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EFuture Announces First Quarter 2013 Unaudited Financial Results

Stocks in this article: EFUT

BEIJING, May 20, 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 first quarter ended March 31, 2013.

First Quarter 20 13 Financial Highlights

  • Total revenue decreased 3% year-over-year to RMB22.5 million (US$3.6 million).
  • Gross profit decreased 3% year-over-year to RMB8.7 million (US$1.4 million).
  • Adjusted EBITDA was minus RMB5.3 million (US$0.8 million), compared to an adjusted EBITDA of minus RMB1.3 million in the first quarter 2012.
  • Operating loss was RMB7.3 million (US$1.2 million), compared to an operating loss of RMB5.3 million in the first quarter 2012.
  • Net loss was RMB6.0 million (US$1.0 million), compared to a net loss of RMB4.9 million in the first quarter 2012.
  • Adjusted net loss was RMB4.5 million (US$0.7 million), compared to an adjusted net loss of RMB1.4 million in the first quarter 2012.
  • Basic and diluted loss per share was RMB1.42 (US$0.23), as compared to basic and diluted loss per share of RMB1.19 in the first quarter 2012.
  • Adjusted diluted loss per share was RMB1.06 (US$0.17), as compared to adjusted diluted loss per share of RMB0.34 in the first quarter 2012.

Mr. Adam Yan, Chairman and Chief Executive Officer of eFuture, commented on the results. "As we entered into 2013, we continued to execute on our strategy of increasing wallet share and deepening business penetration. Overall, the results have been very encouraging with total backlog valued at RMB148.3 million (US$23.8 million) as of the end of March, representing an increase of 25% year over year. The total value of new contracts also increased by 25% year over year.

On our Software solutions, we continued the expansion of our client base among medium to large local and multinational corporate enterprises through the provision of IT software solutions and consulting services to enhance the efficiency of front end supply chains for our customers. Earlier in the quarter, we signed some leading nationwide and regional players such as aigo Entrepreneurs Alliance ("aigo") and New Hua Du Supercenter Co., Ltd ("New Hua Du"). aigo is a leading consumer electronics company in China, and New Hua Du is one of the largest supermarket operators with 123 stores in Fujian Province.

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