In the company’s recent news,
eFuture Information Technology Inc. (EFUT) reported second quarter financial results after yesterday’s close. Revenues rose to $3.5 million, an increase of 103.9% over the same period in 2007. Gross profit rose 115% to $2.0 million as gross margin improved to 57.1% from 54.1% year-over-year. GAAP net income was $0.4 million, or 13 cents per diluted share, vs. a loss of $1.34 million in Q2 2007. Adjusted net income (non-GAAP) was $1.1 million, or 35 cents per diluted share. eFuture reiterated full-year 2008 revenue guidance of $19 - $20 million. There were no analyst earnings estimates.
“Our strongest-ever year-over-year growth in service revenue boosted top- line growth and helped turn our bottom line positive,” said Adam Yan, eFuture’s chairman and chief executive officer. “Gross profit has shown significant improvement with a 115 percent year-over-year increase, a sign that our strategy of integration and product synergy is keeping our costs under control as our revenues continue to expand.”
He continued, “As domestic consumption becomes a more important driver of an increasingly sophisticated Chinese economy, we expect to see growing IT software and service spending in the retail sector to improve China’s supply chain management infrastructure. We believe that eFuture is ideally positioned to capitalize on this growth, and we remain confident in our ability to provide the high-performance supply chain management solutions demanded by our discerning base of Fortune 500 and leading domestic clients.”
Shares of EFUT closed at $10.99 yesterday and have traded in a 52-week range of $9.35 - $34.00. With 3 million shares outstanding, EFUT has a market cap of $33 million. Shares traded over 15% higher after hours, hitting a high of $13.20 on volume of 48,000 shares. EFUT’s small float leads to outsized moves on relatively little volume.
About QualityStocks
QualityStocks, based in Scottsdale, Arizona is a free service that collects data from hundreds Small-Cap and Micro-Cap online Investment Newsletters into one Free Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their advertising efforts and now has over 500,000+ subscribers that receive The Daily Stock Newsletters.
To sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net
Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
