The Company now expects its total revenues and diluted earnings per share for its fiscal year ending June 30, 2009 to range from $650Mn to $680Mn and from $0.85 to $0.95 respectively, compared to the prior expectation of total revenues in the range of $620Mn to $650Mn and diluted earnings per share in the range of $0.55 to $0.65.
Magic Software (NASDAQ: MGIC) Revenues for the third quarter of 2008 were $15.8Mn, an increase of 8% compared to $14.7Mn for the third quarter of 2007. Net income for the third quarter of 2008 totaled $1.7Mn, or $0.05 per share. This compared to net income of $0.8Mn, or $0.02 per share, for the parallel period of 2007, which included a contribution of $0.7Mn, or $0.02 per share, from discontinued operations. Commenting on the results, Guy Bernstein, Active Chairman of Magic Software said, “We are pleased to report another strong quarter for Magic Software, a period during which we achieved on-track growth in both our top-line and bottom-line results despite the volatility of the global economy and our target markets.”
Harbin Electric (NASDAQ:HRBN) Total revenues were $39.66Mn, up 114% from $18.50Mn in the third quarter of 2007. Net income was $7.75Mn, 63% higher than $4.76Mn in the third quarter of 2007, while Diluted earnings per share were $0.34, compared to $0.26 for the corresponding quarter of 2007. In July, the Company acquired Weihai Hengda Electric Motor (Group) Co. Ltd, ("Hengda"), an industrial rotary motor business. This is the first quarter that the Company's financial results included the newly acquired company. The revenue increase reflects approximately $14.81Mn sales from this new business. Even excluding the acquisition, sales grew 34% YoY. The company was upbeat about their new product - the tower-type oil pump which delivers significant energy savings has already gained market acceptance. Because of its undeniable advantages over existing technology, we see great sales potential with the possibility of doubling sales volumes next year subject to order confirmations.
Chindex International (NASDAQ: CHDX) Revenue for the second quarter of fiscal year 2009 increased 17% to $38.1Mn from $32.7Mn in the second quarter of fiscal year 2008. The net income for the quarter ended September 30, 2008 was $0.9Mn, or $0.05 per diluted share. This compares to net income of $1.6Mn for the quarter ended September 30, 2007. The Healthcare Services division revenue increased 26% to $19.1Mn from $15.1Mn for the prior year quarter. The increase in revenue is attributable to growth in both inpatient and outpatient services provided in the Beijing and Shanghai markets. The company officials were quoted saying, “To date, we have not seen an impact on the demand for our products and services as a result of the world-wide financial crisis. Given the policies implemented by China in response to the crisis, we are optimistic that our business growth opportunities will not be substantially impacted by the current situation.”
PHH Corporation (NYSE: PHH) Net revenues for the three months ended September 30, 2008 were $533Mn, an increase of 10% from Net revenues of $484Mn for the three months ended September 30, 2007.
