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Chinese New Year?
eFuture Information Technology Inc. (Nasdaq:EFUT), a provider of software and services in China’s rapidly growing retail and consumer goods industries, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2013.
Full Year 2013 Financial Highlights:
– Total revenue increased 0.4% year-over-year to RMB199.2 million (US$32.9 million).
– Gross profit increased 3% year-over-year to RMB81.0 million (US$13.4 million).
– Adjusted EBITDA decreased 96% to RMB0.6 million (US$0.1 million).
– Operating loss was RMB6.4 million (US$1.1 million), compared to an operating income of RMB1.5 million in 2012.
– Net loss was RMB6.2 million (US$1.0 million), compared to a net loss of RMB4.5 million in 2012.
– Adjusted net loss was RMB1.1 million (US$0.2 million), compared to an adjusted net income of RMB8.2 million in 2012.
– Basic and diluted loss per share was RMB1.47 (US$0.24), as compared to basic and diluted loss per share of RMB1.10 in 2012.
– Adjusted diluted loss per share was RMB0.26 (US$0.04), as compared to adjusted diluted earnings per share of RMB2.00 in 2012.
Fourth Quarter 2013 Financial Highlights:
– Total revenue decreased 7% year-over-year to RMB91.2 million (US$15.1 million).
– Gross profit increased 6% year-over-year to RMB42.0 million (US$6.9 million).
– Adjusted EBITDA was RMB9.9 million (US$1.6 million), compared to RMB18.5 million in the fourth quarter 2012.
– Operating income was RMB8.4 million (US$1.4 million), compared to RMB16.1 million in the fourth quarter 2012.
– Net income was RMB6.4 million (US$1.1 million), compared to RMB3.0 million in the fourth quarter 2012.
– Adjusted net income was RMB7.4 million (US$1.2 million), compared to adjusted net income of RMB5.0 million in the fourth quarter 2012.
– Basic and diluted earnings per share were RMB1.50 (US$0.25), as compared to RMB0.74 in the fourth quarter 2012.
– Adjusted diluted earnings per share was RMB1.74 (US$0.29), as compared to adjusted diluted earnings per share of RMB1.20 in the fourth quarter 2012.
Mr. Adam Yan, Chairman and Chief Executive Officer of eFuture, commented on the results. “We are pleased with eFuture’s 2013 performance which gave us a more diversified product portfolio, strengthened market leadership and stable revenue stream that allows us to continue the strategic imperative of investing in our future, transforming from a traditional software solutions provider to a shopping social network service, via myStore to transfer offline consumers to mobile consumers (O2M) for the retailers in China retail industry.
“Full year revenue increased modestly. We saw an overall segment growth in service fees, an increased number of clients from various industry segments and geographic locations, and an improved efficiency and profitability from within.
“2013 has been a critical, transformative year for eFuture as we capitalized on the enormous offline to mobile (“O2M”) growth opportunities that have resulted from the consumer-led revolutionary change in China’s retail industry. We witnessed a strong market response to the rollout of myStore and the results have far exceeded our expectations. As announced earlier this year, leading retailers such as Rainbow & Yonghui have contracted eFuture for our m-commerce and omni-channel solutions, while Yansha Youyi Shopping City, Chengde Kuan Guang Supermarket and others have joined myStore’s open platform. Furthermore, the exceptional success of our exhibition that showcased our omni-channel myStore experience store at the 15th China Retail Industry Convention further underpins our success in securing the participation of over 20 retailers.
Mr Yan concluded, “myStore (a shopping social network service connecting consumers) has demonstrated its growing importance as a key business driver for eFuture through our in-house developed m-commerce and omni-channel solutions. In order to accelerate the Company’s growth, we have made investments in R&D, sales and marketing personnel and branding initiatives which has affected our short term profitability but remains crucial to our long term prospects. I am excited about our 2014 outlook as we continue to lead the change in the retail industry by helping our clients provide a truly personalized shopping experience for each consumer through myStore.”
