Net revenues advanced 31%
China INSOnline Corporation, an integrated licensed insurance services provider, has reported net revenues growth of 31% for its fiscal year ended June 30, 2009, while net income grew 10% to $9.17 million as compared to $8.33 million in the prior fiscal year.
The earnings per share for the year ended June 30, 2009 were $0.23 on 40,000,000 weighted average shares outstanding, as compared to $0.25 on 33,946,666 weighted average shares in the prior fiscal year.
While the company saw gains in each of its three reportable business segments, it cited the 51% increase in software development revenues as the main driver of fiscal year results, as this unit completed four major software development projects during the year, generating approximately $6.5 million in revenues.
Additionally, the company stated that revenues from Online Insurance Advertising, representing 61% of total revenues during the year, has increased 19% to approximately $11.24 million as of June 20, 2009, while Insurance Agency revenues grew 65% to $510,332, following the acquisition of Guang Hua Insurance Agency (GHIA) in October, 2008.
For the year ended June 30, 2009, the company said its cost of sales increased 62% to 12% of net revenues, or approximately $3.13 million, primarily as a result of higher amortization and an increase in business tax.
The company also noted that during the recent fiscal year, selling expenses increased to 2% of net revenues, primarily in connection with the growth in the operations of its insurance agency company.