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BEIJING, May 30, 2014 (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 first quarter ended March 31, 2014.
First Quarter 2014 Financial Highlights
Total revenue increased 2% year-over-year to RMB22.9 million (US$3.7 million).
Gross profit increased 11% year-over-year to RMB9.7 million (US$1.6 million).
Adjusted EBITDA was negative RMB3.8 million (US$0.6 million), compared to an adjusted EBITDA of minus RMB5.3 million in the first quarter 2013.
Operating loss was RMB5.5 million (US$0.9 million), compared to an operating loss of RMB7.3 million in the first quarter 2013.
Net loss was RMB5.1 million (US$0.8 million), compared to a net loss of RMB6.0 million in the first quarter 2013.
Mr. Adam Yan, Chairman and Chief Executive Officer of eFuture, commented, "The global retail industry is undergoing a significant transformation. The most notable driver for these changes is undoubtedly the migration of offline retail sales to online channels. According to 2014 China Online Shopping Report released by iResearch, the growth rate of China's mobile shopping gross market value (GMV) in 2013 was 168.6%, which is much higher than the 39.4% GMV growth rate of the whole online shopping market.
"Our plan for 2014 is to harness myStore (a mobile shopping social network connecting consumers) to forge a new path for the future. Our new strategy will blend multiple forces to create a true omni-channel model that redefines the consumer experience, and will hope to play an important role in accelerating the inevitable transition to mobile internet. Driven by myStore, our traditional software business will still serve as the foundation for the whole strategic transition, which follows the trend of transferring from single-channel management to omni-channel management.