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TheStreet Open House

EFuture Announces Second Quarter 2010 Unaudited Financial Results

Total Revenue Increased 61% Year-Over-Year to RMB35.8 Million, Exceeding Guidance

Adjusted EBITDA Was RMB2.1 Million, Exceeding Guidance

BEIJING, Sept. 15, 2010 (GLOBE NEWSWIRE) -- eFuture Information Technology Inc. (Nasdaq:EFUT) (the "Company" or "eFuture"), a leading provider of software and services in China's rapidly growing retail and consumer goods industries, today announced its unaudited financial results for the second quarter ended June 30, 2010.

SECOND QUARTER 2010 FINANCIAL HIGHLIGHTS

-- Total revenue increased 61.1% year-over-year to RMB35.8 million (US$5.3 million).

  • Revenue from software license sales increased 76.2% year-over-year to RMB18.7 million (US$2.8 million).
  • Revenue from hardware sales rose to RMB5.5 million (US$808,045), compared to nil in the second quarter 2009.
  • Service fee income was RMB11.6 million (US$1.7 million), in line with the second quarter 2009.

-- Gross profit increased 105.0% year-over-year to RMB20.1 million (US$3.0 million). Gross margin increased to 56.3%, from 44.2% in the second quarter 2009.

-- Adjusted EBITDA for the second quarter 2010 improved to RMB2.1 million (US$316,487), compared with minus RMB4.8 million in the second quarter 2009.

-- Operating loss was RMB3.6 million (US$528,033) from RMB9.8 million in the second quarter 2009.

-- Net loss was RMB1.7 million (US$254,297), compared with a net loss of RMB11.4 million in the second quarter 2009.

-- Adjusted net income improved to RMB3.5 million (US$510,051), compared with an adjusted net loss of RMB6.7 million in the second quarter 2009.

-- Basic and diluted net losses per share were RMB0.48 (US$0.07), as compared to net losses per share of RMB3.39 in the second quarter 2009.

-- Adjusted diluted net earnings per share improved to RMB0.96 (US$0.14), as compared to basic and diluted net losses per share of RMB1.98 in the second quarter 2009.

Mr. Adam Yan, Chairman, Chief Executive Officer ("CEO") and Acting Chief Financial Officer ("CFO"), said, "I'm very pleased to report an acceleration in top-line growth during the second quarter, combined with enhanced cost efficiency. Demand for our logistics, Fast Moving Consumer Goods (FMCG) and grocery solutions pushed up total revenue by 61% year-over-year. This rise in revenue was driven by continued retail industry growth, which resulted in increased demand from existing customers as they expanded amid the market rebound. Our restructured sales organization positioned us to capitalize on this trend, allowing us to achieve higher revenue with minimal rise in headcount and other sales costs. The rise in revenue was also driven by the booking of revenues relating to strong order growth during the second half of 2009. Combined with economies of scale, this resulted in adjusted EBITDA of RMB2.1 million on revenue of RMB35.8 million."

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