Longtop posts Q2 results

Source: Longtop Financial Technologies

Longtop Financial Technologies Limited Announces Unaudited Financial Results for the Fiscal Quarter Ended September 30, 2009.

  • Second Quarter Total Revenues of US$42.8 million, Up 52.0% Year-on-Year;
  • Second Quarter Adjusted(1) Operating Income of US$20.8 million, an Increase of 33.4% Year-on-Year;
  • Second Quarter Adjusted Net Income of US$21.4 million, an Increase of 32.0% Year-on-Year;
  • Second Quarter Adjusted Diluted Earnings Per Share of US$0.40, an Increase of 29.0% Year-on-Year;
  • Full Year 2010 Revenue Guidance Increased to US$158.0 million from Previous Guidance of US$145.0 million and Adjusted Diluted Earnings Per Share Guidance Increased to US$1.29 Per Share from Previous Guidance of US$1.22 Per Share

Longtop Financial Technologies Limited ("Longtop") (NYSE: "LFT"), a leading software developer and solutions provider targeting the financial services industry in China, announced today unaudited financial results for the quarter ended September 30, 2009, which is the second quarter of its fiscal year ending March 31, 2010.

"I'm pleased to report that on the back of solid execution once again our second quarter financial results exceeded our top and bottom line guidance," commented Weizhou Lian, CEO of Longtop. "This quarter we achieved a number of important operational milestones including winning our first meaningful contract in the securities industry and a Big Four Bank awarding us a BI consulting project over our global competitors. We also continue to strengthen our management and strive for efficiency and better execution to manage our growth. I continue to be optimistic about our prospects, as Longtop's competitive position is stronger than it has ever been and we have good visibility for continued strong demand.

(1) Explanation of the Company's Adjusted (i.e. non-GAAP) financial measures and the related reconciliations to GAAP financial measures are included in the accompanying "Non-GAAP Disclosure" and the "Consolidated Adjusted Statements of Operations."

Read the full statement here:


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