Recon Technology, Ltd. reported a strong increase in sales in fiscal 2010 as the company benefited from increases in business from two large customers. The company also reported an increase in net income compared to fiscal 2009.
Recon Technology, Ltd. reported sales of $17.2 million in the fiscal year ending 6/30/2010, up from sales of $11.1 million in fiscal 2009. The company also increased its gross profit margin from 39.5% to 42.2% over the same time frame.
Recon Technology, Ltd. said that the large increase in sales was due to higher orders from China Petroleum and Chemical Corporation and the China National Petroleum Corporation. Gross margin benefited from increased sales and the cultivation of lower cost service and software business.
Recon Technology, Ltd. said that net income was $2.9 million, or $0.77 per diluted share, in fiscal 2010, up 35% from fiscal 2009. The company had previously estimated that earnings would range between $0.65 and $0.68 per diluted share in fiscal 2010.
Recon Technology, Ltd. is an oil services company that specializes in automation services for oil and gas companies. The company’s products monitor oil and natural gas production and help prevent leaks in pipelines used to transport hydrocarbons.
For more information on the company, go to www.recon.cn/en/index.aspx
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