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EFuture Announces Fourth Quarter And Full Year 2012 Unaudited Financial Results

Stocks in this article: EFUT

BEIJING, March 18, 2013 (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 fourth quarter and full year ended December 31, 2012.

Full Year 201 2 Financial Highlights

  • Total revenue increased 14% year-over-year to RMB198.4 million (US$31.8 million).
  • Gross profit increased 40% year-over-year to RMB78.5 million (US$12.6 million).
  • Adjusted EBITDA increased 439% to RMB16.2 million (US$2.6 million).
  • Operating profit was RMB1.5 million (US$0.2 million), compared to an operating loss of RMB19.5 million in 2011.
  • Net loss was RMB5.8 million (US$0.9 million), compared to a net loss of RMB18.8 million in 2011.
  • Adjusted net income was RMB6.9 million (US$1.1 million), compared to adjusted net loss of RMB1.5 million in 2011.
  • Basic and diluted loss per share was RMB1.41 (US$0.23), as compared to basic and diluted loss per share of RMB4.56 in 2011.
  • Adjusted diluted earnings per share was RMB1.69 (US$0.27), as compared to adjusted diluted loss per share of RMB0.37 in 2011.

Fourth Quarter 201 2 Financial Highlights

  • Total revenue increased 13% year-over-year to RMB98.3 million (US$15.8 million).
  • Gross profit increased 41% year-over-year to RMB39.5 million (US$6.3 million).
  • Adjusted EBITDA increased 82% to RMB18.5 million (US$3.0 million).
  • Operating income increased 877% to RMB16.1 million (US$2.6 million).
  • Net income was RMB1.8 million (US$0.3 million), compared to net loss of RMB7.9 million in the fourth quarter 2011.
  • Adjusted net income was RMB3.7 million (US$0.6 million), compared to RMB2.0 million in the fourth quarter 2011.
  • Basic and diluted earnings per share was RMB0.43 (US$0.07), as compared to basic and diluted loss per share of RMB1.92 in the fourth quarter 2011.
  • Adjusted diluted earnings per share was RMB0.89 (US$0.14), as compared to adjusted diluted earnings per share of RMB0.47 in the fourth quarter 2011.

Mr. Adam Yan, Chairman and Chief Executive Officer of eFuture, commented on the results. "I am pleased to report that 2012 was a successful year for eFuture, highlighted by a total revenue growth of 14 percent as a result of our focus to push sales in higher contract value products and services to big brands. This growth was well supported by the continued strong performance of our core business, which grew by 25%, and comprises software licensing, customized IT solutions services and recurring maintenance services. Secondly, I am also delighted to see consistent growth from clients in tier two and three cities, following our diversification strategy from 2009 to localize sales and delivery teams in these areas. Our efforts have realized 67% and 33% year-over-year growth in tier two and three cities, respectively, from 2011 to 2012. We believe nationwide urbanization will continue to act as a solid growth driver for our company.

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