Longtop Q4 FY2010 Profit Down 32% YoY
Longtop PR, 5/23/10
Chinese financial services software developer Longtop (NYSE: LFT) has announced its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2010, with total revenues for the quarter reaching USD 43.1 mln, up 66.4% YoY and exceeding guidance of USD 40 mln. Total revenues for the full year were up 59% YoY to reach USD 169.1 mln.
Net income for the quarter fell 32.2% YoY to USD 5.9 mln. Net income for the full year was USD 59.1 mln, up 35.9% YoY.
Excluding revenue from Sysnet, an IT insurance services provider acquired by Longtop in Q1 2010, total revenues for the fourth quarter would have increased by 56.1%. Software development revenues of USD 37.1 mln contributed 86.1% of total revenues, a YoY increase of 76.2%, and exceeded guidance of USD 34.0 mln. Excluding software development revenue from Sysnet, total software development revenues for the fourth quarter would have increased by 65.2%.
Excluding revenue from Sysnet, total revenues for the fiscal year ended March 31, 2010 would have increased by 46.9%. Software development revenues, which were 85.9% of total revenues for the fiscal year ended March 31, 2010, amounted to USD 145.2 mln, a YoY increase of 62.1%. Excluding software development revenue from Sysnet, total software development revenues for the fiscal year ended March 31, 2010, would have increased by 53.7%. Giantstone, a provider of core banking solutions that was acquired in January 2010, contributed no revenue to either the quarter or fiscal year.
Software development revenue from the Big Four Banks in the fourth quarter was USD 15.8 mln, an increase of 98.4% YoY. Software development revenue from the Big Four Banks for the fiscal year ended March 31, 2010, was USD 63.1 mln, an increase of 50.2% YoY due to strong demand from the Big Four customers. Big Four Banks accounted for 43.5% of software development revenues for the year ended March 31, 2010, as compared to 46.9% in the corresponding year ago period.
Software development revenue from Other Banks in the fourth quarter was USD 14.2 mln, a YoY increase of 49.9%. Software development revenue from Other Banks for the fiscal year ended March 31, 2010, was USD 54.2 mln, an increase of 56.7% YoY due largely to more revenue per existing Other Bank customer. Other Banks accounted for 37.3% of software development revenues for the fiscal year ended March 31, 2010, as compared to 38.6% in the corresponding year ago period.
Software development revenue from Insurance was USD 5.6 mln in the fourth quarter, a YoY increase of 88.7%, and USD 21.8 mln for the fiscal year ended March 31, 2010, an increase of 121.5% YoY. Insurance accounted for 15.0% of software development revenues for the fiscal year ended March 31, 2010. Sysnet contributed USD 7.5 mln in software development revenue for the fiscal year ended March 31, 2010, of which USD 2.3 mln was recorded in Q4 2010. Excluding insurance related software development revenue from Sysnet, insurance revenue for the fourth quarter and fiscal year ended March 31, 2010, would have increased by 23.7% and 59.9% respectively.
Software development revenue from Enterprises was USD 1.4 mln and USD 6.1 mln for the three and twelve months ended March 31, 2010, a YoY increase of 131.3% and 94.6% respectively.
Longtop anticipates total revenues for the quarter ending June 30, 2010 of USD 44.5 mln. Giantstone is expected to contribute USD 4.0 mln of software development revenues.
Longtop anticipates total revenues for its fiscal year ending March 31, 2011 to reach USD 225 mln. Giantstone is expected to contribute USD 15.0 mln of software development revenues.
For Longtop's full fiscal report, please click here.
Keywords: guidance profit revenue software fiscal report Longtop Q1 2010 LFT Giantstone
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