MissionIR News - Pansoft Posts Fiscal Q2 2012 Unaudited Financials

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Fiscal Q1 2012 revenues up 20.9%; Q2 revenues expected to gain as well.

MissionIR would like to highlight Pansoft Company Ltd., a publicly traded company. Pansoft is a leading enterprise resource planning ("ERP") software and professional services provider for the oil and gas industry in China. Its ERP software offers comprehensive solutions in various business operations including accounting, order processing, delivery, invoicing, inventory control, and customer relationship management.

In the company’s recent news,

Pansoft Company Ltd. 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.

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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.


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