Monday, November 22, 2010

HiSoft Technology International Ltd. (HSFT) Reports Earnings for Third Quarter of 2010

HiSoft Technology International Ltd. reported strong year over year increases in sales and net income in the third quarter of 2010. The company attributed the gains to strong growth in China and more breadth of business from its existing client base.

HiSoft Technology International Ltd. reported sales of $38.9 million in the quarter ending September 30, 2010, compared to $22.8 million in sales in the same quarter last year. This represented a 71% increase.

HiSoft Technology International Ltd. reported net income of $4.79 million, or $0.16 per diluted American depositary share, in the third quarter of 2010. The company earned net income of $2.04 million, or $0.10 per diluted American depositary share, in the same quarter of 2009.

HiSoft Technology International Ltd. also released updated guidance on sales and non-GAAP diluted earnings per diluted American depositary share for the full year 2010. The company expects sales to be in a range from $145 million to $146 million, or approximately 59% above 2009 levels.

HiSoft Technology International Ltd. expects non-GAAP diluted earnings per diluted American depositary share to be in a range from $0.82 to $0.83 for 2010. This represents growth of approximately 96% over earnings in 2009.

For more information on the company, go to www.hisoft.com

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