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February 23, 2009

Longtop Financial Technologies revenue up 80% in Q3

Post a net income of $14.36m compared to a net loss of $16.53m for the third quarter of fiscal 2008.

By CBR Staff Writer

Longtop Financial Technologies, a provider of software services for financial industry, has reported a net income of $14.36m, or $0.28 per share, for the third quarter of fiscal 2009 ending December 31, 2008, compared to a net loss of $16.53m, or $0.37 per share, for the same period of fiscal 2008.

For the third quarter of fiscal 2009, revenues were $32.9m, up 79.3% compared to $18.3m for the same quarter of fiscal 2008.

For the first nine months of fiscal 2009, revenues were $80.41m, up 61.6%, compared to $49.8m for the same period of fiscal 2008. Net income was $34.64m, or $0.66 per share, compared to a net loss of $1.68m, or $0.04 per share, for the same period of fiscal 2008.

Weizhou Lian, CEO of Longtop Financial Technologies, said: I am pleased to report another outstanding quarter in which we exceeded our top and bottom line guidance. Based on these strong business fundamentals and our ongoing discussions with customers about their IT spending plans, we remain confident we can achieve our existing 2010 financial targets.

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