Concord Medical Services Holdings Limited announced unaudited consolidated earnings results for the first quarter ended March 31, 2012. The company's total net revenues were RMB 106.7 million ($16.9 million) for the first quarter of 2012, up 22.1% from the first quarter of 2011, primarily due to the rise in patient cases from existing centers and the increase in number of centers in operation compared with first quarter of 2011. Operating income was RMB 37.3 million ($5.9 million) in the first quarter of 2012, a 7.5% increase from the first quarter of 2011. Operating income excluding share-based compensation expenses (non-GAAP) was RMB 39.6 million ($6.3 million), a 6.7% increase from the first quarter of 2011. Net income in the first quarter of 2012 was RMB 25.0 million ($4.0 million), a 9.2% increase from the first quarter of 2011. Both basic and diluted earnings per ADS for the first quarter of 2012 were RMB 0.52 ($0.08). Non-GAAP net income in the first quarter of 2012 was RMB 27.3 million ($4.3 million), a 7.9% increase from the first quarter of 2011. Both non-GAAP basic and diluted earnings per ADS in the first quarter of 2012 were RMB 0.57 ($0.09). Adjusted EBITDA (non-GAAP) was RMB 73.6 million ($11.7 million) for the first quarter of 2012, representing a 12.1% increase from the first quarter of 2011, primarily due to increase in operating income and depreciation expenses during the period. Capital expenditure for the first quarter of 2012 was RMB 36.0 million ($5.7 million), primarily on purchasing new equipment for new centers. Income before income taxes was RMB 33,761,000 against RMB 31,762,000 a year ago. The company also maintained its 2012 fiscal year business guidance as following: total net revenues of RMB 590 million to RMB 630 million, or 30% to 40% growth from 2011 fiscal year; growth in total net revenues from lease and management services of 15% to 18%; revenue from Chang'an Hospital of RMB 190 million to RMB 210 million, reflecting consolidation of 6 months financial results; and network capital expenditures of RMB 250 million to RMB 275 million.