Click here to close now.




















Welcome!

News Feed Item

China United Insurance Service Reports Financial Results For Three- And Six-Months Ended December 31, 2013

-- Company Transitions to Calendar Year Reporting Cycle --

ZHENGZHOU, China and TAIPEI, Taiwan, April 21, 2014 /PRNewswire/ -- China United Insurance Service, Inc. (CUIS) (OTCBB: CUII), a leading insurance intermediary company with operations in the People's Republic of China and Taiwan, today reported financial results for the three and six months ended December 31, 2013.

Results for the Three Months ended December 31, 2013

Revenues for the quarter ended December 31, 2013 increased 24% to $15.9 million, from $12.8 million in the same period last year. Gross profit for the quarter increased to $6.1 million versus $4.9 million for the comparable quarter in 2012. Operating expenses for the quarter were $4.9 million, which included $1.2 million of selling expenses for marketing promotion in Taiwan and $122,000 of impairment of goodwill, compared with $3.4 million in the same quarter a year ago.

Net other expenses for the quarter ended December 31, 2013 was $693,000, primarily due to $303,000 of loss from disposal of fixed assets and $370,000 of estimated tax penalties for late filings of income tax return in the United States. For the same quarter in 2012, the company had net other income of $280,000.

Net income for quarter ended December 31, 2013 was $291,000, compared with $1.6 million in the 2012 comparable quarter. Net loss attributable to CUIS' shareholders for the quarter was $123,000, or $0.01 per share, versus net income of $1.1 million in the same quarter last year.

"We continue to expand our market share in Taiwan and China, accelerating through strategic partnerships with top reputable insurance companies and their product offerings, in particular, the strategic alliance with AIATW in June 2013. At the same time, we focus on providing excellent service through highly trained professionals, which has helped separate us from the competition," said Chung-Mei Lo, Chief Executive Officer. "We are proud to have been recognized by the industry for our excellent insurance products, receiving the 2013 Taiwan Insurance Excellence Award, one of the most prestigious insurance industry awards granted in the country, as well the Most Desirable Insurance Brokerage Company of Finance Insurance Graduates.

"Since 2012, the China Insurance Regulatory Commission has been issuing tighter regulations for insurance agencies.  One of the policies requires all insurance agencies to obtain a nationwide license to operate a business, a license that we have obtained.  We expect a better regulated market in China to further accentuate our competitive advantage," added Lo.

Results for the Six Months ended December 31, 2013

The company reported revenues of $23.7 million; gross profit of $7.6 million; and operating expenses of $8.1 million for the six months ended December 31, 2013. Net loss attributable to CUIS' shareholders was $1.2 million, or $0.04 per share. Comparative results for the prior-year period are not meaningful because of the acquisition of Action Holding Financial Limited (AHFL) on August 24, 2012.

AHFL is the holding company of Taiwan-based Law Insurance Broker Company, a dominant brokerage and insurance agency service business with 24 branches, three training centers and over 2,000 brokers in Taiwan. Results of the operations for the six months ended December 31, 2012 included AHFL's results from the acquisition date, which also included a bargain gain of $5.3 million.

Change in Reporting Cycle

On January 1, 2014 the company began reporting quarterly results on a calendar year basis, changing to a calendar year-end from a fiscal year-end to better align the company's financial reporting cycle with its business activities and budgeting. The results reported today reflect the reporting cycle transitional period from July 1 to December 31, 2013.

About China United Insurance Service, Inc.
China United Insurance Service, Inc. was founded in 2010 with a vision to build one of the largest financial insurance service platforms in Asia and to become a multinational enterprise by leveraging the experience of its Taiwan operations and capitalizing on China's fast-growing insurance market. CUIS offers a broad range of products and services for individuals, families, and businesses, including: brokerage services for various types of life, health, personal accident, property and casualty insurance; insurance application assistance; claims advocacy; claims accounting preparation services; disaster and loss prevention; and risk assessment/risk management consulting services and the corresponding reinsurance brokerage services. In 2012, the company consolidated both Taiwan and China's operations. CUIS has assembled an experienced executive team, with more than 81 well-experienced managers in agency management to guide its more than 4,200 knowledgeable and professional agents. By offering innovative products, continuously improving the management system and selecting the best products to meet clients' needs, CUIS aspires to become one of Asia's leading financial insurance enterprises.  For more information on CUIS, please visit: http://cuis.asia/

Forward Looking Statement
Statements in this press release may be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward- looking statements can be identified by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements, and involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections of CUIS and the insurance industry.  Potential risks and uncertainties include, but are not limited to, those relating to CUIS' ability to attract and retain productive agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, and macroeconomic conditions in China and Taiwan and the potential impact on the sales of insurance products. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.  Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the company's filings with the Securities and Exchange Commission.

(Financial statements follow)

 


CHINA UNITED INSURANCE SERVICE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME/(LOSS)

FOR THE SIX MONTHS ENDED DECEMBER 31 AND YEAR ENDED JUNE 30, 2013 AND 2012

(Unaudited)









Six Months Ended
December 31,



Year Ended June 30,



2013



2013



2012










Revenues


$

23,689,110



$

37,842,246



$

3,153,776

Cost of revenue



16,040,303




24,309,716




2,363,581













Gross profit



7,648,807




13,532,530




790,195













Operating expenses:












Selling



2,010,744




962,958




1,166,841

General and administrative



5,948,516




9,062,828





Impairment of goodwill



122,250




-




-













Income (loss) from operations



(432,703)




3,506,744




(376,646)













Other income (expenses):












Interest income



108,654




83,682




4,756

Bargain gain on purchase of subsidiaries



-




5,280,042




-

Other - net



(652,079)




432,064




(18)

Total other income (expenses)



(543,425)




5,795,788




4,738













Income (loss) before income taxes



(976,128)




9,302,532




(371,908)

Income tax expense



143,660




698,508




(268,440)













Net income (loss)



(1,119,788)




8,604,024




(103,468)

Net income attributable to the noncontrolling interests



(32,190)




(1,386,556)




-

Net income (loss) attributable to parent's shareholders



(1,151,978)




7,217,468




(103,468)













Other comprehensive items












Foreign currency translation gain (loss)



(38,218)




13,195




13,972

Other comprehensive income(loss)



4,001




384




-

Attributable to parent's shareholders



(34,217)




13,579




13,972

Other comprehensive items attributable to noncontrolling interest



16,557




(1,630)




-













Comprehensive income (loss) attributable to parent's shareholders


$

(1,186,195)



$

7,231,047



$

(89,496)













Comprehensive income (loss) attributable to noncontrolling interest


$

(15,633)



$

(1,388,186)



$

-













Weighted average shares outstanding:












Basic and diluted



29,100,503




27,593,654




20,100,503













Income (loss) per share:












Basic and diluted


$

(0.04)



$

0.26



$

0.00

 

CHINA UNITED INSURANCE SERVICE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2013, JUNE 30, 2013 AND DECEMBER 31, 2012

(Unaudited)












December 31, 2013



June 30, 2013



June 30, 2012










ASSETS












Current assets












Cash and equivalents 


$

18,070,093



$

16,705,327



$

1,258,211

Marketable securities



2,563,685




26,968




-

Accounts receivable, net



7,282,183




4,138,340




184,767

Other current assets



2,329,677




435,043




48,640

Total current assets



30,245,638




21,305,678




1,491,618













Property, plant and equipment, net



1,041,189




959,688




114,945

Intangible assets



308,267




202,115




-

Goodwill



-




121,667




118,855

Long-term Investment



102,295




103,419




-

Other assets



587,303




519,878




113,217

TOTAL ASSETS  


$

32,284,692



$

23,212,445



$

1,838,635













LIABILITIES AND STOCKHOLDERS' EQUITY












Current liabilities












Taxes payable  


$

498,441



$

893,713



$

405,723

Unearned revenue



1,586,038




-




-

Other current liabilities



8,632,305




5,092,826




286,909

Due to related parties



154,798




1,737,296




445,332

TOTAL CURRENT LIABILITIES



10,871,582




7,723,835




1,137,964













Long-term liabilities



7,095,062




-




-

TOTAL LIABILITIES



17,966,644




7,723,835




1,137,964













COMMITMENTS AND CONTINGENCIES
























STOCKHOLDERS' EQUITY












Preferred stock, par value $0.00001, 10,000,000 authorized, 1,000,000 issued and outstanding



10




10




-

Common stock, par value $0.00001, 100,000,000 authorized, 29,100,503 issued and outstanding



291




291




200

Additional paid-in capital



4,674,593




4,674,593




2,674,693

Reserves



415,041




257,785




-

Accumulated other comprehensive loss



(75,888)




(41,671)




(55,250)

Retained earnings (accumulated deficit)



3,598,383




4,907,617




(1,918,972)

Stockholder's equity attribute to parent's shareholders



8,612,430




9,798,625




700,671

Noncontrolling interest



5,705,618




5,689,985





TOTAL STOCKHOLDERS' EQUITY



14,318,048




15,488,610




700,671

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  


$

32,284,692



$

23,212,445



$

1,838,635

 

SOURCE China United Insurance Service, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...