Business
Recon Technology Reports Financial Results for Fiscal Year 2019 With Revenue Reaching a New Historical High and Losses Narrowed
BEIJING, Sept. 27, 2019 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in
About this update from Recon Technology, Ltd.
[{"type":"text","content":"BEIJING, Sept. 27, 2019 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) (\"Recon\" or the \"Company\"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for the fiscal year ended June 30, 2019.\nManagement Commentary\nMr. Shenping Yin, co-founder and CEO of Recon stated, \"We are delighted to announce another year with strong growth in our business with revenue reaching a historical high since our IPO, losses narrowed and a positive EBITDA result. With consistent implementation of our market strategy by leveraging our knowledge of China's energy industry and diversifying our revenue sources, our financial results for fiscal year 2019 increased to RMB 102.4 million in revenue from RMB 84.7 million over the same period last year. During fiscal year 2019, we have successfully accomplished our three-year performance goals set by our management in fiscal year 2016 and achieved a revenue Compound annual growth rate (CAGR) of 31%. We will continue to strive for a better performance in the coming years. During fiscal year 2019, we successfully expanded our automation business to the power industry and coal chemical industry by serving China Energy Investment Corporation (\"China Energy\") through Shenhua Group Corporation Limited (\"Shenhua Group\"). Today, we have won bids of RMB40.84 million in the aggregate from the Shenhua Group. During this period, we also have completed most of the construction of our comprehensive disposal treatment project and have entered into the test-running stage. We have signed several contracts with Yumen oilfield and its affiliates to dispose over 2,500 tons of oily sludge, and the revenue to be generated from those projects has not been reflected in the results of operations of fiscal year 2019. We expect our own operations and performance will continue to be improved to bring our shareholders long-term benefits.\"\nMr. Yin continued, \"During fiscal year 2019, we also made an additional investment into Future Gas Station (Beijing) Technology, Ltd (\"FGS\"), a service company focused on providing new technical applications and data operations to gas stations and providing solutions to gas stations to improve their operations and their customers' experience. Currentl...