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SHENZHEN, China, March 31 /PRNewswire-Asia-FirstCall/ -- Jingwei International Limited (OTC Bulletin Board: JNGW; "Jingwei" or the "Company"), a leading provider of data mining and interactive marketing services in China, today reported financial results for the fourth quarter and year ended December 31, 2009.
FOURTH QUARTER 2009 RESULTS
Net revenue for the fourth quarter of 2009 increased 181% to $13.5 million compared to $4.8 million in the fourth quarter of 2008. Net revenues from both data mining and software services revenue segments saw significant growth over the fourth quarter of 2008.
During the fourth quarter of 2009, the Company's gross margin declined slightly to 37% from 39% in the fourth quarter of 2008. Net income in the fourth quarter of 2009 increased 138% to $3.1 million compared to $1.3 million in the fourth quarter of 2008. Net earnings per diluted share for the fourth quarter of 2009 increased to $0.18 compared to $0.08 in the fourth quarter of 2008.
2009 FINANCIAL YEAR RESULTS
Net revenue for 2009 increased to $30.3 million compared to $27.9 million in 2008. Both of the revenue segments, data mining and software services, saw increase in net revenue in 2009 over 2008.
During 2009, the Company's gross margin declined to 38% from 50% in 2008. Net income for 2009 decreased to $6.0 million compared to $9.0 million in 2008. Net earnings per diluted share for 2009 declined to $0.35 compared to $0.53 in 2008.
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