BVI-registered Pansoft Company Limited, a provider of software solutions for enterprise resource planning in China, announced unaudited financial results for the fiscal third quarter ended March 31, 2011. For the reported period, BVI company’s revenues were US$3.9 million, this is a 70.8% increase compared to US$2.3 million for the three months period ended March 31, 2011. The increase was due to strong organic growth plus the contribution from newly acquired businesses.
Company’s gross profit was US$0.9 million, compared to US$1.4 million in the same period of 2010. Gross margin was 23.0%, compared to 62.3% in the three months ended March 31, 2010. The drop in gross margin was mainly attributable to higher expenses.
The company reported operating loss in the amount of US$0.3 million, compared to operating income of US$0.8 million in the third quarter of 2010. Diluted earnings per share were US$0.02, compared to US$0.13 in the prior year period.
Net income attributable to Pansoft shareholders was $0.1 million, compared to net income of $0.7 million in the year-ago quarter, and was lower than the prior period.
Cost of sales was US$3.0 million, compared to US$0.9 million in the three months ended March 31, 2010. Such increase was attributed 40% to Pansoft China and 60% to newly acquired businesses.