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Kingtone Wirelessinfo Solution Holding Ltd Reports Fiscal Year 2013 Financial Results; Provides Fiscal Year 2014 Revenue and Net Income Guidance

FY13 Revenues Up 696.8% to $11.6 million from $1.5 million in the Prior Year

XI'AN, China, Jan. 17, 2014 /PRNewswire-FirstCall/ -- Kingtone Wirelessinfo Solution Holding Ltd (Nasdaq CM: KONE) ("Kingtone", or the "Company"), a China-based developer and provider of mobile enterprise solutions, today announced financial results for its fiscal year ended September 30, 2013. The financial statements and other financial information included in this press release are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Fiscal Year 2013 Financial Highlights

  • Revenues increased by 696.8% to approximately $11.6 million from approximately $1.5 million in the prior year period.
  • Gross profit increased by 527.7% to approximately $1 million gross profit from approximately $0.2 million loss in the prior year period.
  • Gross margin increased to 8.8% from minus 16.4% in the prior year period.
  • Net loss of approximately $5.1 million as compared to net loss of approximately $9.0 million in the prior year period.
  • Basic and diluted loss per share were $3.65 as compared to loss per share of $6.40 in the prior year period with weighted average shares outstanding of 1,405,000 in both periods.

"We are very glad to see the revenue has grown dramatically during the fiscal year 2013," said Mr. Peng Zhang, Chief Executive Officer of the Company, "Thanks for our investors being patient with our business and capital market performance and staying with the company during the difficult time when the company's business didn't do well for the past two years.  In the future we will continue to take measures to improve our performance and strengthen our business model to achieve sustainable growth."

Fiscal Year 2013 Financial Performance

Results of Operations - The year ended September 30, 2013 compared to the year ended September 30, 2012.

Revenues.

For the year ended September 30, 2013, our revenues increased by 696.8% to approximately $11.6 million in the year ended September 30, 2013 from approximately $1.5 million in the year ended September 30, 2012.

Our revenue from software solution sales increased by 5.8% to approximately $0.29 million in the year ended September 30, 2013 from approximately $0.28 million in the year ended September 30, 2012. As a percentage of total revenue, software solution sales decreased from 19.0% to 2.5%. Our revenue from wireless system solution sales increased by 858.4% to approximately $11.3 million in the year ended September 30, 2013 from approximately $1.2 million in the year ended September 30, 2012. As a percentage of total revenue, wireless system solution revenue increased from 81.0% to 97.5% of our total revenue. The significant increase in our wireless solution revenue was mainly due to that we entered into a contract with Hualu Engineering & Technology Co., Ltd. ("Hualu") to provide wireless system service to Hualu's coal chemical factory in Jingbian Energy and Chemical Projects, and Comprehensive Utilization of Industrial Park in Shaanxi, China ("Jingbian Industrial Park"). Hualu, a state-owned enterprise in China, is dedicated to all round engineering construction services. Pursuant to the agreement, we will provide engineering services to Hualu's coal chemical factory in Jingbian Industrial Park. The services to be performed under this contract include installation, debugging and initial training the staff operating the tank, engineering instruments and telecommunications. It has contributed RMB 63.6 million, or approximately $10.2 million revenue to the company during the fiscal year of 2013.

Cost of Sales.

Our cost of sales increased by 524.3% to approximately $10.5 million in the year ended September 30, 2013 from approximately $1.7 million in the year ended September 30, 2012. The increase in cost of sales was primarily attributable to the increase in revenue and gross margin from wireless system solutions business. As a percentage of our total revenues, our cost of sales decreased to 91.2% of revenues in the year ended September 30, 2013 from 116.4% of our total revenues in the year ended September 30, 2012.

Cost of sales for software decreased by 11.3% to approximately $0.5 million in the year ended September 30, 2013 from approximately $0.6 million in the year ended September 30, 2012, representing 5.4% and 37.9% of our total cost of sales and 2.5% and 19.0% of our software revenue in the fiscal years ended September 30, 2013 and 2012, respectively. Cost of sales for wireless system solutions increased by 851.0% to approximately $10.0 million in the year ended September 30, 2013 from approximately $1.0 million in the year ended September 30, 2012, representing 94.6% and 62.1% of total cost of sales and 97.5% and 81.0% of wireless system solution revenues in the fiscal years ended September 2013 and 2012, respectively. The increased percentage of cost of sales to wireless system solution revenues from September 30, 2012 to September 30, 2013 was due to the increase of corresponding revenue from September 30, 2012 to September 30, 2013.

Gross Profit and Gross Margin. Total gross profit increased by 527.7% to approximately $1 million gross profit in the year ended September 30, 2013 from approximately $0.2 million loss in the year ended September 30, 2012. Our total gross margin was 8.8% and minus 16.4% in the years ended September 30, 2013 and 2012, respectively. This increase of gross profit and gross margin was primarily due to the increase of sales from wireless system solution, which resulted in the overall increase in industry profit and profit margin.

Our gross profit for software solution sales increased by 24.1% to approximately $0.3 million loss in the year ended September 30, 2013 from approximately $0.4 million loss in the year ended September 30, 2012. Our gross margin for software solutions sales increased to minus 95.2% in the year ended September 30, 2013 from minus 132.7% in the year ended September 30, 2012. Our gross profit for wireless system solution sales increased by 919.7% to approximately $1.3 million in the year ended September 30, 2013 from approximately $0.1 million in the year ended September 30, 2012. Our gross margin for wireless system solution sales increased to 11.5% in the year ended September 30,2013 from 10.8% in the year ended September 30, 2012.

Loss from Operations

We incurred a loss of $2.6 million in the year ended September 30, 2013, a 72.4% or $6.8 million decrease in such a loss from approximately loss of $9.4 million in the year ended September 30, 2012. The decrease in loss from operations was mainly due to significantly higher revenues from wireless system solutions business compounded by decreased operating expenses.

Other Income (Expense)

Our other expense increased 2060.0% to approximately $1.2 million in fiscal year 2013 from approximately $0.06 million of other income in fiscal year 2012, and represented 10.2% and 4.1% of our revenue for the years ended September 30, 2013 and 2012, respectively. The increase in our other expense was largely due to that we confirmed the loss from loan to an unrelated third party. As a U.S. listed company, the Company is in need of US dollar to cover oversea expenses. Since State Administration of Foreign Exchange in China imposes restrictions on the remittance of currency out of China, Topsky Info-tech Holdings Pte Ltd, the Company's wholly owned subsidiary in Singapore ("Topsky") and Xi'an Kingtone Information Technology Co., Ltd., the Company's variable interest entity in China ("Kingtone Information") entered into a loan and guarantee agreement on July 21, 2011 with an unrelated third party to have Topsky borrow US$3 million to cover oversea expenses and take RMB27.9 million, or US$4.2 million from Kingtone Information as a guarantee. The offset amount US$1.2 million was presented as long-term other receivables in the anticipation that the agreement would be settled in two years. The loan matured on July 21, 2013 and the long-term receivable was non-collectable.  As a result, we had written off the balance of the long-term receivable and charged to other expense for the year ended September 30, 2013.

Net Loss

We incurred a net loss of $5.1 million in the year ended September 30, 2013 as compared to net loss of approximately $9.0 million in the year ended September 30, 2012, representing a decrease of 42.9%. Basic and diluted loss per share was $3.65 in the year ended September 30, 2013, compared to loss per share $6.40 in the prior year period. The number of weighted average ordinary shares outstanding was 1,405,000 for the years ended September 30, 2013 and 2012, respectively.

Liquidity and Capital Resources.

Cash and Cash Equivalents. As of September 30, 2013, the Company had cash and cash equivalents of $6.1 million, compared to $6.4 million in the prior year period.

Net cash provided by operating activities was approximately minus $0.4 million for the year ended September 30, 2013 as compared to $2.4 million net cash used in operating activities for the year ended September 30, 2012. During the fiscal year 2013, the Company had a net loss of $5.1 million, out of which $0.6 million was depreciation and amortization and $0.5 million was bad debt expense. In addition, the Company had net investment in sales-type leases of $1.4 million, increased accounts and notes receivable by $1.7 million and increased unbilled revenue by $5.4 million.

Net cash provided by investing activities for the year ended September 30, 2013 was approximately $7 thousand as compared to net cash used in investing activities of approximately $0.1 million for the year ended September 30, 2012. The cash provided by investing activities in 2013 was mainly due to disposal of property and equipment and the cash used in investing activities in fiscal year 2013 and 2012 were mainly attributable to purchasing property and equipment.  

Net cash used in financing activities for the year ended September 30, 2013 was approximately $1 thousand as compared to net cash provided by financing activities of approximately $9 thousand for the year ended September 30, 2012. 

Financial Outlook.

For the fiscal year ending September 30, 2014, management expects revenues of $12.0 million to $15.0 million and net income of $0.5 million to $1 million.

Conference Call

The Company will host a conference call to discuss its fiscal year 2013 financial results at 8:00 a.m. ET on Friday, January 17, 2014. Mr. Tao Li, Chairman, Mr. Peng Zhang, Chief Executive Officer, Ms. Li Wu, Chief Financial Officer and Ms. Yao Ti, Assistant to the Chief Financial Officer, will be on the call.

To participate in the conference call, please dial any of the following numbers:

USA Toll Free:

877-407-9205

International:

201-689-8054

Conference

ID #: 13574620

A replay of the call will be available until 11:59 PM ET on Jan. 19, 2014.

To access the replay, please dial any of the following numbers:

USA Toll Free:

877-660-6853

International:

201-612-7415

The conference call will be webcast live by Vcall and can be accessed at http://www.investorcalendar.com/IC/CEPage.asp?ID=172130

About Kingtone Wirelessinfo Solution Holding Ltd

Kingtone Wirelessinfo Solution Holding Ltd (Nasdaq CM: KONE - News) is a China-based software and solutions developer focused on wirelessly enabling businesses and government agencies to more efficiently manage their operations. The Company's products, known as mobile enterprise solutions, extend a company's or enterprise's information technology systems to include mobile participants. The Company develops and implements mobile enterprise solutions for customers in a broad variety of sectors and industries, to improve efficiencies by enabling information management in wireless environments. At the core of its many diverse packaged solutions is proprietary middleware that enables wireless interactivity across many protocols, devices and platforms.

For more information, please visit Kingtone's website at http: www.kingtoneinfo.com. The Company routinely posts important information on its website.

Safe Harbor Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends", "future" and "guidance" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Annual Report for the fiscal year ended September 30, 2013 filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

Chief Financial Officer Assistant
Yao Ti
Tel:  +86-29-8826-6500
Email: [email protected]

 

KINGTONE WIRELESSINFO SOLUTION HOLDING LTD AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(Express in thousands of U.S. Dollars, except shares and per share data)












As of September 30,





2013


2012


ASSETS









Current assets






*

Cash and cash equivalents

$

6,132

$

6,439


*

Accounts and Notes Receivable, net of allowance


4,496


3,240


*

Unbilled revenue


6,029


580


*

Due from related companies


141


123


*

Inventories, net


688


628


*

Other receivables and prepayments


2,105


1,772


*

Current portion of long-term receivables


-


1,393


*

Current portion of net investment in sales-type leases


-


1,210



Total Current Assets


19,591


15,385









Non-current assets






*

Property and Equipment, net


13,358


13,541


*

Intangible assets


632


633


*

Net investment in sales-type leases, less current portion


-


333



Total Assets

$

33,581

$

29,892









LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities






*

Accounts payable

$

1,606

$

775


*

Advances from customers


9,062


1,528


*

Other payables and accruals


111


167


*

Taxes payable


1,545


1,673


*

Amounts due to related parties


2


2


*

Dividend payable


842


817



Total Current Liabilities


13,168


4,962









Stockholders' equity







Ordinary share ($0.01 par value, 100,000,000 shares authorized, 1,405,000 shares issued and
outstanding as of September 30, 2013 and 2012, respectively)


14


14


*

Additional paid in capital


22,233


22,233


*

Appropriated retained earnings


1,615


1,615


*

Unappropriated retained earnings


(7,648)


(2,515)


*

Accumulated other comprehensive income


4,199


3,583



Total Shareholders' Equity


20,413


24,930



Total Liabilities and Shareholders' Equity

$

33,581

$

29,892























*All of the VIE's assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets.



 

 

KINGTONE WIRELESSINFO SOLUTION HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Express in thousands of U.S. Dollars, except shares and per share data)






For the years ended September 30,





2013


2012


2011










Revenues








Software

$

291

$

275

$

2,409


Wireless system solution


11,271


1,176


3,928



- Related party


192


-


131



-Third Party


11,079


1,176


3,797


Total revenues


11,562


1,451


6,337










Cost of sales








Software


568


640


1,205


Wireless system solution


9,976


1,049


2,203



- Related party


127


-


-



-Third Party


9,849


1,049


2,203


Total cost of sales


10,544


1,689


3,408










Gross (loss) profit


1,018


(238)


2,929










Operating expenses








Selling and marketing expenses


557


685


629


General and administrative expenses


2,805


8,278


3,276


Research and development expenses


249


201


311


Total Operating expenses


3,611


9,164


4,216

Loss from operations


(2,593)


(9,402)


(1,287)










Other income(expense)








Subsidy income


-


237


-


Interest income


79


117


162


Loss of net investment in sales-type leases


(1,443)


-


-


Other income (expense), net


(1,176)


60


120



- Related party


44


-


-



-Third Party


(1,220)


60


120


Total other income (expense), net


(2,540)


414


282

Loss before income tax expenses


(5,133)


(8,988)


(1,005)


Income tax expenses


-


-


32

Net loss

$

(5,133)

$

(8,988)

$

(1,037)

Other comprehensive income








Foreign currency translation gain


616


1,194


676

Comprehensive loss

$

(4,517)

$

(7,794)

$

(361)










Loss per ordinary share:








Basic and Diluted

$

(3.65)

$

(6.40)

$

(0.74)










Weighted average number of ordinary shares outstanding Basic and Diluted











1,405,000


1,405,000


1,405,000



















 

 

KINGTONE WIRELESSINFO SOLUTION HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Express in thousands of U.S. Dollars, except shares and per share data)





For the years ended September 30,




2013


2012


2011

















Cash flows from operating activities







Net loss

$

(5,133)

$

(8,988)

$

(1,037)


Depreciation and amortization


592


548


530


Investment loss


1,443


-


-


Bad debt expense


519


4,942


402


Employee compensation


-


873


-


Share-based compensation expense


-


2


316

Changes in operating assets and liabilities








Accounts and notes receivable


(1,662)


1,576


(3,004)


Unbilled revenue


(5,351)


(405)


818


Other receivables and prepayments


1,180


(1,549)


(278)


Inventories


(41)


(390)


161


Tax payable


(176)


76


(1,934)


Accounts payable


796


(201)


351


Advance from customers


7,378


1,146


(12)


Other payables and accruals


(58)


9


(13)


Net investment in sales-type leases


122


(71)


(1,407)


Due from related party


(15)


-


-

Net cash (used in) provided by operating activities


(406)


(2,432)


(5,107)









Cash flows from investing activities








Payment to purchase property and equipments


(22)


(97)


(75)


Disposal of property and equipments


29


-


-

Net cash (used in) provided by investing activities


7


(97)


(75)









Cash flows from financing activities








Collection/(Payment) in amounts due from related-party companies

1


-


5


Proceeds in amounts due to related-party companies


-


-


2


Receipt in loan from non-related companies


-


9


3,000


Payment in loan to non-related companies


-


-


(4,208)


Collection in amounts due from shareholders


-


-


11

Net cash (used in) provided by financing activities


1


9


(1,190)









Effect of exchange rate changes on cash and cash equivalents

91


211


209









Net decrease in cash and cash equivalents


(307)


(2,310)


(6,160)


Cash and cash equivalents at beginning of year


6,439


8,749


14,909


Cash and cash equivalents at end of year

$

6,132

$

6,439

$

8,749

























Supplemental disclosure of cash flow information








Interest paid

$

-

$

-

$

-


Income taxes paid

$

-

$

-

$

1,608.00









 

 

KINGTONE WIRELESSINFO SOLUTION HOLDING LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Express in thousands of U.S. Dollars, except shares and per share data)






































Paid-in
capital


Additional
paid-in Capital


Appropriated
retained
earnings


Unappropriated
retained
earnings


Accumulated
other
comprehensive
income


Total Stockholders' Equity












Ordinary shares








Ordinary shares


Amount







 Balance as of September 30, 2010

1,400,000


14


-


21,915


844


8,281


1,713


32,767

 Issuance of ordinary shares in form of American Depositary Shares

5,000


-


-


-


-


-


-


-

 Share-based compensation

-


-


-


316


-


-


-


316

 Net loss for the year

-


-


-


-


-


(1,037)


-


(1,037)

 Transfer to statutory reserves

-


-


-


-


771


(771)


-


-

 Foreign currency translation gain

-


-


-


-


-


-


676


676
















-

 Balance as of September 30, 2011

1,405,000


14


-


22,231


1,615


6,473


2,389


32,722

 Share-based compensation

-


-


-


2


-


-


-


2

 Net loss for the year

-


-


-


-


-


(8,988)


-


(8,988)

 Foreign currency translation gain

-


-


-


-


-


-


1,194


1,194
















-

 Balance as of September 30, 2012

1,405,000


14


-


22,233


1,615


(2,515)


3,583


24,930

 Net loss for the year

-


-


-


-


-


(5,133)


-


(5,133)

 Foreign currency translation gain

-


-


-


-


-


-


616


616
















-

 Balance as of September 30, 2013

1,405,000


14


-


22,233


1,615


(7,648)


4,199


20,413

































 

SOURCE Kingtone Wirelessinfo Solution Holding Ltd

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