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Recon Reports Q1 Fiscal Year 2013 Financial Results
Q1 FY '2013 Revenue Up 83%, Net Loss Decreases by 31%

BEIJING, Nov. 15, 2012 /PRNewswire-FirstCall/ -- Recon Technology, Ltd (Nasdaq: RCON), an oilfield services provider that operates primarily in the People's Republic of China (the "Company"), today announced its financial results for first quarter fiscal year 2013 ended September 30, 2012.

Q1 FY '13 Highlights

  • Total revenues for Q1 FY '13 increased by 83.19% to RMB 9.05 million ($1.49 million), due mainly to increased demands of furnaces.
  • Gross profits for Q1 FY '13 were RMB2.45 million ($386 thousand),compared to RMB 2.48 million of Q1 FY '12.
  • Comprehensive loss attributable to ordinary shareholders for Q1 FY '13 was RMB2.34 million ($370 thousand), a 31.16% decrease from Q1 FY '12. Diluted losses per share attributable to ordinary shareholders for Q1 FY '13 was RMB0.59 ($0.09), an improvement of 31.39% from diluted losses per share of RMB0.86 in Q1 FY '12.
  • Adjust EBITDA in Q1 FY '13 was a loss of RMB1.45 million ($229 thousand), an improvement of 48.26% from Q1 FY '12.

The company's quarterly report on Form 10-Q is available for public viewing at http://www.sec.gov.

"Our first quarter is usually a slow quarter for our business, but this year revenues have grown early," said Mr. Yin. Shenping, Recon's Chief Executive Officer, "Benefited from our good reputation and long-term cooperation with our clients, we achieved more orders from our clients when they launched a new round replacement of furnaces and related accessories. We will continue our R&D activities to maintain stronger competitiveness and higher margin to secure our business. Besides, our other businesses like automation business and fracturing services, are all progressing smoothly. We will continue to make full use of our advantages and professional experience on oilfield automation and production stimulation-related services to achieve better and faster development".

About Recon Technology, Ltd.

Recon Technology, Ltd. is a non-state-owned oil field service company in China. The company has been providing software, equipment and services designed to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years. More information may be found at http://www.recon.cn or via e-mail at info@recon.cn.

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission.

All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Investor Contact:
Recon Technology, Ltd.
Tel: +86-10-8494-5799

RECON TECHNOLOGY, LTD

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS











As of June 30,


As of September 30,


As of September 30,


2012


2012


2012

ASSETS

RMB


RMB


U.S. Dollars

Current assets









Cash and cash equivalents

RMB

3,533,283


RMB

2,254,327


$

355,909

Trade accounts receivable, net


61,993,942



57,469,336



9,073,151

Trade accounts receivable- related parties, net


20,394,749



19,856,249



3,134,867

Inventories, net


24,281,300



24,097,816



3,804,518

Other receivables, net


8,074,096



10,816,095



1,707,625

Other receivables- related parties


17,729



445,494



70,334

Purchase advances, net


16,250,616



16,855,838



2,661,168

Purchase advances- related parties


1,093,534



993,534



156,857

Tax recoverable


2,790,722



1,572,640



248,286

Prepaid expenses


535,336



923,407



145,786

Deferred tax asset


1,106,801



1,075,177



169,747

Total current assets


140,072,108



136,359,913



21,528,248










Property and equipment, net


1,774,820



2,083,848



328,994

Long-term other receivable


10,302,349



8,627,720



1,362,128

Total Assets

RMB

152,149,277


RMB

147,071,481


$

23,219,370










LIABILITIES AND EQUITY









Current liabilities









Short-term bank loan

RMB

23,000,000


RMB

23,000,000


$

3,631,197

Trade accounts payable


11,905,560



9,093,488



1,435,663

Trade accounts payable- related parties


5,339,231



7,026,028



1,109,256

Other payables


2,341,826



1,659,640



262,021

Other payable- related parties


1,099,259



923,186



145,751

Deferred revenue


3,291,073



3,391,628



535,464

Advances from customers


936,124



1,286,993



203,188

Advances from customers- related parties


-



600,000



94,727

Accrued payroll and employees' welfare


949,579



1,017,375



160,621

Accrued expenses


476,416



539,742



85,213

Taxes payable


9,681,620



8,421,610



1,329,588

Short-term borrowings


2,767,066



1,817,883



287,004

Short-term borrowings- related parties


4,123,306



920,872



145,386

Total current liabilities


65,911,060



59,698,445



9,425,079










Long-term borrowings-related party


-



3,007,675



474,846

Total Liabilities


65,911,060



62,706,120



9,899,925










Commitments and Contingency


















Equity









Common shares, ($ 0.0185 U.S. dollar par value, 25,000,000 shares authorized; 3,951,811 shares issued and outstanding as of June 30, 2012 and September 30, 2012)


529,979



529,979



83,672

Additional paid-in capital


67,643,791



68,126,955



10,755,755

Appropriated retained earnings


2,378,961



2,378,961



375,586

Unappropriated retained earnings


9,354,535



7,016,251



1,107,713

Accumulated other comprehensive loss


(290,496)



(306,458)



(48,383)

Total controlling shareholders' equity


79,616,770



77,745,688



12,274,343

Non-controlling interest


6,621,447



6,619,673



1,045,102

Total equity


86,238,217



84,365,361



13,319,445

Total Liabilities and Equity

RMB

152,149,277


RMB

147,071,481


$

23,219,370










 

RECON TECHNOLOGY, LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME












For the three months ended September 30,



 2011


 2012


2012



 RMB


 RMB


U.S. Dollars












Revenues










Hardware

RMB

3,593,772


RMB

8,438,964


$

1,332,329


Service


-



83,177



13,132


Hardware - related parties


1,348,817



532,051



83,999


Total revenues


4,942,589



9,054,192



1,429,460












Cost of revenues


2,465,443



6,608,767



1,043,380


Gross profit


2,477,146



2,445,425



386,080






















Selling and distribution expenses


832,797



1,268,798



200,316


General and administrative expenses


4,876,183



3,516,440



555,169


Operating expenses


5,708,980



4,785,238



755,485






















Loss from operations


(3,231,834)



(2,339,813)



(369,405)












Other income (expenses)










Interest income


6,332



1,310



207


Interest expense


(142,911)



(329,756)



(52,061)


Gain from foerign currency exchange


-



266,460



42,068


Other income (expense)


71,732



95,139



15,020












Loss before income taxes


(3,296,681)



(2,306,660)



(364,171)


Provision for income taxes


(108,515)



(31,624)



(4,993)


Net loss


(3,405,196)



(2,338,284)



(369,164)












Less: Net income attributable to non-controlling interest


-



5,882



930


Net loss attributable to Recon Technology, Ltd

RMB

(3,405,196)


RMB

(2,344,166)


$

(370,094)












Comprehensive Loss










Net loss


(3,405,196)



(2,338,284)



(369,164)


Foreign currency translation adjustment


7,594



(15,962)



(2,520)


Comprehensive loss


(3,397,602)



(2,354,246)



(371,684)


Comprehensive income attributable to non-controlling interest


759



7,656



1,209


Comprehensive loss attributable to Recon Technology, Ltd

RMB

(3,398,361)


RMB

(2,361,902)


$

(372,893)












Loss per common share - basic and diluted

RMB

(0.86)


RMB

(0.59)


$

(0.09)












Weighted - average shares -basic and diluted


3,951,811



3,951,811



3,951,811












 

RECON TECHNOLOGY, LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS











For the three months ended September 30,


2011


2012


2012


RMB


RMB


U.S. Dollars










Cash flows from operating activities:









Net loss

RMB

(3,405,196)


RMB

(2,338,284)


$

(369,164)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:









Depreciation


88,723



72,379



11,427

Recovery of doubtful accounts


-



(413,622)



(65,302)

Stock based payments


263,364



454,805



71,804

Deferred tax provision


-



31,624



4,993

Changes in operating assets and liabilities:









Trade accounts receivable


2,499,209



5,011,902



791,270

Trade accounts receivable-related parties


-



538,500



85,017

Notes receivbale


1,276,574



-



-

Other receivable, net


(1,756,733)



(1,139,779)



(179,946)

Other receivables related parties, net


-



(427,764)



(67,535)

Purchase advance, net


(539,485)



(606,488)



(95,751)

Purchase advance-related party, net


-



100,000



15,788

Tax recorvable


-



1,218,082



192,308

Prepaid expense


81,866



(388,071)



(61,268)

Inventories


(1,247,809)



183,484



28,968

Trade accounts payable


1,457,908



(2,812,072)



(443,965)

Trade accounts payable-related parties


-



1,686,797



266,308

Other payables


102,887



(682,186)



(107,702)

Other payables-related parties


-



(176,073)



(27,798)

Deferred income


(504,800)



100,555



15,875

Advances from customers


(77,395)



950,869



150,121

Accrued payroll and employees' welfare


9,389



67,796



10,704

Accrued expenses


105,933



63,324



9,997

Taxes payable


283,529



(1,260,010)



(198,928)

Net cash provided by (used in) operating activities


(1,362,036)



235,768



37,221










Cash flows from investing activities:









Purchase of property and equipment


(101,131)



(381,406)



(60,216)

Net cash used in investing activities


(101,131)



(381,406)



(60,216)










Cash flows from financing activities:









Proceeds from borrowings-related parties


-



7,675



1,212

Repayment of  short-term borrowings


-



(949,183)



(149,855)

Repayment of short-term borrowings-related parties

-



(202,434)



(31,960)

Net cash used in financing activities


-



(1,143,942)



(180,603)










Effect of exchange rate fluctuation on cash and cash equivalents


11,882



10,624



1,677










Net decrease in cash and cash equivalents


(1,451,285)



(1,278,956)



(201,921)

Cash and cash equivalents at beginning of period


3,485,944



3,533,283



557,830

Cash and cash equivalents at end of period

RMB

2,034,659


RMB

2,254,327


$

355,909



















Supplemental cash flow information









Cash paid during the period for interest

RMB

134,637


RMB

407,215


$

64,290

Cash paid during the period for taxes

RMB

-


RMB

-


$

-










SOURCE Recon Technology, Ltd.

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