Longtop Financial Tech Misses Estiamtes (LFT)

Longtop Financial Technologies Limited (NYSE: LFT) reports Q2 EPS of $0.21 versus estimates of $0.28. Longtop Financial Technologies Limited reports revenues of $48.9 million versus estimates of $44.88 million.

Total software development revenues increased 56.8% year over year.

For the fiscal year ending March 31, 2011 the company now expects:

“Total revenues of US$233.0 million, Adjusted Operating Income of US$106.5 million, Adjusted Net Income of US$100.0 million and Adjusted Diluted Earnings Per Share of US$1.70. Giantstone is expected to contribute US$16.0 million in software development revenues.

“US GAAP Net Loss is expected to be approximately US$11.2 million, or US$0.19 Per Diluted Share which is US$111.2 million less than Adjusted Net Income which includes the US$79.5 million share gift as well as the other Non GAAP adjustments normally made.”

"We have commenced our 2011 fiscal year with solid first quarter results. I am pleased to see the continuing strong demand for Longtop's solutions due to long-term and structural technology growth trends in the financial services industry, which tend to be independent of the macroeconomic environment. Once again, our company-wide effort to extend Longtop's market leadership was rewarded with strong independent endorsement by IDC, ranking us #1 for banking solutions and #2 in the insurance IT solution market in China during calendar year 2009," commented Weizhou Lian, CEO of Longtop. "In consideration of our growth momentum, we increase revenue and net income guidance for fiscal 2011."