Editorial Summary

Chinese finance industry software and service provider Longtop Financial Technologies Limited (NYSE: LFT) announced results for the quarter and full year ending March 31, 2008 before market on Monday. For the full year, total revenues came in at $66.7 million, up 67.7 percent year-on-year, with net income of $33.8 million, a 99.7 percent year-on-year increase. In the three month period, total revenue was $16.3 million, up 110.7 percent year-on-year, with net income of $6.2 million, an increase of 121.1 percent year-on-year. Software development revenue accounted for $13.7 million of total revenue, up 133 percent year-on-year, for the quarter. By the end of the period, Longtop had 1,659 employees, up from 1,494 employees at the end of last year.

Longtop expects revenue to come in at $15.3 million, with net income of $5.8 million for the following quarter. For the full year ending March 31, 2009, the company is targeting total revenue of $86 million and net income of $44 million.