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Yucheng Reports Unaudited Fourth Quarter and Full Year 2010 Financial Results

BEIJING Feb. 18, 2011 China December 31, 2010

  • US$18.7 million
  • US$21.9 million
  • US$3.2 million US$0.16 USD -6.1 million US$ -0.33
  • US$70.0 million and US$72.0 million US$0.43-0.45

Hong Weidong

December 31, 2010 June 2009 China

Recent Developments

December 31, 2010 China

December 31, 2010 December 31, 2008

As a result of the disposition, starting the first quarter of 2011, Yucheng will only have software & solutions business and platform & maintenance services business.

Fourth Quarter 2010 Financial Results

Yucheng’s 2010 fourth quarter revenues, gross margin and operating margin do not include the results of POS business, which has been reclassified to discontinued operations.

US$21.9 million US$21.9 million

Gross margin for the fourth quarter of 2010 was 50.6%, compared to 27.4% in the year-ago period and 48.4% in the previous quarter. Gross margin of net revenues (non-GAAP)(2) was 50.7% in the fourth quarter of 2010, compared to 20.1% in the year-ago period and 48.4% in the previous quarter. The increase in gross margin (non-GAAP) year-over-year was a combined result of the increases in gross margin of both software & solutions business and platform business.

US$18.7 million

Gross margin of software & solutions business for the fourth quarter of 2010 was 48.9%, compared to 14.4% in the year-ago period and 50.0% in the previous quarter. The sequential decrease in the gross margin was primarily due to labor cost increases.

US$3.2 million US$ -0.4 million US$1.8 million US$3.1 million

US$8.4 million US$7.6 million USD2.7 million

US$2.7 million US$ -7.9 million US$2.0 million US$3.5 million US$ -7.5 million US$2.5 million

Operating margin of total revenue was 12.4% for the fourth quarter of 2010, compared to -112.3% in the year-ago period and 12.6% in the previous quarter. Operating margin of net revenues (non-GAAP)(5) was 15.9% for the fourth quarter of 2010, compared to -78.8% in the year-ago period and 16.0% in the previous quarter.

US$ -4.2 million

US$2.4 million US$0.12 US$ -6.4 million US$ -0.35 US$1.8 million US$0.09

US$3.2 million US$0.16 US$ -6.1 million US$ -0.33 US$2.3 million US$0.12

US$ -1.8million US$ -0.09 US$ -6.8 million US$ -0.36 US$1.5 million US$0.08

US$ -1.0 million US$-0.05 US$ -6.4 million US$ -0.35 US$2.0 million US$0.11

December 31, 2010 US$24.5 million

US$13.7 million

Full Year 2010 Financial Results

Yucheng’s full year revenues, gross margin and operating margin do not include the results of POS business, which has been reclassified to discontinued operations.

US$61.0 million US$59.8 million

Gross margin for 2010 was 48.8%, compared to 46.0% in 2009. Gross margin of net revenue (non-GAAP) was 49.7% in 2010, compared to 47.4% in 2009. The increase in gross margin (non-GAAP) year-over-year was largely due to the increase of gross margin of software & solutions.

US$51.4 million

Gross margin of software & solutions business for 2010 was 49.8%, compared to 45.4% in 2009. The increase in gross margin year-over-year was largely due to the better cost management of the software development project.

US$9.6 million US$8.4 million

US$24.2million US$22.8million USD2.7 million

US$5.5 million US$ -1.3 million US$7.0 million US$0.0 million

US$ -5.1 million

US$5.8 million US$0.31 US$0.5 million US$0.02

US$7.2 million US$0.38 US$1.8 million US$0.10

US$0.7 million US$0.04 US$-0.6 million US$-0.03

US$2.1 million US$0.11 US$0.7 million

US$4.4 million

Financial Results including the POS business

For comparison purpose with previous period results, we are also including Yucheng’s financial results as if POS business were not disposed as following:

Financial results including the POS business

Three months ended Dec. 31

Twelve months ended Dec. 31

2010

2009

2010

2009

(in US dollar thousands)

Total revenues(non-GAAP)

23,396

10,527

64,452

54,165

Gross profit(non-GAAP)

12,091

2,359

32,245

25,686

Income from Operating

2,662

-8,309

4,618

-2,746

Net income (non-GAAP)

3,024

-6,438

6,153

728

Net income per diluted share (non-GAAP)

0.16

-0.35

0.32

0.04

  • US$23.4 million
  • US$64.5 million
  • US$3.0 million US$0.16 US$ -6.4 million US$ -0.35
  • US$6.2 million US$0.32 US$0.7 million US$0.04

Business Outlook

March 31, 2011 US$10.5 million to US$10.8 million US$0.00

December 31, 2011 US$70.0 million to US$72.0 million US$0.43 to US$0.45

YUCHENG TECHNOLOGIES LIMITED AND SUBSIDIARIES

Consolidated Statements of Income

Three Months

Twelve Months

Ended Dec.31,

Ended Dec.31,

2010

2009

2010

2009

USD

USD

USD

USD

Revenues:

Software & solutions

18,744,989

7,451,773

51,384,842

42,015,796

Platform & maintenance services

3,182,509

(440,901)

9,565,348

9,896,821

Total revenues

21,927,498

7,010,872

60,950,190

51,912,617

Total cost of revenues

(10,835,617)

(5,089,829)

(31,233,479)

(28,020,962)

Gross profit

11,091,881

1,921,042

29,716,711

23,891,655

Operating expenses:

Research and development

(365,735)

(518,557)

(1,588,410)

(2,025,187)

Selling and marketing

(2,903,509)

(1,796,312)

(6,758,844)

(6,022,967)

General and administrative

(5,109,051)

(7,479,581)

(15,825,190)

(17,165,163)

Including: Amortization for intangible assets

(43,626)

(335,836)

(174,504)

(1,343,344)

Stock-based compensation cost

(723,808)

(1,215,943)

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