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EFuture Announces First Quarter 2013 Unaudited Financial Results

Stocks in this article: EFUT

Operating Expenses

Research and development ("R&D") expenses for the first quarter 2013 increased 59% year-over-year to RMB0.8 million (US$0.1 million), or 4% of total revenue, compared with RMB0.5 million, or 2% of total revenue in the first quarter 2012. The increase in R&D expense was primarily attributable to a RMB 0.4 million (US$51,038) expenditure spent on enhancing Sales Force Automation (SFAv1.2), a cloud product.

General and administrative expenses ("G&A") for the first quarter 2013 decreased 8% year-over-year to RMB6.0 million (US$1.0 million), representing 27% of total revenue, compared with RMB6.5 million, or 28% of total revenue in the first quarter 2012. The decrease was primarily attributable to decreased option expenses as the employee incentive plan granted in December 2009 ended its investment period at the end of 2012.

Selling and distribution ("S&D") expenses for the first quarter 2013 increased 28% year-over-year to RMB9.2 million (US$1.5 million), representing 41% of total revenue, compared with RMB7.1 million, or 31% of total revenue in the first quarter 2012. The increase was primarily attributable to an increased investment in people by adopting an enhanced employee benefit scheme, started at the beginning of 2013, to retain talent and increase business development activities to promote sales in cloud services and myStore.

Operating Loss

Operating loss in the first quarter 2013 was RMB7.3 million (US$1.2 million), compared to operating loss of RMB5.3 million in the first quarter 2012.

Net Loss /Adjusted Net Loss and Loss Per Share/Adjusted Loss Per Share

First quarter 2013 net loss was RMB6.0 million (US$1.0 million), compared with a net loss of RMB4.9 million in the first quarter 2012. Adjusted net loss for the first quarter 2013 was RMB4.5 million (US$0.7 million), compared with an adjusted net loss of RMB1.4 million in the first quarter 2012.

Basic and diluted loss per share in the first quarter 2013 was RMB1.42 (US$0.23), 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), compared to RMB0.34 in the first quarter 2012.

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