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Why Kingtone Wirelessinfo Solutions (KONE) Is Skyrocketing Today

Update (4:30 p.m. EST): Updated with closing price, day high and low prices, year high and low prices, price change and volume information.

NEW YORK ( TheStreet) --  Kingtone Wirelessinfo Soultions  (KONE) skyrocketed more than 148% to $12.30, up $7.35 from its previous close of $4.95, at the close of the trading day on Friday after the company said revenue for its fiscal year ended in September jumped nearly 700%. The stock hit a one-year high of $16.74 during the day.

The stock, which soared more than 200% at one point in the day, had a volume of 1,367,955, more than 160 times its average of 8,516. It hit a high of $16.74 and a low of $6.76 for the day. The stock has a high of $16.74 and a low of 99 cents for the year.

The company said revenue increased 696.8% to about $11.6 million from about $1.5 a year earlier. Gross profit increased by 527.7% to about $1 million; it recorded a loss of about $200,000 in fiscal 2012. Gross margin increased to 8.8% from negative 16.4%.

Kingtone posted a loss of about $5.1 in fiscal 2013, narrower than a year-earlier loss of about $9 million. The loss per share was $3.65 a share vs. a year-earlier loss of $6.40. 

"We are very glad to see the revenue has grown dramatically during the fiscal year 2013," said CEO Peng Zhang in the company's statement. "Thanks for our investors being patient with our business and capital market performance and staying with the company during the difficult time when the company's business didn't do well for the past two years.  In the future we will continue to take measures to improve our performance and strengthen our business model to achieve sustainable growth."

KONE Chart

KONE data by YCharts

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