BEIJING, Aug. 13, 2012 (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, 2012.
Second Quarter 201 2 Financial Highlights
- Total revenue increased 47% year-over-year to RMB39.3 million (US$6.2 million).
- Gross profit increased 66% year-over-year to RMB13.9 million (US$2.2 million).
- Adjusted EBITDA was minus RMB21,793 (US$3,430), an improvement from adjusted EBITDA of minus RMB2.6 million in the second quarter 2011.
- Operating loss was RMB5.4 million (US$0.8 million), an improvement from an operating loss of RMB7.1 million in the second quarter 2011.
- Net loss was RMB0.5 million (US$0.1 million), compared with a net loss of RMB5.5 million in the second quarter 2011.
- Adjusted net income was RMB4.3 million (US$0.7 million), an improvement from adjusted net loss of RMB1.3 million in the second quarter 2011.
- Basic and diluted loss per share was RMB0.12 (US$0.02), as compared to basic and diluted loss per share of RMB1.33 in the second quarter 2011.
- Adjusted diluted earnings per share improved to RMB1.02 (US$0.16), as compared to adjusted diluted loss per share of RMB0.32 in the second quarter 2011.
Mr. Adam Yan, Chairman and Chief Executive Officer of eFuture, commented on the results. "We are very pleased with our solid financial performance recorded in the second quarter. This was a particularly strong second quarter, recording a 47% year-over-year revenue growth and an improvement in our gross margin. This improvement was the result of strategies initiated by management last year, which included an effort to optimize the restructuring of our product mix with a higher portion of recurring revenue to minimize the effects of seasonality and a series of operational initiatives designed to enhance our ability to increase profitability."