Pansoft (PSOF) Reports FY11 Financials; Updates Outlook
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Pansoft Company Limited (NASDAQ: PSOF) announced unaudited financial results for the fiscal 2011 business year ended June 30, 2011.
Highlights for Fiscal 2011 Include: Revenues of $19.2 million, an increase of 59.0% versus the prior fiscal year; Gross profit of $6.4 million, an increase of 10.0% versus the prior fiscal year; Net income attributable to Pansoft shareholders was $1.4 million, compared to $3.2 million in the prior fiscal year; and Net income per diluted share attributable to Pansoft shareholders was $0.25, compared to $0.59 in the prior fiscal year.
As of June 30, Pansoft had $3.7 million in cash and equivalents, as compared to $2.7 million as of June 30, 2010, the increase mainly due to positive cash flow from operations. Cash and cash equivalents exclude $6.8 million in short-term investments, versus $7.4 million as of June 30, 2010.
In the fiscal 2012 business year, Pansoft expects to continue to experience sustainable organic growth from its existing customer base, mainly PetroChina and Sinopec and their subsidiaries, which accounted for 66% of revenues during fiscal 2011. In the intermediate term, Pansoft plans to expand its focus to include the more than 600 oil and gas subsidiaries of PetroChina, its subsidiary CNPC, and Sinopec, which are large-scale businesses that operate oilfields, refineries, oil and gas pipelines and finished oil sales. These subsidiaries, which still account for less than 5% of Pansoft's total sales, represent a large market opportunity for the Company to expand its client base, leveraging its branding and experience in developing software systems which are already operating at most of these subsidiaries...Pansoft is also making an aggressive entry into the coal industry.
For the fiscal year ending June 30, 2012, Pansoft expects revenues will keep a similar pace of growth as in recent fiscal years, representing approximately 40-60% annual growth.
Chairman, Hugh Wang, said, "We now expect Pansoft-Japan to break even in calendar 2012 due to lower visibility of market conditions. We remain optimistic that this segment's competitive advantage as a low-cost provider remains intact and we remain confident that, once this business passes the startup phase, it will achieve success."
Highlights for Fiscal 2011 Include: Revenues of $19.2 million, an increase of 59.0% versus the prior fiscal year; Gross profit of $6.4 million, an increase of 10.0% versus the prior fiscal year; Net income attributable to Pansoft shareholders was $1.4 million, compared to $3.2 million in the prior fiscal year; and Net income per diluted share attributable to Pansoft shareholders was $0.25, compared to $0.59 in the prior fiscal year.
As of June 30, Pansoft had $3.7 million in cash and equivalents, as compared to $2.7 million as of June 30, 2010, the increase mainly due to positive cash flow from operations. Cash and cash equivalents exclude $6.8 million in short-term investments, versus $7.4 million as of June 30, 2010.
In the fiscal 2012 business year, Pansoft expects to continue to experience sustainable organic growth from its existing customer base, mainly PetroChina and Sinopec and their subsidiaries, which accounted for 66% of revenues during fiscal 2011. In the intermediate term, Pansoft plans to expand its focus to include the more than 600 oil and gas subsidiaries of PetroChina, its subsidiary CNPC, and Sinopec, which are large-scale businesses that operate oilfields, refineries, oil and gas pipelines and finished oil sales. These subsidiaries, which still account for less than 5% of Pansoft's total sales, represent a large market opportunity for the Company to expand its client base, leveraging its branding and experience in developing software systems which are already operating at most of these subsidiaries...Pansoft is also making an aggressive entry into the coal industry.
For the fiscal year ending June 30, 2012, Pansoft expects revenues will keep a similar pace of growth as in recent fiscal years, representing approximately 40-60% annual growth.
Chairman, Hugh Wang, said, "We now expect Pansoft-Japan to break even in calendar 2012 due to lower visibility of market conditions. We remain optimistic that this segment's competitive advantage as a low-cost provider remains intact and we remain confident that, once this business passes the startup phase, it will achieve success."
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