Pansoft Company Ltd., a leading ERP software service provider for the oil and gas industry in China, today announced unaudited financial results for the fiscal first-quarter of 2012 ended September 30, 2011.
The company reported first-quarter 2012 revenues of $4.2 million, a 20.9 percent increase over the $3.5 million reported in the prior fiscal year.
Gross profit was $1.0 million, a decrease of 44.5 percent compared to $1.7 million from the year-ago quarter. Gross margin was 22.4 percent, as compared to 48.9 percent in the prior fiscal year.
Operating expenses increased 89.4 percent to $1.2 million compared to $0.7 million reported in the year-ago quarter. The company attributes the significant increase in operating expense to: 1) higher general and administrative expense related to maintaining three additional subsidiary offices and their management teams; 2) amortization of intangible assets from the HongAo and ITLamp acquisitions; and 3) higher sales and marketing expense, particularly at HongAo and Pansoft-Japan.
Operating loss was $0.3 million, compared to operating profit of $1.1 million in the year-ago quarter.
Net loss attributable to Pansoft shareholders was $0.08 million, or $0.02 per diluted share, compared to a net profit attributable to Pansoft shareholders of $1.0 million, or $0.18 per diluted share, in the year-ago quarter. The company attributes the loss primarily to start-up losses at Pansoft-Japan and higher amortization charges related to recent acquisitions.
As of September 30, 2011, Pansoft had $2.5 million in cash and equivalents, as compared to $3.7 million as of June 30, 2011.
The company also expects fiscal second-quarter revenues to increase by about 10 percent from the year-ago quarter.
“We still expect Pansoft-Japan to break even towards the end of calendar 2012 alongside lower visibility of market conditions. We remain optimistic that this segment’s competitive advantage as a low-cost provider remains intact and we remain confident that, once this business passes the startup phase, it will achieve success,” Hugh Wang, Pansoft chairman stated in the press release.
For more information visit www.pansoft.com
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