EFuture Announces Third Quarter 2010 Unaudited Financial Results
BEIJING, Nov. 22, 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 third quarter ended September 30, 2010.
THIRD QUARTER 2010 FINANCIAL HIGHLIGHTS
- Total revenue increased 28.8% year-over-year to RMB32.5 million (US$4.9 million).
- Revenue from software license sales decreased 17.7% year-over-year to RMB11.4 million (US$1.7 million) compared to RMB13.8 million in the third quarter 2009.
- Revenue from hardware sales increased 1,127.6% year-over-year to RMB9.8 million (US$1.5 million), compared to RMB799,850 in the third quarter 2009.
- Service fee income increased 6.4% to RMB11.3 million (US$1.7 million), compared to RMB10.6 million in the third quarter 2009.
- Gross profit increased 29.0% year-over-year to RMB12.4 million (US$1.9 million). Gross margin was 38.3%, in line with the third quarter 2009.
- Adjusted EBITDA for the third quarter 2010 was negative RMB4.8 million (negative US$718,206), compared with negative RMB716,158 in the third quarter 2009.
- Operating loss was RMB10.2 million (US$1.5 million), compared with an operating loss of RMB5.9 million in the third quarter 2009.
- Net loss was RMB5.6 million (US$832,699), compared with a net loss of RMB4.2 million in the third quarter 2009.
- Adjusted net loss was RMB670,481 (US$100,215), compared with adjusted net income of RMB706,275 in the third quarter 2009.
- Basic and diluted net losses per share were RMB1.55 (US$0.23), as compared to basic and diluted net losses per share of RMB1.24 in the third quarter 2009.
- Adjusted basic and diluted net losses per share were RMB0.19 (US$0.03), as compared to basic and diluted net earnings per share of RMB0.21 in the third quarter 2009.
Mr. Adam Yan, Chairman, Chief Executive Officer ("CEO") and Acting Chief Financial Officer ("CFO"), said, "I'm pleased to report a third consecutive quarter of robust top-line growth, with revenue up 29% year-over-year, exceeding guidance. The sales organization restructuring we completed during the first quarter of 2010 positioned us to deepen revenue penetration among existing clients as they expand amid the market rebound, and to also win business from new clients. The enhanced efficiency of our sales organization allowed us to achieve a 91% increase in the value of executed software license and services contracts compared with the third quarter of 2009, while achieving stable selling and distribution expenses as a percentage of revenue.
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