Rochester, NY 6/23/2009 12:35:21 AM
Afternoon Stocks To Watch - EFUT - eFuture Information Technology Inc. Accounting Changes - Sourced WhisperFromWallStreet.com
eFuture Information Technology Inc.
Afternoon Movers - EFUT - eFuture Information Technology Inc. Accounting Changes - Sourced WhisperFromWallStreet.com
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e-Future Information Technology,EFUT
6.93 Down 1.49 (17.70%) 12:06pm ET
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 that eFuture will likely need to make an accounting adjustment to its unaudited earnings reports for quarters ended March 31, June 30, September 30 and December 31, 2008 and March 31, 2009 and that those reports should no longer be relied upon. Since eFuture is currently in the process of assessing the anticipated adjustments, the Company has not determined the extent of the correction.
The specific areas being assessed for accounting adjustments relate to (i) our accounting for a depository reserve we must maintain in China for employee social security costs, (ii) the timing of our recognition of revenues upon sales of some of our software products, and (iii) the method by which we calculate our costs of revenues.
About
eFuture Information Technology, Inc., through its subsidiary, eFuture (Beijing) Royalstone Information Technology, Inc., provides front-end supply chain management software and services in the People's Republic of China. Its software solutions include e-Future ONE Visual-DRP, a Web-based product designed to meet the distribution and network management needs of manufacturers; e-Future ONE DMS, a mini-enterprise resource planning application utilized by wholesalers and distributors in the consumer goods industry; e-Future ONE POS-ERP, a software solution designed to meet the demands of retailers for goods flow, order flow, information flow, and cash flow management; and e-Future ONE LRP, an application for distributors or logistics companies to improve warehouse management, transportation management, and logistics management.
Last Trade: 7.08
Day's Range: 6.64 - 7.99
52wk Range: 2.51 - 14.62
Volume: 158,954
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