British Virgin Islands-incorporated company Yucheng Technologies Limited, a leading provider of IT Solutions to the financial services industry in China, announced financial results for the fourth quarter and full year ended December 31, 2010. In this period, company’s software and solutions revenues were US$18.7 million – an increase of 151.6% compared to the year 2009. The fourth quarter net income from continuing operations was US$3.2 million, or US$0.16 per share, as compared to US$-6.1 million, or US$-0.33 per share in the year-ago period.
Full year total revenue and EPS guidance for the year 2011 is between US$70.0 million and US$72.0 million and US$0.43-0.45. Total revenues for the fourth quarter of 2010 were US$21.9 million, an increase of 212.8% year-over-year, and 39.0% sequentially. The year-over-year increase was mainly due to the increase of software and solutions revenues.
Gross margin for the fourth quarter of 2010 was 50.6%, compared to 27.4% in the last year period and 48.4% in the previous quarter of the reported year. Gross margin of net revenues 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 year-over-year was a combined result of the increases in gross margin of both software & solutions business and platform business.
Total operating expenses in the fourth quarter of 2010 decreased 14.5% year-over-year and increased 48.4% to US$8.4 million. Total operating expenses for the fourth quarter of 2010 decreased 19.5% year-over-year and increased 48.7% sequentially to US$7.6 million.
Income from operations for the fourth quarter of 2010 was US$2.7 million. Income from operations for the fourth quarter of 2010 was US$3.5 million, compared to US$ -7.5 million in the year-ago period and US$2.5 million in the previous quarter.
As of December 31, 2010, cash and cash equivalents and restricted cash of the BVI company totaled US$24.5 million.
Chaarat Gold Holdings Limited, the BVI-registered company engaged in metals exploration in Kyrgyz Republic, announced that it has conditionally raised funds of approximately US$83.4 million via the proposed issue of 103,290,468 ordinary shares of US$0.01 each, through a placing and direct subscriptions at a price of 50 pence per ordinary share.
The BVI company has received commitments to subscribe for 100,142,670 new ordinary shares to raise approximately £50.1 million. Additionally, Chaarat has received commitments to subscribe for 3,147,798 new ordinary shares through direct subscriptions.
Chaarat Gold Holdings is currently in the process of compiling a Definitive Feasibility Study for the Tulkubash Project and a Pre-Feasibility study on the much larger Kiziltash project in the Kyrgyz Republic, and significant part of the net proceeds of the fundraising will be deployed towards developing the required infrastructure for both projects.
The subscription shares will represent approximately 2.1 per cent of the enlarged issued share capital of the company following First Admission, which will be 150,181,698 ordinary shares. The placing shares will represent approximately 40.0 per cent of the issued share capital of the BVI company following Second Admission, which will be 250,324,368 ordinary shares.
The British Virgin Islands-registered blank check company FlatWorld Acquisition Corp. made an announcement that Rodman & Renshaw, LLC, the representative of the underwriters of company’s initial public offering of 2,200,000 units, which was consummated in December 2010, has notified the BVI company that from February 4, 2011, the holders of the company’s units may choose to separately trade the ordinary shares and warrants underlying the units.
The units that are not separated will continue to trade on the OTC Bulletin Board under the symbol “FTWAU”, and each of the ordinary shares and warrants will trade under the symbols “FTWA” and “FTWAW”, respectively.
FlatWorld Acquisition Corp. was formed for acquisition or mergers with an operating business in the global business services sector or emerging Asian markets including China and India. Company’s target business will not be limited to a particular industry, geographic region, or a minimum transaction value.