Courtesy of Benzinga.
Camelot Information Systems (NYSE: CIS) today provided updated guidance for the third quarter and the full year 2011.
For the third quarter of 2011, the Company currently expects net revenues of approximately US$57 million (compared to approximately US$63 million expected previously) and adjusted net income attributable to Camelot of approximately US$3.1 million (compared to approximately US$9.5 million expected previously). For the full-year 2011, the Company currently expects net revenues of approximately US$235 million (compared to approximately $244 million expected previously) and adjusted net income attributable to Camelot of approximately $23 million (compared to $34.0 million expected previously). At this time, the Company is not offering adjusted diluted earnings per ADS guidance, since updated figures of shares will only be available after the end of September. Adjusted diluted earnings per ADS for the third quarter are expected to be affected by factors such as the Company’s share-repurchase activity, option repricing and the exercise of options. The repricing of existing options will result in a noncash compensation expense charge in the third quarter. Camelot will evaluate the carrying value of goodwill and intangible assets as of the end of the third quarter, and it is possible that the Company could require to take a noncash impairment charge. Camelot expects to report third-quarter earnings per its usual schedule around mid-November.
