RCON - First Quarter Fiscal 2011 Financial Highlights
Revenues for the first quarter of fiscal year 2011 decreased by 3.0% year-over-year to $3,254,551, down from $3,354,921 in the first quarter of fiscal 2010
Net income for the first quarter increased 98.8% year-over-year to $125,969 compared with $63,364 for the first quarter of fiscal 2010
Gross margin for the first quarter was 35.4% based on gross profit of $1,152,239, compared with a 10.6% margin in the same period last year
Operating income and operating margin for the first quarter were $252,735 and 7.8%, respectively, compared to $193,217 and 5.8%, respectively, in the first quarter of fiscal 2010
Earnings per diluted share were $0.03 for the quarter, compared with diluted EPS of $0.02 achieved in the same period a year ago
Shenping Yin, Recon's Chief Executive Officer, stated, "Net income nearly doubled during the first fiscal quarter, and our margins improved significantly. During the first quarter, which is traditionally our weakest sales quarter due to our clients' budgeting and planning cycles, we focused on executing a number of key projects in our considerable sales backlog. We expect a rebound in sales over the next few quarters as these projects are completed."
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