Longtop Press Release, 5/19/08
Financial software developer and solutions provider Longtop Financial Technologies (NYSE: LFT) has issued its earnings report for fourth quarter and fiscal year ended March 31, 2008. Net revenues for the quarter reached USD 16.3 mln, up 110.7% year-on-year. Fiscal year net revenues rose to USD 66.7 mln, an increase of 67.7% over the previous year.
Net income for the quarter came to USD 6.2 mln, up 89% YoY. Net income for fiscal year 2007 increased 99.7% to USD 33.8 mln.
Software development revenues for the quarter amounted to USD 13.7 mln, up 133.0% YoY.
The company estimates that revenues for the quarter ending June 30, 2008 will reach USD 15.3 mln, a 32.7% increase year-on-year, but slightly down from the previous quarter.
For the fiscal year ending March 31, 2009, Longtop anticipates total revenues of USD 86.0 mln, up 29.0% over the previous year.
To see full details of Longtop's earnings report, please click here.