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EFuture Announces Unaudited Second Quarter 2013 Financial Results

Stocks in this article: EFUT

BEIJING, Aug. 12, 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 second quarter ended June 30, 2013.

Second Quarter 20 13 Financial Highlights

  • Total revenue increased 15% year-over-year to RMB45.1 million (US$7.3 million).
  • Gross profit decreased 1% year-over-year to RMB13.8 million (US$2.3 million).
  • Adjusted EBITDA was minus RMB3.4 million (US$0.5 million), compared to an adjusted EBITDA of minus RMB21,793 in the second quarter 2012.
  • Operating loss was RMB5.2 million (US$0.8 million), compared to an operating loss of RMB5.4 million in the second quarter 2012.
  • Net loss was RMB4.9 million (US$0.8 million), compared to a net loss of RMB0.5 million in the second quarter 2012.
  • Adjusted net loss was RMB3.6 million (US$0.6 million), compared to an adjusted net income of RMB4.3 million in the second quarter 2012.
  • Basic and diluted loss per share was RMB1.16 (US$0.19), as compared to basic and diluted loss per share of RMB0.12 in the second quarter 2012.
  • Adjusted diluted loss per share was RMB0.84 (US$0.14), as compared to adjusted diluted earnings per share of RMB1.02 in the second quarter 2012.

Mr. Adam Yan, Chairman and Chief Executive Officer of eFuture, commented on the results, "eFuture delivered another quarter of solid year-over-year revenue growth reaching 15% over last year, and both revenue and adjusted EBITDA fell well within our guidance range.

"We have accelerated the expansion of our client base for the Software and Services business and have seen tremendous growth in the segments. The slight decrease in this quarter was attributed to a delay in revenue recognition as a result of clients postponing their shop opening schedules. The deferred revenue amounted to RMB20.4 million, which could have contributed to a growth of 52% and 43% for our Software and Services business on a year-over-year basis. We expect this revenue to be gradually recognized in second half of the year."

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