Recon Technology Reports Second Quarter 2014 Financial Results Operations continue to improve, Revenue and Net profit increased

BEIJING, Feb.13, 2014 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a Chinese non-state-owned oilfield services provider to oil and gas companies and their affiliates, today reported results for its second quarter of fiscal 2014 ended December 31, 2013.

Q2 FY2014 Highlights


For the Three Months Ended


December 31,


2012


2013


% Change

Revenues

 RMB 45,980,600   


 RMB 46,266,326  


0.6%

Gross Profit

14,019,773


16,524,412


17.9%

Net income attributable to ordinary shareholders

5,288,361


5,814,671


10.0%

Non GAAP net income

7,479,058


9,295,123


24.3%

Basic Earnings per share

RMB            1.34   


RMB           1.40   


4.5%

Basic Weighted-average shares

3,951,811


4,162,115


5.3%

Diluted Earnings per share

RMB            1.34   


RMB           1.38   


2.8%

Diluted Weighted-average shares - diluted

3,951,811


4,224,560


6.9%

  • Total revenues for the second quarter of FY2014 were approximately RMB46.3 million ($7.6 million), an increase of 0.6% from the same period of FY2013, which were mainly contributed by sales of furnaces and automation products from our newly developed clients.
  • Gross profit for the second quarter of FY2014 increased 17.9% to above RMB16.5 million ($2.7 million). Gross margin improved from 30.5% to 35.7%.
  • Net income attributable to ordinary shareholders for the second quarter of FY2014 was RMB5.8 million ($1.0 million), or RMB1.38 ($0.23) per diluted share. Net income attributable to ordinary shareholders for the same period of FY2013 was RMB5.3 million, or RMB1.34 ($0.21) per diluted share.
  • Non GAAP net income[1] for the second quarter of FY2014 increased 24.3% to RMB9.3 million ($1.5 million). Non GAAP diluted EPS for the second quarter was  RMB2.2 (or $0.36).

[1]

We define Non GAAP net income as net income (loss) adjusted for income tax expense, interest expense, loss from investment, non-cash stock compensation expense, depreciation and amortization. Detailed explanation of the Company's non-GAAP financial measures and related reconciliations to net income are included in the accompanying "Adjusted EBITDA" part and in our 10Q.We think it is useful to an equity investor in evaluating our operating performance because: (1) it is widely used by investors in our industry to measure a company's operating performance without regard to items such as interest expense, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which the assets were acquired; and (2) it helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure and asset base from our operating results.

Six Months Highlights


For the Six Months Ended


December 31,


2012


2013


% Change

Revenues

RMB 55,034,792   


 RMB 57,779,036   


5.0%

Gross Profit

16,465,198


21,815,512


32.5%

Net income attributable to ordinary shareholders

2,944,195


5,861,115


99.1%

Non GAAP net income

5,762,878


10,776,811


87%

Basic and Diluted Earnings per share

RMB            0.75   


RMB            1.44   


93.9%

Basic and Diluted Weighted-average shares

3,951,811


4,056,963


2.7%

  • Total revenues for the first half year of FY2014 were approximately RMB57.8 million ($9.5 million), an increase of 5.0% from the same period of FY2013, mainly caused by increase of sales of furnaces and automation products.
  • Gross profit for the first half year of FY2014 increased 32.5% to RMB21.8 million ($3.6 million). Gross margin increased from 29.9% to 37.8%.
  • Net income attributable to ordinary shareholders for the six months ended December 31, 2013 was RMB5.9 million ($1.0 million), or RMB1.44 ($0.24) per diluted share. Net income attributable to ordinary shareholders for the same period of FY2013 was RMB2.9 million, or RMB0.75 ($0.12) per diluted share.
  • Non GAAP net income for the first half year of FY2014 increased 87% to RMB10.8 million ($1.8 million). Non GAAP diluted EPS for the six months ended December 31, 2013 was  RMB2.66 (or $0.43).

"We're very pleased to continue improving our net profit in the quarter, as it was up almost 100% for the first half of fiscal year 2014," said Mr. Yin, CEO of Recon Technology. "We have been expanding our client base actively since last year, and our newly developed clients, such as Jilin Petroleum Group, North China Bureau of CNPC and Southwest Oil and Gas Branch of Sinopec, contributed more than half to our furnaces and automation business increase. As we strengthen our design capacity and service offerings, we believe our leading position in the furnace and oilfield automation segment will be consolidated.

"Our onsite service business, mainly focused on the fracturing segment, is well underway. We have achieved new contracts. Also, our cooperation with Baker Hughes has expanded to additional down well services, such as milling. Through these collaborative experimental projects with well-known international companies, our working performance and solutions can continue to improve, which will position us for new business opportunities from our oilfield clients.

"As to the coming year, we are still positive and confident," Mr. Yin continued. "According to the 2014 Energy Task Guidance of China's National Energy Bureau, the government's goals include increasing oil and gas production, improving proven ratios and extraction rates, encouraging the development of unconventional oil and gas resources and accelerating construction of oil and gas infrastructures. These points are quite favorable for our industry and our business. Our business operates mainly in China's northeast, northwest and Bohai Bay districts, where China's major producing oil and gas fields are located. Recon's product lines mainly focus on helping our clients improve extraction rates and reduce production costs. Over the years, our products and services have been well-received by our clients, and we will continue to devote our efforts as professional technology and service integrators." 

Q2 FY2014 Financial Results

Total revenues for the second quarter of FY2013 increased slightly to RMB46.3 million ($7.6 million). Revenues from automation business and furnaces were quite strong, increasing 50%. Overall, our newly developed clients, Jilin Petroleum Group, Qinghai Oilfield and Southwest Branch of Sinopec, contributed most of our increasing business.

Gross profit increased to approximately RMB16.5 million ($2.7 million) for the second quarter of FY2014, up 17.9% from the same period of FY2013. Gross margin increased to 35.7% for the second quarter of FY2014 from 30.5% for the same period in FY2013. The improvement in overall gross margin was mainly due to software and furnace sales contributing to a higher portion of total revenues.

Selling and distribution expenses increased by 37.7%, from approximately RMB1.6 million for the three months ended December 31, 2012 to approximately RMB2.3 million ($0.4 million) for the second quarter of FY2014. This increase was primarily due to increased shipping charge and service charges. General and administrative expenses increased by 48.5%, or RMB1.2 million ($0.2 million), from approximately RMB2.5 million in the three months ended December 31, 2012 to approximately RMB3.7 million ($0.6 million) in the same period of 2013, mainly due to increases in fees related to IR service and salaries. Research and development expenses were RMB2.7 million ($0.4 million) for the second quarter of FY2014, down 36.6% compared to the second quarter FY2013. Overall, operating expenses increased by 3.5% year over year to RMB8.6 million ($1.3 million) for the second quarter of FY2014.

Income from operations was RMB7.9 million ($1.3 million) for the second quarter of FY2014, up 38.9% compared to RMB5.7 million for the same period of FY2013. This increase in income from operations is mainly driven by increased revenue as well as a decrease in R&D expenses.

Investment loss was approximately RMB0.4 million ($0.06 million) for the second quarter of FY2014. As of the date, we held approximately 25.0% interest of Avalon. As it has not yet filed its current period report with the SEC, this amount assumes similar performance to the prior quarter.

Net income attributable to ordinary shareholders increased by 10.0% to RMB5.8 million ($0.9 million) for the second quarter of FY2014 from RMB5.3 million for the same period of FY2013. Diluted earnings per share was RMB1.38 ($0.23) for the second quarter of FY2014, compared to RMB1.34 ($0.22) for the same period of FY2013 due to the issuance of additional shares in the current period.

Adjusted EBITDA was RMB9.3 million ($1.5 million) for the second quarter of FY2014, up 24.3% compared to RMB7.5 million for the same period of FY2013. 

Reconciliation of Adjusted EBITDA to Net Income


For the Three Months Ended


December 31,


2012


2013


2013


RMB


RMB


USD

     Net income

 RMB 5,887,567


6,579,742


$ 1,076,810

     Provision for income taxes

423,308


1,251,862


204,874

     Interest expense and foreign currency adjustment

473,057


472,081


77,259

     Loss from investment

-


556


91

     Stock compensation expense

452,348


360,466


58,992

     Depreciation and amortization

242,778


480,555


78,645

Adjusted EBITDA

 RMB 7,479,058


9,295,123


$ 1,521,198

As of December 31, 2013, cash and cash equivalents were  RMB21.7 million ($3.6 million). Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid short-term debt investments with stated maturities of no more than six months.

Year-to-Date FY2014 Financial Results

Total revenues for the six months ended December 31, 2013 increased by 5.0%, or approximately RMB2.7 million ($0.4 million) to  RMB57.8 million ($9.5 million) from RMB55.0 million for the same period of fiscal 2013, primarily driven by strong sales from furnaces and automation products sales.

Gross profit increased to approximately RMB21.8 million ($3.6 million) for the six months ended December 31, 2013, up 32.5% from the same period of fiscal 2013. Gross margin increased from 29.9% for the six months ended December 31, 2012 to 37.8% for the same period ended December 31, 2013. This was mainly because revenues for fracturing services, which have lower margin than our other services accounted for a larger part of our revenue during the six months ended December 31, 2012.

Selling and distribution expenses increased by 24.2%, from approximately RMB2.9 million for the six months ended December 31, 2012 to approximately RMB3.6 million ($0.6 million) for the same period of 2013. This increase was primarily from the increased shipping and service charges. General and administrative expenses increased by 44.0% from RMB4.5 million for the six months ended December 31, 2012 to RMB6.5 million ($1.1 million) for the same period of fiscal 2014. Research and development expenses decreased by 41.5%, from approximately RMB5.7 million for the six months ended December 31, 2012 to approximately RMB3.4 million ($0.5 million) for the same period of 2013. This decrease was primarily due to lower spending on R&D materials and equipment for our furnaces and fracturing servies. Overall, operating expense were RMB13.4 million ($2.2 million) for the six months ended December 31, 2013, steady compared to same period of last year.

Income from operations was RMB8.4 million ($1.4 million) for the six months ended December 31, 2013, compared to income of RMB3.3 million for the same period of 2012. This increase in income from operations can be attributed primarily to the increased revenue, gross margins and decreases in percentage of research and development expenses.

Net income attributable to ordinary shareholders increased to RMB5.9 million ($1.0 million)  for the six months ended December 31, 2013, an improvement of approximately RMB2.9 million ($0.5 million) compared to the same period of fiscal 2013. Diluted earnings per share was RMB1.44($0.24) for the six months ended December 31, 2013, compared to diluted earnings per share of RMB0.75 ($0.12) for the same period ended December 31, 2012.

Adjusted EBITDA was RMB10.8 million ($1.8 million) for the six months ended December 31, 2013, compared to approximately RMB5.8 million income for the same period in 2012, an improvement of 87.0%.

Reconciliation of Adjusted EBITDA to Net Income (Loss)


For the Six Months Ended
December 31,


2012


2013


2013


RMB


RMB


USD

     Net income (loss)

RMB

3,549,283


RMB

6,786,096


$

1,110,581

     Provision for income taxes


454,932



1,459,189



238,804

     Interest expense and foreign currency adjustment


536,353



599,040



98,036

     Change in fair value of warrants liability


-



556



91

     Loss from investment


-



735,080



120,300

     Stock compensation expense


907,153



895,509



146,555

     Depreciation and amortization


315,157



301,341



49,316

Adjusted EBITDA

RMB

5,762,878


RMB

10,776,811


$

1,763,683

For the six months ended December 31, 2013, net cash used in operating activities was approximately RMB6.8 million ($1.1 million) for the six months ended December 31, 2013. This was a decrease of approximately RMB12.0 million ($2.0 million) compared to net cash provided by operating activities of approximately RMB5.2 million for the six months ended December 31, 2012. Our net cash used in operating activities were primarily for purchase of inventories for projects in the upcoming quarters.

Net cash used in investing activities was RMB36,495 ($5,973) for the six months ended December 31, 2013, a decrease of RMB359,495 ($58,883) from RMB395,990 for the same period of 2012. The decrease was due to decrease in purchase of property and equipment.

Net cash provided by financing activities amounted to approximately RMB16.1 million ($2.6 million) for the six months ended December 31, 2013, compared to net cash used in financing activities of approximately RMB6.6 million for the six months ended December 31, 2012. During the six-month period ended December 31, 2013, we received net proceeds of RMB12.1 million ($2.0 million) from the common stock issuance of 546,500 shares to institutional investors in November 2013. In addition, we repaid approximately RMB5.3 million ($0.9 million) short term borrowings to related parties with fund generated from operation and received RMB9.36 million ($1.5 million) net loan proceeds from a commercial bank, which was guaranteed by one of our shareholders.

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 e-mail: 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.

Contact:      

At the Company:
Recon Technology, Ltd.
Tel: +86-10-8494-5799
Email: info@recon.cn
Web: http://www.recon.cn

 

RECON TECHNOLOGY, LTD

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS



As of
June 30,


As of
December 31,


As of
December 31,


2013


2013


2013

ASSETS

RMB


RMB


U.S. Dollars

Current assets









Cash and cash equivalents 

RMB

12,350,392


RMB

21,733,565


$

3,556,815

Notes receivable


2,578,855



-



-

Trade accounts receivable, net 


38,648,780



66,732,266



10,921,096

Trade accounts receivable- related parties, net


18,744,364



17,798,136



2,912,761

Inventories, net


13,271,070



22,070,728



3,611,994

Other receivables, net 


19,131,503



14,191,630



2,322,537

Other receivables- related parties


742,528



595,304



97,425

Purchase advances, net


18,412,507



17,680,032



2,893,433

Purchase advances- related parties


394,034



394,034



64,486

Tax recoverable


575,650



-



-

Prepaid expenses 


2,853,956



1,630,388



266,821

Deferred tax asset


1,006,721



1,038,932



170,027

Total current assets


128,710,360



163,865,015



26,817,395










Property and equipment, net


1,709,846



1,445,001



236,482

Long-term investment


1,549,450



816,310



133,594

Long-term other receivable


3,502,680



6,627,046



1,084,552

Total Assets

RMB

135,472,336


RMB

172,753,372


$

28,272,023










LIABILITIES AND EQUITY 









Current liabilities









Short-term bank loans

RMB

10,000,000


RMB

19,360,000


$

3,168,369

Trade accounts payable


7,384,165



23,101,652



3,780,710

Trade accounts payable- related parties


3,994,718



-



-

Other payables 


1,964,691



1,408,449



230,500

Other payable- related parties


4,239,675



3,516,222



575,449

Deferred revenue


3,381,382



3,926,136



642,533

Advances from customers


470,700



554,162



90,692

Accrued payroll and employees' welfare


1,992,783



353,382



57,833

Accrued expenses


488,730



758,000



124,052

Taxes payable


6,754,428



10,047,404



1,644,312

Short-term borrowings- related parties


5,503,279



200,000



32,731

Short-term borrowings- other


570,375



460,000



75,281

Warrants liability 


-



5,044,722



825,596

Total current liabilities


46,744,926



68,730,129



11,248,058










Commitments and Contingency


















Equity 









Common stock, ($ 0.0185 U.S. dollar par value, 25,000,000 shares authorized; 3,951,811 and 4,528,311shares issued and outstanding as of June 30, 2013 and December 31, 2013, respectively)


529,979



595,335



97,428

Additional paid-in capital


69,516,447



77,883,568



12,746,067

Appropriated retained earnings


3,023,231



4,655,550



761,906

Unappropriated retained earnings


8,749,963



12,978,762



2,124,045

Accumulated other comprehensive loss


(293,201)



(231,698)



(37,918)

Total controlling shareholders' equity


81,526,419



95,881,517



15,691,528

Non-controlling interest


7,200,991



8,141,726



1,332,437

Total equity


88,727,410



104,023,243



17,023,965

Total Liabilities and Equity

RMB

135,472,336


RMB

172,753,372


$

28,272,023

 

RECON TECHNOLOGY, LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



For the six months ended


For the three months ended


December 31,


December 31,


2012


2013


2013


2012


2013


2013


RMB


RMB


USD


RMB


RMB


USD



















Revenues


















Hardware and software

RMB

31,797,756


RMB

55,339,141


$

9,056,550


RMB

23,275,615


RMB

44,242,049


$

7,240,451

Service


20,504,959



397,589



65,068



20,504,959



397,589



65,068

Hardware and software - related parties


2,732,077



2,042,306



334,234



2,200,026



1,626,688



266,216

Total revenues


55,034,792



57,779,036



9,455,852



45,980,600



46,266,326



7,571,735



















Cost of revenues


















Hardware and software

RMB

20,506,088


RMB

35,599,656


$

5,826,076


RMB

14,739,526


RMB

29,480,982


$

4,824,722

Service


15,722,614



34,946



5,719



15,701,994



34,946



5,719

Hardware and software - related parties


2,340,892



328,922



53,830



1,519,307



225,986



36,984

Total cost of revenues


38,569,594



35,963,524



5,885,625



31,960,827



29,741,914



4,867,425

Gross profit


16,465,198



21,815,512



3,570,227



14,019,773



16,524,412



2,704,310





































Selling and distribution expenses


2,902,994



3,604,440



589,886



1,634,196



2,250,518



368,309

General and administrative expenses


4,485,758



6,457,563



1,056,815



2,502,647



3,715,640



608,085

Research and development expenses


5,732,189



3,353,997



548,900



4,198,860



2,661,397



435,552

Operating expenses


13,120,941



13,416,000



2,195,601



8,335,703



8,627,555



1,411,946





































Income from operations


3,344,257



8,399,512



1,374,626



5,684,070



7,896,857



1,292,364



















Other income (expenses)


















Subsidy income


800,000



1,018,313



166,652



800,000



684,601



112,039

Interest income


305,588



204,970



33,544



304,278



101,769



16,655

Interest expense


(876,414)



(479,648)



(78,497)



(546,658)



(258,389)



(42,287)

Loss from investment


-



(735,080)



(120,300)



-



(360,466)



(58,992)

Change in fair value of warrants liability


-



556



91



-



556



91

Gain (loss) from foreign currency exchange


340,061



(119,392)



(19,539)



73,601



(213,692)



(34,972)

Other income (expense)


90,723



(43,946)



(7,192)



(4,416)



(19,632)



(3,213)



















Income before income tax


4,004,215



8,245,285



1,349,385



6,310,875



7,831,604



1,281,685

Provision for income tax


454,932



1,459,189



238,804



423,308



1,251,862



204,874

Net Income 


3,549,283



6,786,096



1,110,581



5,887,567



6,579,742



1,076,811



















Less: Net income attributable to non-controlling interest


605,088



924,981



151,378



599,206



765,071



125,208

Net Income attributable to Recon Technology, Ltd

RMB

2,944,195


 RMB 

5,861,115


$

959,203


 RMB 

5,288,361


 RMB 

5,814,671


$

951,603



















Comprehensive income 


















Net income 


3,549,283



6,786,096



1,110,581



5,887,567



6,579,742



1,076,811

Foreign currency translation adjustment


(16,172)



77,277



12,647



(210)



82,881



13,564

Comprehensive income 


3,533,111



6,863,373



1,123,228



5,887,357



6,662,623



1,090,375

Less: Comprehensive income attributable to non-controlling interest


603,291



932,709



152,643



595,635



773,360



126,565

Comprehensive income attributable to Recon Technology, Ltd

RMB

2,929,820


 RMB 

5,930,664


$

970,585


 RMB 

5,291,722


 RMB 

5,889,263


$

963,810



















Earnings per common share - basic 

RMB

0.75


RMB

1.44


$

0.24


RMB

1.34


RMB

1.40


$

0.23

Earnings per common share - diluted

RMB

0.75


RMB

1.44


$

0.24


RMB

1.34


RMB

1.38


$

0.23

Weighted - average shares -basic 


3,951,811



4,056,963



4,056,963



3,951,811



4,162,115



4,162,115

Weighted - average shares -diluted


3,951,811



4,056,963



4,056,963



3,951,811



4,224,560



4,224,560

 

RECON TECHNOLOGY, LTD 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 



For the six months ended
December 31,


2012


2013


2013


RMB


RMB


U.S. Dollars










Cash flows from operating activities:









Net income 

RMB

3,549,283


RMB

6,786,096


$

1,110,581

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









Depreciation


315,157



301,341



49,316

Gain from disposal of  equipment


(68,339)



-



-

Provision/(recovery of) for doubtful accounts


(251,451)



378,584



61,957

Share based compensation


907,153



895,509



146,555

Loss from investment


-



735,080



120,300

Deferred tax provision/(benefit)


6,024



(32,211)



(5,272)

Change in fair value of warrants liability


-



(556)



(91)

Restricted shares issued to consulting firm


-



407,972



66,767

Changes in operating assets and liabilities:









Trade accounts receivable


(20,620,729)



(27,881,579)



(4,562,971)

Trade accounts receivable-related parties


4,145,640



610,501



99,912

Notes receivable


-



2,578,855



422,044

Other receivable, net


(793,654)



1,830,372



299,549

Other receivables related parties, net


(517,022)



147,224



24,094

Purchase advance, net


(1,435,147)



472,846



77,384

Purchase advance-related party, net


699,500



-



-

Tax recoverable


2,790,722



575,650



94,208

Prepaid expense


424,771



1,223,568



200,244

Inventories


11,056,578



(8,799,658)



(1,440,112)

Trade accounts payable


(2,698,700)



15,717,487



2,572,252

Trade accounts payable-related parties


3,421,001



(3,994,718)



(653,757)

Other payables


(958,746)



(556,242)



(91,032)

Other payables-related parties


4,898,274



(723,453)



(118,397)

Deferred income


(258,569)



544,754



89,152

Advances from customers


475,295



83,462



13,659

Accrued payroll and employees' welfare


272,755



(1,639,401)



(268,297)

Accrued expenses


(203,646)



269,270



44,067

Taxes payable


54,589



3,292,976



538,913

Net cash provided by (used in) operating activities


5,210,739



(6,776,271)



(1,108,975)










Cash flows from investing activities:









Purchase of property and equipment


(490,144)



(36,495)



(5,973)

Proceeds from disposal of equipment


94,154



-



-

Net cash used in investing activities


(395,990)



(36,495)



(5,973)










Cash flows from financing activities:









Proceeds from short-term bank loans


5,000,000



15,400,000



2,520,293

Repayments of short-term bank loans


(12,000,000)



(6,040,000)



(988,479)

Proceeds from borrowings-related parties


1,610,000



-



-

Repayment of  short-term borrowings


(949,183)



(110,375)



(18,063)

Repayment of short-term borrowings-related parties


(242,434)



(5,303,279)



(867,910)

Proceeds from sale of common stock, net of issuance costs


-



12,132,882



1,985,612

Capital contribution in VIE


20,000



-



-

Net cash provided by (used in) financing activities


(6,561,617)



16,079,228



2,631,453










Effect of exchange rate fluctuation on cash and cash equivalents


282,730



116,711



19,102










Net increase (decrease) in cash and cash equivalents


(1,464,138)



9,383,173



1,535,607

Cash and cash equivalents at beginning of period


3,533,283



12,350,392



2,021,208

Cash and cash equivalents at end of period

RMB

2,069,145


RMB

21,733,565


$

3,556,815



















Supplemental cash flow information









Cash paid during the period for interest

RMB

943,986


RMB

689,828


$

112,894

Cash paid during the period for taxes

RMB

-


RMB

-


$

-

SOURCE Recon Technology, Ltd.



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