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EFuture Announces Unaudited Second Quarter 2013 Financial Results

Basic and diluted loss per share in the second quarter 2013 was RMB1.16 (US$0.19), 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), compared to adjusted diluted earnings per share of RMB1.02 in the second quarter 2012.

EBITDA

Adjusted EBITDA for the second quarter 2013 was minus RMB3.4 million (US$0.5 million), compared to minus RMB21,793 in the second quarter 2012.

Balance Sheet and Cash Flow  

As of June 30, 2013, cash and cash equivalents were RMB39.5 million (US$6.4 million), a decrease of RMB39.9 million from RMB79.4 million as of December 31, 2012. The decrease was primarily attributable to the payment of annual bonuses for staffs and the expenditure spent on customers' projects.  

Total accounts receivable as of June 30, 2013 decreased 11% to RMB22.5 million (US$3.7 million) from RMB25.2 million as of December 31, 2012. The decrease was a result of our continuous efforts put in to strengthen our balance sheet by improving on trade receivables collection.

Inventory and work in process as of June 30, 2013 increased 26% to RMB24.4 million (US$4.0 million) from RMB19.3 million as of December 31, 2012. The increase was primarily attributable to delayed projects which had not reached the point of revenue recognition.

For the quarter ended June 30, 2013, net cash provided by operating activities was RMB1.8 million (US$0.3 million). Net cash used in investing activities was RMB5.9 million (US$1.0 million).

THIRD QUARTER 201 3 GUIDANCE

eFuture expects total revenue for the third quarter 2013 to be in the range of RMB40 million (US$6.5 million) to RMB45 million (US$7.3 million). Adjusted EBITDA for the third quarter 2013 is expected to be in the range of minus RMB3 million (US$0.5 million) to minus RMB1 million (US$0.2 million).

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