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Longtop Financial Technologies Limited Announces Unaudited Financial Results for the Fiscal Quarter Ended December 31, 2010

HONG KONG Jan. 31, 2011 China December 31, 2010 March 31, 2011

FINANCIAL HIGHLIGHTS

  • Third quarter s oftware development r evenues of US$ 72.5 million, an i ncrease of 56.3 % Year-on-Year ( YoY ) ;
  • T hird quarter total r evenues of US$ 76.9 million , an i ncrease of 40.7 % Y o Y ;
  • Third quarter Adjusted (1) Operating  Income of US$ 40.2 million , an i ncrease of 37.1 % YoY;
  • Third quarter Adjusted Net Income of US$ 35. 6 million , an i ncrease of 2 1.5 % YoY. Included in Q3 2010 Adjusted Net Income was an i ncome t ax b enefit of US$ 4.0 million (Q3 2011: nil). Excluding the income tax benefit, Adjusted N et I ncome would have increased by 4 0.7 %;
  • Third quarter Adjusted Dilut ed Earnings Per Share of US$0. 61 , f ive cents ahead of Company g uidance ;
  • Cash F low From Operations in Q3 201 1 was a record US $4 3 .9 million and US$ 7 5 .0 million for the first nine months of fiscal 2011, an i ncrease of 4 9 .8 % YoY;
  • Full Year Revenue Guidance i ncreased from US$ 242.5 million to US$ 249.0 million and Adjusted Operating Income  Guidance Increased US$110.0 million to US$ 113.0 million  

(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".

Weizhou Lian

FISCAL THIRD QUARTER DETAILED FINANCIAL RESULTS

Revenue

20 10 Q 3 and 2011 Q 3 Revenue-US$000s

 

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December
31, 2009

December
31, 2010

% Change
(Decrease)

December
31, 2009

December
31, 2010

%
Change

Software Development

$              46,397

$              72,498

56.3%

$            108,109

$            166,719

54.2%

Other Services

$                8,267

$                4,429

(46.4%)

$              17,882

$              19,558

9.4%

Total Revenue

$              54,664

$              76,927

40.7%

$            125,991

$            186,277

47.8%

US$72.5 million US$5.1 million US$67.4 million China US$5.3 million December 31, 2010 December 31, 2010 US$166.7 million US$14.6 million December 31, 2010 December 31, 2010

US$4.4 million July 17, 2010 December 31, 2010 US$2.9 million April 2010

Software Development Revenue by Customer Type-US$000s

 

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December
31, 2009

December
31, 2010

%
Change

December
31, 2009

December
31, 2010

%
Change

Big Four Banks

$              18,464

$              27,348

48.1%

$              47,272

$              65,910

39.4%

Other Banks  

$              18,106

$              31,205

72.3%

$              39,980

$              71,835

79.7%

Insurance

$                8,309

$                9,638

16.0%

$              16,195

$              20,856

28.8%

Enterprises

$                1,518

$                4,307

183.7%

$                4,662

$                8,118

74.1%

  Total

$              46,397

$              72,498

56.3%

$            108,109

$            166,719

54.2%

US$27.3 million US$65.9 million December 31, 2010 December 31, 2010

US$31.2 million US$71.8 million December 31, 2010 December 31, 2010 December 31, 2010

US$9.6 million US$20.9 million December 31, 2010 December 31, 2010

Gross Margins

 

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31, 2009

December
31, 2010

Change
(Decrease)

December
31, 2009

December
31, 2010

Change
(Decrease)

Adjusted Software Development Gross Margin %

75.1%

71.3%

(3.8%)

73.1%

68.6%

(4.5%)

Adjusted Other Services Gross Margin %

50.6%

28.0%

(22.6%)

40.3%

30.6%

(9.7%)

Adjusted Total Gross Margin %

71.4%

68.8%

(2.6%)

68.4%

64.6%

(3.8%)

US GAAP Software Development Gross Margin %

72.5%

68.4%

(4.1%)

70.5%

58.8%

(11.7%)

US GAAP Other Services Gross Margin %

46.9%

25.2%

(21.7%)

35.5%

(19.2%)

(54.7%)

US GAAP Total Gross Margin %

68.6%

66.0%

(2.6%)

65.5%

50.6%

(14.9%)

December 31, 2010 December 31, 2010 Beijing

Operating Expenses

 

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31, 2010

%
Change

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31, 2009

December
31, 2010

%
Change

Adjusted Operating Expenses – US$000s

$                9,720

$              12,760

31.3%

$              24,600

$              32,279

31.2%

Adjusted Operating Expenses – % of revenue

17.7%

16.5%

 

19.6%

17.4%

 

US GAAP Operating Expenses – US$000s

$              11,737

$              16,174

37.8%

$              29,279

$            110,844

278.6%

US GAAP Operating Expenses – % of revenue

21.6%

21.0%

 

23.3%

59.5%

 

December 31, 2010 December 31, 2010

Operating and Net Income

 

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31, 2009

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31, 2010

%
Change

December
31, 2009

December
31, 2010

% Change
(Decrease)

Adjusted Operating Income – US$000s

$              29,288

$              40,150

37.1%

$              61,613

$              88,021

42.9%

Adjusted Operating Income – % of revenue

53.6%

52.2%

 

48.9%

47.3%

 

US GAAP Operating Income (Loss) – US$000s

$              25,782

$              34,564

34.1%

$              53,282

$            (16,597)

(131.1%)

US GAAP Operating Income (Loss) – % of revenue

47.2%

44.9%

 

42.3%

(8.9%)

 

US$40.2 million US$38.0 million US$88.0 million December 31, 2010 December 31, 2010

 

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December
31, 2009

December
31, 2010

%
Change

December
31, 2009

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