the outstanding shares of the Company not currently owned by the Buyer Group and their respective affiliates and certain other management members of the Company who may choose to join the Buyer Group in a going private transaction forUS$1.85 per American Depositary Share ("ADS", each ADS representing 4 ordinary shares of the Company) in cash, subject to certain conditions.

According to the proposal letter, the acquisition is intended to be financed through a combination of debt and equity capital, and the Buyer Group has been in discussion with a financial institution which has expressed interest in financing the proposed acquisition.

The Company's Board of Directors has formed a special committee of independent directors (the "Independent Committee") consisting of Mr. Jian Wang , Mr. David Dahu Wang , and Ms. Joanna Wang , to consider this proposal. Mr. Jian Wang will serve as chairman of the Independent Committee. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work.

The Board of Directors cautions the Company's shareholders and others considering trading in its securities that the Board just received the preliminary non-binding proposal from the Buyer Group and no decisions have been made by the Independent Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

Second-Quarter Financial and Operating Highlights:

• Net revenues were $62.1 million in the second quarter of 2012, an increase of 4.5% from $59.4 million in the second quarter of 2011 and an increase of 8.7% from the first quarter
• Gross profit was $16.2 million, as compared to $19.0 million in the year-ago quarter and as compared to $12.7 million in the first quarter
• Adjusted operating income(1) was $4.5 million, as compared to adjusted operating income of $8.8 million in the year-ago quarter and as compared to $0.6 million in the first quarter
• Adjusted net income(1) attributable to Camelot was $3.5 million, as compared to $8.0 million in the year-ago quarter and exceeding guidance of $3.2 million and as compared to $1.4 million in the first quarter.
• Non-Gaap EPS were $0.07 vs $0.16 in prior year quarter.

Camelot's performance in the second quarter of 2012 reflects a return to double-digit growth in our FIS business line.  We achieved growth in most categories of our Enterprise Application Services business line despite an uncertain China macroeconomic environment.  In the second quarter, we launched our FIS consulting practice. We were pleased to have met our revenue guidance and exceeded our adjusted net-income guidance in the quarter," commented Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer. "As our core service offerings continue to evolve, we expect that they will continue to offer many opportunities for us to provide mission-critical and customized solutions to our clients. In the second half, we will increase our focus on operational efficiency and accelerate the improvement of our business structure and competitiveness."

Business Outlook

Third Quarter of 2012

Camelot expects net revenues in the third quarter of 2012 of approximately $70 million, representing a 28.5% increase from the third quarter of 2011.

In addition, Camelot expects third-quarter 2012 adjusted net income attributable to Camelot of approximately $6.3 million.

For full-year 2012, Camelot continues to expect net revenues of approximately $266 million, representing a 17.1% increase from the prior year.

Camelot also continues to expect full-year 2012 adjusted net income attributable to Camelot of approximately $18 million, representing a 17.0% increase from the prior year.

BEIJING, July 9, 2012 /PRNewswire-Asia-FirstCall/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry information technology services in China, today 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 RMB 11 million (U.S. $1.7 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.

"The Wuhan Iron and Steel Joint Venture will bring together our strengths with those of a leading steel company. I am looking forward to seeing the development of end-to-end software applications that will help the steel industry run more efficiently," said Mr. Simon Ma, Camelot's Chairman and CEO. "We believe that this Joint Venture will enable Camelot to establish a leadership position in the steel industry."

"We are delighted to partner with Camelot and look forward to combining resources to realize operational efficiencies in several steel plants' Manufacturing Execution Systems (MES), including those already in place and those to be built that can benefit from leading-edge Enterprise Resource Planning applications," said Mr. Song Shi-Wei, CEO of Wuhan Iron and Steel Engineering & Technology (WISET) Group.

First Quarter 2012 Results

• Net revenues increased 6.6% year-over-year to $57.1 million in the first quarter of 2012, as compared to $53.6 million in the first quarter of 2011
• Gross profit was $12.7 million, as compared to $13.9 million in the year-ago quarter
• Operating loss was $1.6 million, as compared to operating income of $2.8 million in the year-ago quarter
• Adjusted operating income[1] was $0.6 million, as compared to adjusted operating income of $5.5 million in the year-ago quarter
• Net loss was $0.8 million, as compared to net income of $2.3 million in the year-ago quarter.
• Adjusted net income[1] attributable to Camelot was $1.4 million as compared to $5.1 million in the year-ago quarter. Adjusted EPS of $0.03 vs $0.10
• A new wholly owned subsidiary, Camelot Financial Information Technology Services Co., Ltd., started operation in March 2012 to consolidate the Financial Industry IT Services (FIS) resources with a sole focus on clients, technology and markets in the banking, financial services and insurance sector
• Entered into a strategic cooperative agreement with Huawei Device Co., Ltd. ("Huawei Device") in April 2012 to develop enterprise application solutions for Huawei Device's mobile business users

Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer, commented, "We are satisfied with our results for the first quarter of 2012 and we met or exceeded our financial targets. As part of our plan to invest in solutions and consulting services, we entered into an agreement with Huawei to develop enterprise solutions for their mobile platform. We also invested in our consulting business by hiring over 150 business-transformation consulting professionals who are uniquely positioned to serve mission-critical demands in several industries. In addition, we are on track with our plans of integrating our FIS businesses."

"We believe that we are well-poised to generate substantial returns on our investment and are confident we remain on track towards building a cohesive foundation for sustainable, long-term growth and continuing our leadership in the industry." concluded Mr. Ma.

Business Outlook

Second Quarter of 2012

Camelot expects net revenues in the second quarter of 2012 of approximately $62 million, representing a 4.4% increase from the second quarter of 2011.

In addition, Camelot expects second-quarter 2012 adjusted net income attributable to Camelot of approximately $3.2 million, representing an 11.0% increase from the second quarter of 2011.

Full-Year 2012

For full-year 2012, Camelot continues to expect net revenues of approximately $266 million, representing a 17.1% increase from the prior year.

Camelot also continues to expect full-year 2012 adjusted net income attributable to Camelot of approximately $18 million, representing a 17.0% increase from the prior year.

BEIJING, April 24, 2012 /PRNewswire-Asia-FirstCall/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry information technology services in China, today 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.

Mr. Yiming (Simon) Ma, Camelot's Chairman and Chief Executive Officer commented, "We are honored to join this partnership with Huawei Device for joint enterprise mobile application development. As a leading business process application service provider in China, we are confident that the strategic alliance with Huawei Device will substantially benefit both companies and shape Camelot as the future leader in providing integrated mobile/cloud solutions to large-scale enterprises and small/medium-sized business (SMB) customers in China."

Mr. Jilin Li, President and CTO of Product and Device Development at Huawei Device, stated, "We believe the formation of the partnership with Camelot represents a significant milestone for Huawei Device. We look forward to closely working with Camelot to strengthen our leadership position in the domestic handheld device market, especially for business applications."

FOURTH-QUARTER 2011 FINANCIAL AND OPERATING HIGHLIGHTS

• Net revenues decreased slightly year-over-year to $59.7 million in the fourth quarter of 2011, as compared to$60.0 million in the fourth quarter of 2010
• Adjusted operating loss[1] was $934,000, as compared to adjusted operating income of $12.8 million in the year-ago quarter
• U.S. GAAP operating loss was $3.2 million, compared to U.S. GAAP operating income of $8.9 million in the year-ago quarter
• Adjusted net income[1] attributable to Camelot was $2.7 million as compared to adjusted net income attributable to Camelot of $11.2 million in the year-ago quarter. Adjusted diluted earnings per ADS[2] in the fourth quarter of 2011 were $0.06, as compared to diluted earnings per ADS of $0.24 in the year-ago quarter
• U.S. GAAP net income attributable to Camelot was $0.5 million, compared to U.S. GAAP net income attributable to Camelot of $7.3 million in the year-ago quarter

Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer, commented, "We are pleased with our results for the fourth quarter of 2011, during which we built team morale following the management changes we experienced in the third quarter. In the fourth quarter, we also began to centralize certain functions within the FIS business line, as well as to promote our FIS services through cross-selling. Over the coming months, we will further enhance our FIS team to focus on clients, technology, and markets in the BFSI (banking, financial services, and insurance) sector."

"I continue to believe that demand for IT services will continue to outpace GDP growth in China for the foreseeable future. We remain committed to continue to investing in the future development of our Company and in our business by developing additional solutions while preparing our team for the next level," concluded Mr. Ma.

Business Outlook

First Quarter of 2012

Camelot expects net revenues for the first quarter of 2012 to be approximately $57 million, representing a 6.4% increase from the first quarter of 2011.

In addition, Camelot expects first-quarter 2012 adjusted net loss attributable to Camelot to be approximately $5.9 million, representing a 215.9% decrease from the first quarter of 2011.

Full-Year 2012

For full-year 2012, Camelot expects net revenues of approximately $266 million, representing a 17.1% increase from the prior year.

In addition, Camelot expects full-year 2012 adjusted net income attributable to Camelot to be approximately $18 million, representing a 17.6% increase from the prior year.

BEIJING, March 23, 2012 /PRNewswire-Asia-FirstCall/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry information technology services in China, today 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.

Mr. Yuhui Wang, an IT services industry veteran with more than 20 years' experience, was named Chief Executive Officer of CFITS. Mr. Wang stated, "It is an honor for us to take part in this new venture, and we are dedicated to embrace the opportunity to develop a broader platform." Previously, Mr. Wang was the founder and Chief Executive Officer of Agree Technology Co., Ltd ("Agree") from its inception in 1997 through its acquisition by Camelot in July 2009, after which he joined Camelot. Before founding Agree, he worked for several years as a senior manager in network operations development. Mr. Wang earned a bachelor's degree from Beijing Union University.

Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer commented, "We believe the formation of CFITS marks an important strategic direction for us. We expect the subsidiary to benefit shareholders through improved execution within this key, growing sector and to benefit employees by providing them with the resources via a streamlined, focused entity that they need for success."

Third Quarter 2011 Results

Third Quarter 2011 Outlook

Second Quarter 2011 Results

• Net revenues increased 34.8% year-over-year to US$59.4 million, compared to US$44.1 million in the second quarter of 2010
• Adjusted net income(1) attributable to Camelot increased 21.9% year-over-year to US$8.0 million from US$6.5 million in the second quarter of 2010. Adjusted diluted earnings per ADS(2) were US$0.16, as compared to diluted earnings per ADS of US$0.16 in the second quarter of 2010.

Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer, commented, "The momentum we experienced in the first quarter has continued into the second quarter, with revenues approximating our guidance. We experienced a pick-up in the pace of deliveries in the second quarter and we continue to see traditional seasonal business patterns that call for an acceleration in the second half of the year."

"In the first half of this year, we leveraged our substantial competitive advantages to expand our leadership position further within key markets. In our EAS business line, we continue to implement complex, mission-critical systems, which create high barriers to entry that enable us to receive attractive pricing from our customers. Our customized and industry-leading solutions in our FIS service line help our customers to be innovative and the first to market, thus gaining market share and also minimizing risk. We continue to target our product development on what we believe will be the most attractive spending areas within the commercial banking industry. Our long-term business model focuses on scalability and margin expansion," continued Mr. Ma.

"Our adjusted net income in the second quarter of 2011 fell short of our target due to a delay in the signing of some contracts and a provision for certain other current assets. Due mainly to the temporary impact from the streamlining of a business unit, we are reducing full-year guidance for net-revenue of approximately US$244 million and net income attributable to Camelot of approximately US$34.0 million. We are also offering third-quarter revenue and adjusted net-income guidance of $63 million and $9.5 million, respectively," concluded Mr. Ma

THIRD-QUARTER AND FULL-YEAR 2011 GUIDANCE

Third Quarter of 2011

Camelot expects net revenues for the third quarter of 2011 to be approximately US$63 million, representing a 17.8% increase from the third quarter of 2010.

In addition, Camelot expects third-quarter 2011 adjusted net income attributable to Camelot to be approximately US$9.5 million, representing an 8.3% decrease from the third quarter of 2010.

Finally, Camelot expects third-quarter 2011 adjusted diluted earnings per ADS² to be approximately US$0.20 based on 48.4 million weighted average ADSs outstanding, compared to US$0.23 for the third quarter of 2010.

Full-Year 2011 Guidance

The Company expects net revenues of approximately US$244 million, representing a 26.5% increase from 2010.

Camelot expects full-year 2011 adjusted net income attributable to Camelot to be approximately US$34.0 million, representing a 7.9% increase from 2010.

Full-year 2011 adjusted diluted earnings per ADS² is expected to be approximately US$0.69 based on 49.2 million weighted average ADSs, compared to adjusted diluted earnings per ADS of US$0.76 in 2010.

We believe that our current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for at least the next 12 months. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue.

BEIJING, May 26, 2011 /PRNewswire-Asia/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry information technology ("IT") services in China, today announced that its Board of Directors has authorized a share repurchase program of up to US$20 million running through the end of 2011.  Any purchases under the repurchase program may be made on the open market, from time to time, depending on market conditions and other factors.  The repurchases will be funded from the Company's available cash balance, which was US$118.9 million as of March 31, 2011.

"External issues regarding specific China-based companies in and outside of the IT services industry have impacted the trading of stocks in our sector, and we believe these external concerns have made Camelot's stock significantly undervalued," said Mr. Simon Ma, Camelot's Chairman and CEO.  "We are delivering strong growth in revenues and net income in 2011 and remain confident about the positive outlook for our business.  Therefore, we are using a portion of our cash to launch a share-repurchase program, which we believe is a prudent step to enhance shareholder value."

First Quarter Results:

• Net revenues increased 51.7% year-over-year to US$53.6 million, compared to US$35.3 million in the first quarter of 2010.
• Adjusted operating income (1) increased 45.3% year-over-year to US$5.5 million from US$3.8 million in the first quarter of 2010.  U.S. GAAP operating income increased 96.8% year-over-year to US$2.8 million from US$1.4 million in the first quarter of 2010.
• Adjusted net income (1) attributable to Camelot increased 48.3% year-over-year to US$5.1 million from US$3.4 million in the first quarter of 2010.  U.S. GAAP net income attributable to Camelot increased 125.9% year-over-year to US$2.3 million from US$1.0 million in the first quarter of 2010.
• Adjusted diluted earnings (1) per American Depositary Share ("ADS") (2) were US$0.10, as compared to diluted earnings per ADS of US$0.09 in the first quarter of 2010. U.S. GAAP diluted earnings per ADS were US$0.05 in the first quarter of 2011, as compared to US$0.03 per ADS in the first quarter of 2010.  One American Depositary Share ("ADS") represents four ordinary shares.

Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer, commented, "We are pleased to report a strong start in 2011, with first-quarter results exceeding our revenue and earnings guidance, even though the first quarter is seasonally the slowest for our IT clients.  We expect the pace of deliveries to pick up in the second quarter and to accelerate in the second half of the year, which is consistent with historical business patterns."

Second Quarter of 2011

• Camelot expects net revenues for the second quarter of 2011 to be approximately US$60 million, representing a 36.1% increase from the second quarter of 2010.
• In addition, Camelot expects second-quarter 2011 adjusted net income attributable to Camelot to be approximately US$9.5 million, representing a 45.3% increase from the second quarter of 2010.
• Finally, Camelot expects second-quarter 2011 adjusted diluted earnings per ADS (2) to be approximately US$0.20 based on 48.7 million weighted average ADSs outstanding, compared to US$0.09 for the second quarter of 2010.

Upward Revision of Full-Year 2011 Guidance

• The Company expects net revenues for the full year 2011 to be approximately US$254 million, representing a 31.7% increase from 2010.
• Camelot expects full-year 2011 adjusted net income attributable to Camelot to be approximately US$42.5 million, representing a 34.9% increase from 2010.
• Camelot expects full-year 2011 adjusted diluted earnings per ADS (2) to be approximately US$0.86 based on 49.7 million weighted average ADSs, compared to adjusted diluted earnings per ADS of US$0.76 in 2010.

Fourth Quarter Highlights:

• Net revenues increased 49.3% year-over-year to US$60.0 million, compared to US$40.2 million in the fourth quarter 2009.
• Adjusted operating income(1) increased 70.3% year-over-year to US$12.8 million from US$7.5 million in the fourth quarter 2009. U.S. GAAP operating income increased 67.0% year-over-year to US$8.9 million from US$5.3 million in the fourth quarter 2009.
• Adjusted net income(1) attributable to Camelot increased 66.0% year-over-year to US$11.2 million from US$6.7 million in the fourth quarter 2009. U.S. GAAP net income attributable to Camelot increased 60.0% year-over-year to US$7.3 million from US$4.6 million in the fourth quarter 2009.
• Adjusted diluted earnings per share(1) was US$0.06, as compared to diluted earnings per share of US$0.05 in the fourth quarter 2009. U.S. GAAP diluted earnings per share was US$0.04 in the fourth quarter 2010, compared to US$0.03 in the fourth quarter 2009.
• Adjusted diluted earnings per American Depositary Share ("ADS")(2) was US$0.24, as compared to diluted earnings per ADS(2) of US$0.20 in the fourth quarter 2009. U.S. GAAP diluted earnings per ADS(2) was US$0.15in the fourth quarter 2010, as compared to US$0.13 in the fourth quarter 2009.

Mr. Simon Ma, Camelot's Chairman and Chief Executive Officer ("CEO"), said, "We are pleased to report strong results exceeding our guidance across the board.  Our robust fourth quarter performance reflects the normal seasonal trend in our sector whereby the second half is typically stronger than the first half as the pace of project delivery tends to intensify in the latter part of the year.  2010 has been a transformative year for Camelot, driven by increasing domestic demand for IT services and our ability to leverage our leading position and publicly listed status in a fragmented market.  Looking ahead, we believe the demand for IT services in China will remain strong and we expect to continue gaining market share in each of our segments as we deepen our customer relationships and drive further organic growth."  

Mr. Gordon Lau, Chief Financial Officer, concluded, "The continued growth of our business and focus on higher value-added solutions and services allowed us to deliver healthy margin expansion in the fourth quarter and full year. Furthermore, we believe additional margin enhancement is attainable given the growing scalability of our business and increasing operational leverage. In light of our strong performance and the continuing demand for our IT services in China, we expect to achieve 2011 full-year net revenue of approximately US$250 million and adjusted net income attributable to Camelot of approximately US$42 million."