XIAMEN, China, May 18 /Xinhua-PRNewswire/ -- Longtop Financial Technologies Limited (''Longtop'') (NYSE: LFT - News), a leading software developer and solutions provider targeting the financial services industry in China, announced today unaudited financial results for the fiscal fourth quarter and fiscal year ended March 31, 2008.FINANCIAL HIGHLIGHTS FOR THE MARCH 31, 2008 QUARTER: -- Total revenues of US$16.3 million, an increase of 110.7% year-on-year (''YoY''). -- Software development revenues amounted to US$13.7 million, up 133.0% YoY. -- Adjusted Income from Operations of US$7.4million, an increase of 116.6% YoY. -- Adjusted Net Income of US$6.2 million, an increase of 121.1% YoY, or US$0.12 per fully diluted share.
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."
FINANCIAL HIGHLIGHTS FOR THE FISCAL YEAR 2008: -- Total revenues of US$66.7 million, an increase of 67.7% year-on-year (''YoY'') compared to Adjusted Revenues for the year ended March 31, 2007. -- Software development revenues amounted to US$55.7 million, up 86.7% YoY compared to Adjusted Software Development Revenues for the year ended March 31, 2007. -- Adjusted Income from Operations of US$35.9 million, an increase of 55.3% YoY. -- Adjusted Net Income of US$33.8 million, an increase of 99.7% YoY, or US$0.73 per fully diluted share. -- Net cash provided by operating activities US$34.4 million, an increase of 86.5% YoY.
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