Yucheng posts Q1 results

Source: Yucheng Technologies

Yucheng Technologies Limited (Nasdaq:YTEC), a leading provider of IT Solutions to the financial services industry in China, today announced unaudited financial results for the three-month period ended June 30, 2010.

"In the second quarter, Yucheng began seeing in our financial results the impact of our restructuring initiatives. Along with the seasonality that has been a consistent factor in the second half of the year, we are expecting a better financial performance for the remainder of the year," said Mr. Hong Weidong, CEO of Yucheng Technologies.

"We closed the transaction to establish the joint venture with NTT Data on June 30, 2010, which is part of our continuous effort to divest non-core assets to refocus on Software & Solutions for the banking industry. We also are looking to divest our POS business in the near future, which we also expect will improve our bottom line," added Mr. Hong.

Second Quarter 2010 Financial Highlights
-- Fully diluted non-GAAP EPS was USD 0.09, as compared to USD 0.16 in the second quarter of 2009 and loss of USD 0.03 in the first quarter of 2010.
-- Total net revenue declined 11.0% year-over-year to USD 13.5M, but increased 42.4% compared with previous quarter.
-- SG&A expenses totaled USD 5.6M, a 2.6% decrease year-over-year

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