China Finance Online Co. Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net revenues of $9.109 million compared to $14.955 million a year ago. Loss from operations was $2.380 million compared to income from operations of $1.282 million a year ago. Loss before income tax expense was $1.190 million compared to income before income tax expense of $2.977 million a year ago. Net loss attributable to company was $1.253 million or $0.01 per diluted share compared to $1.393 million or $0.01 per diluted share a year ago. Adjusted loss from operations was $2.195 million compared to adjusted income from operations of $1.786 million a year ago. Adjusted net loss attributable to company was $1.068 million or $0.05 per ADS compared to adjusted net income attributable to company was $1.897 million or $0.08 per ADS a year ago. The main sources of the Company's net revenues were subscription fees from individual customers, subscription fees from institutional customers, advertising revenues and revenues from brokerage-related services, which contributed 69%, 8%, 9% and 14% to total revenues respectively, compared with 80%, 4%, 8%, and 7%, respectively, for the comparable period in 2011. Revenues from subscription fees paid by individual customers decreased 47.8% year-over-year reflecting the decreased demand for paid securities analysis software amid a sluggish stock market in China and continuing impact on sales due to regulatory requirements effective from January of 2011. Institutional subscription revenues increased 17.9% year-over-year to $0.8 million. Revenues from brokerage-related services increased 15.5% year-over-year to $1.3 million.