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EFuture Announces Unaudited Second Quarter 2013 Financial Results

Stocks in this article: EFUT

Operating Expenses  

Research and development ("R&D") expenses for the second quarter 2013 decreased 58% year-over-year to RMB0.5 million (US$89,516), or 1% of total revenue, compared with RMB1.3 million, or 3% of total revenue in the second quarter 2012. The decrease in R&D expenses was primarily attributable to decreased share-based compensation expenses of RMB0.9 million as the employee incentive plan granted in December 2009 ended its vesting period at the end of 2012.

General and administrative expenses ("G&A") for the second quarter 2013 decreased 13% year-over-year to RMB7.6 million (US$1.2 million), representing 17% of total revenue, compared with RMB8.7 million, or 22% of total revenue in the second quarter 2012. The decrease in G&A expenses was primarily attributable to decreased share-based compensation expenses of RMB2.0 million, as the employee incentive plan granted in December 2009 ended its vesting period at the end of 2012 and was partially offset by a RMB1.0 million staff cost invested to enhanced employee's benefit since early 2013.

Selling and distribution ("S&D") expenses for the second quarter 2013 increased 17% year-over-year to RMB10.9 million (US$1.8 million), representing 24% of total revenue, compared with RMB9.3 million, or 24% of total revenue in the second quarter 2012. The increase in S&D expenses was primarily attributable to an increased investment in marketing activities to promote eFuture's brand and an increased investment in people by adopting an enhanced employee benefit scheme since early 2013.

Operating Loss

Operating loss in the second quarter 2013 was RMB5.2 million (US$0.8 million), compared to operating loss of RMB5.4million in the second quarter 2012.

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

Second quarter 2013 net loss was RMB4.9 million (US$0.8 million), compared with a net loss of RMB0.5 million in the second quarter 2012. Adjusted net loss for the second quarter 2013 was RMB3.6 million (US$0.6 million), compared with an adjusted net income of RMB4.3 million in the second quarter 2012.

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