Kingtone Wirelessinfo Solution Holding Ltd Reports Fiscal Year 2012
Financial Results; Provides Fiscal Year 2013 Revenue and Net Income
Guidance
XI'AN, China, Jan. 18,
2013 /PRNewswire/ -- Kingtone Wirelessinfo Solution Holding
Ltd (Nasdaq: KONE - News) ("Kingtone", or the "Company"), a
China-based developer and provider
of mobile enterprise solutions, today announced financial results
for its fiscal year ended September 30,
2012. The financial statements and other financial
information included in this press release are prepared in
conformity with accounting principles generally accepted in
the United States of America
("U.S. GAAP").
Fiscal Year 2012 Financial Highlights
- Revenues decreased by 77.1% to approximately $1.5 million from approximately $6.3 million in the prior year period.
- Gross profit decreased by 108.1% to approximately $0.2 million loss from approximately $2.9 million in the prior year period.
- Gross margin decreased to minus 16.4% from 46.2% in the prior
year period.
- Net loss of approximately $9.0
million as compared to net loss of approximately
$1.0 million in the prior year
period.
- Basic and diluted loss per share were $6.40* as compared to loss per share of
$0.74* in the prior year
period with weighted average shares outstanding of 1,405,000* as
compared to 1,405,000* in the prior year period.
* Effective November 6,
2012, the Company undertook a 1-for-10 reverse stock split of its
ordinary shares then issued (the "Reverse Split"). The numbers
herein reflected the effect from the Reverse Split.
|
"We had a difficult fiscal year as the macro economy in
China was slowing down, and
overall gross profit for the software solution business became very
slim," said Mr. Peng Zhang, Chief
Executive Officer of the Company. "We believe that this situation
may be temporary and hope our investors can be more patient with
our business and capital market performance. In the meantime, we
have taken a number of measures to improve our performance and
strengthen our business model to achieve sustainable growth. We won
a substantial contract with Hualu Engineering & Technology Co.,
Ltd. ("Hualu") to provide wireless system service to Hualu's coal
chemical factory in Jingbian Energy and Chemical Projects and
Comprehensive Utilization of Industrial Park in Shaanxi, China. It is expected to contribute
RMB108.6 million or approximately
$17.2 million revenue to the Company
in the fiscal year of 2013. We believe this Contract will be a
great addition to the Company's revenue in the coming year."
Fiscal Year 2012Financial Performance
Results of Operations - The year ended September 30, 2012 compared to the year ended
September 30, 2011.
Revenues. For the year ended September 30, 2012, total revenues decreased by
77.1% to approximately $1.5 million
from approximately $6.3 million in
the year ended September 30,
2011.
Our revenue from software solution sales decreased by 88.6% to
approximately $0.3 million in the
year ended September 30, 2012 from
approximately $2.4 million in the
year ended September 30, 2011. As a
percentage of total revenue, software solution sales decreased from
38.0% to 19.0%. The significant decrease in our software solution
revenue was mainly because as the macro economy is slowing down,
the governments are more conservative on the investment on the
software solution, especially mobile enterprise software for some
vertical industries such as police and emergency agency, who are
our major customers. Another contributing factor was that our new
contracts were of substantially smaller value than our contracts in
the prior year period.
Our revenue from wireless system solution sales decreased by
70.1% to approximately $1.2 million
in the year ended September 30, 2012
from approximately $3.9 million in
the year ended September 30, 2011. As
a percentage of total revenue, wireless system solution revenue
increased from 62.0% to 81.0% of our total revenue. Given the
competitive circumstances, we devoted more resources into
communicating with some major customers but we didn't successfully
sign a contract until September 15,
2012 when we signed a contract with Hualu Engineering &
Technology Co., Ltd. ("Hualu") to provide wireless system service
to Hualu's coal chemical factory in Jingbian Energy and Chemical
Projects and Comprehensive Utilization of Industrial Park in
Shaanxi, China ("Jinbian
Industrial Park"). Pursuant to the agreement, we will provide
engineering services to Hualu's coal chemical factory in Jingbian
Industrial Park. The services to be performed under this contract
include installation, debugging and initial training the staff
operating the tank, engineering instruments and telecommunications.
It is expected to contribute RMB108.6
million, or approximately $17.2
million revenue to the company during the fiscal year of
2013.
Cost of Sales. Cost of sales decreased by 50.4% to
approximately $1.7 million in the
year ended September 30, 2012 from
approximately $3.4 million in the
year ended September 30, 2011. As a
percentage of our total revenues, our cost of sales increased to
116.4% of revenues in the year ended September 30, 2012 from 53.8% of our total
revenues in the year ended September 30,
2011. The decrease in cost of sales was primarily
attributable to the decrease in revenue from both software business
and wireless system solutions business.
Cost of sales for software decreased by 46.9% to approximately
$0.6 million in the year ended
September 30, 2012 from approximately
$1.2 million in the year ended
September 30, 2011, representing
37.9% and 35.4% of our total cost of sales and 232.7% and 50.0% of
our software revenue in the fiscal years ended September 30, 2012 and 2011, respectively. Cost
of sales for wireless system solutions decreased by 52.4% to
approximately $1.0 million in the
year ended September 30, 2012 from
approximately $2.2 million in the
year ended September 30, 2011,
representing 62.1% and 64.6% of total cost of sales and 89.2% and
56.1% of wireless system solution revenues in the fiscal years
ended September 2012 and 2011,
respectively. The decreased percentage of cost of sales to total
cost of sales was attributable to the decreased revenue from
wireless system solutions, which was brought by the small and
limited orders of wireless system solutions and harsh competition
of the wireless industry. The increased percentage of cost of sales
to wireless system solution revenues from September 30, 2011 to September 30, 2012 was due to the higher weighted
average decrease of corresponding revenue from September 30, 2011 to September 30, 2012 as a result of harsh
competition of the wireless industry and economic slow-down
effect.
Gross Profit and Gross Margin. Total gross profit
decreased by 108.1% to approximately $0.2
million loss in the year ended September 30, 2012 from approximately
$2.9 million in the year ended
September 30, 2011. Our total gross
margin was minus 16.4% and 46.2% in the years ended September 30, 2012 and 2011, respectively. This
decrease of gross profit and gross margin was primarily due to the
national slow-down economy, which resulted in the overall of
decrease of decrease in industry profit and profit margin.
Our gross profit for software solution sales decreased by 130.3%
to approximately $0.4 million loss in
the year ended September 30, 2012
from approximately $1.2 million in
the year ended September 30, 2011.
Our gross margin for software solutions sales decreased to minus
132.7% in the year ended September 30,
2012 from 50.0% in the year ended September 30, 2011.
Our gross profit for wireless system solution sales decreased by
92.6% to approximately $0.1 million
in the year ended September 30, 2012
from approximately $1.7 million in
the year ended September 30, 2011.
Our gross margin for wireless system solution sales decreased to
10.8% in the year ended September 30,
2012 from 43.9% in the year ended September 30, 2011.
(Loss) Income from Operations. We incurred
a loss of $9.4 million in the year
ended September 30, 2012, 630.5%
increase in such a loss from approximately loss of $1.3 million in the year ended September 30, 2011. The increase in loss from
operations was mainly due to significantly lower revenues from
software solutions and wireless system solutions business
compounded by increased operating expenses.
Net (Loss) Income and EPS. We incurred a net loss
of $9.0 million in the year ended
September 30, 2012 as compared to net
loss of approximately $1.0 million in
the year ended September 30, 2011,
representing a decrease of 766.8%. Basic and diluted loss per share
was $6.40 in the year ended
September 30, 2012, compared to loss
per share $0.74 in the prior year
period. The number of weighted average ordinary shares outstanding
for the year ended September 30, 2012
was 1,405,000, compared to 1,405,000 a year ago. The numbers in
loss per share in both years retrospectively reflect the effect of
the Reverse Split.
Liquidity and Capital Resources.
Cash and Cash Equivalents. As of September 30, 2012, the Company had cash and cash
equivalents of $6.4 million, compared
to $8.7 million in the prior year
period.
Net cash used in operating activities was approximately
$2.4 million for the year ended
September 30, 2012 as compared to
$5.1 million for the year ended
September 30, 2011. During 2012,
the Company had a net loss of $9.0
million, out of which $0.5
million was depreciation and amortization and $4.9 million was bad debt expense. In addition,
the Company had net investment in sales-type leases of $0.07 million, decreased accounts and notes
receivable by $1.2 million, increased
unbilled revenue by $0.4 million and
decreased income tax payable by $0.1
million. Net cash provided by operating activities was
approximately $4.3 million for the
year ended September 30, 2010.
Net cash used in investing activities for the year ended
September 30, 2012 was approximately
$0.1 million as compared to
approximately $0.08 million for the
year ended September 30, 2011. The
cash used in investing activities in fiscal year 2012 and 2011 were
mainly attributable to purchasing property and equipment. Net
cash used in investing activities for the year ended September 30, 2010 was approximately $0.31 million for the purpose of purchasing a
building for the Company's research and development center.
Net cash used in financing activities for the year ended
September 30, 2012 totaled
approximately $9 thousand as compared
to net cash used in financing activities of approximately
$1.19 million for the year ended
September 30, 2011. The cash
used in financing activities for the year ended September 30, 2011 was mainly attributable to a
loan and guarantee agreement with an unrelated third party, and a
$4.2 million guarantee for a
$3 million (RMB27.9 million) loan offshore to cover oversea
expenses. The cash provided by financing activities for the year
ended September 30, 2010 was mainly
attributable to the proceeds we received from our initial public
offering in May 2010.
Financial Outlook.
For the fiscal year ending September 30,
2013, management expects revenues of $8.7 million to $11.0 million and net income of
$0.6 million to $0.9 million.
Conference Call
The Company will host a conference call to discuss its fiscal
year 2012 financial results at 8:00 a.m.
ET on Friday, January 18,
2013. Mr. Tao Li, Chairman, Mr. Peng
Zhang, Chief Executive Officer, Ms. Li Wu, Chief Financial Officer and Ms.
Yao Ti, Assistant to the Chief
Financial Officer, will be on the call.
To participate in the conference call, please dial any of the
following numbers:
USA Toll
Free:
|
877-407-9205
|
International:
|
201-689-8054
|
Conference
|
ID #: 407415
|
A replay of the call will be available until 11:59 PM ET on Jan. 19,
2013.
To access the replay, please dial any of the following
numbers:
USA Toll
Free:
|
877-660-6853
|
International:
|
201-612-7415
|
The conference call will be webcast live by Vcall and can be
accessed at http://www.InvestorCalendar.com.
About Kingtone Wirelessinfo Solution Holding Ltd
Kingtone Wirelessinfo Solution Holding Ltd
(Nasdaq:KONE - News) is a China-based software and
solutions developer focused on wirelessly enabling businesses and
government agencies to more efficiently manage their operations.
The Company's products, known as mobile enterprise solutions,
extend a company's or enterprise's information technology systems
to include mobile participants. The Company develops and implements
mobile enterprise solutions for customers in a broad variety of
sectors and industries, to improve efficiencies by enabling
information management in wireless environments. At the core of its
many diverse packaged solutions is proprietary middleware that
enables wireless interactivity across many protocols, devices and
platforms.
For more information, please visit Kingtone's website at
http: www.kingtoneinfo.com. The Company routinely posts
important information on its website.
Safe Harbor Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. These forward-looking statements may include, but
are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate,"
"predict," "potential," "expects," "intends", "future" and
"guidance" or similar expressions. These forward-looking statements
speak only as of the date of this press release and are subject to
change at any time. These forward-looking statements are based upon
management's current expectations and are subject to a number of
risks, uncertainties and contingencies, many of which are beyond
the Company's control that may cause actual results, levels of
activity, performance or achievements to differ materially from any
future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. The
Company's actual results could differ materially from those
contained in the forward-looking statements due to a number of
factors, including those described under the heading "Risk Factors"
in the Company's Annual Report for the fiscal year ended
September 30, 2012 filed with the
Securities and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required under applicable law.
For investor and
media inquiries, please contact:
|
|
Chief Financial Officer
Assistant
|
Yao Ti
|
Tel:
+86-29-8826-6383
|
Email:
tiyao@kingtoneinfo.com
|
KINGTONE WIRELESSINFO
SOLUTION HOLDING LTD AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(Express in thousands
of U.S. Dollars, except shares and per share data)
|
|
|
|
|
|
|
|
As of September
30,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
6,439
|
$
|
8,749
|
Accounts and Notes
Receivable, net of allowance
|
|
3,240
|
|
9,418
|
Unbilled
revenue
|
|
580
|
|
169
|
Due from related
companies
|
|
123
|
|
118
|
Inventories,
net
|
|
628
|
|
230
|
Other receivables and
prepayments
|
|
1,772
|
|
1,057
|
Current portion of net
investment in sales-type leases
|
|
1,210
|
|
724
|
Current portion of
long-term other receivalbe
|
|
1,393
|
|
-
|
Total Current
Assets
|
|
15,385
|
|
20,465
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment,
net
|
|
13,541
|
|
13,482
|
Intangible
assets
|
|
633
|
|
629
|
Long-term other
receivables
|
|
-
|
|
1,247
|
Net investment in
sales-type leases, less current portion
|
|
333
|
|
696
|
Total
Assets
|
$
|
29,892
|
$
|
36,519
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
775
|
$
|
942
|
Advances from
customers
|
|
1,528
|
|
368
|
Other payables and
accruals
|
|
167
|
|
155
|
Taxes payable
|
|
1,673
|
|
1,542
|
Amounts due to related
parties
|
|
2
|
|
2
|
Dividend
payable
|
|
817
|
|
788
|
Total Current
Liabilities
|
|
4,962
|
|
3,797
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share ($0.01
par value, 100,000,000 shares authorized, 1,405,000 shares issued
and outstanding as of September 30, 2012 and 2011,
respectively)
|
$
|
14
|
$
|
14
|
Additional paid in
capital
|
|
22,233
|
|
22,231
|
Appropriated retained
earnings
|
|
1,615
|
|
1,615
|
Unappropriated retained
earnings
|
|
(2,515)
|
|
6,473
|
Accumulated other
comprehensive income
|
|
3,583
|
|
2,389
|
Total Stockholders'
Equity
|
|
24,930
|
|
32,722
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
29,892
|
$
|
36,519
|
KINGTONE WIRELESSINFO
SOLUTION HOLDING LTD AND SUBSIDIARIES
|
CONSOLIDATED AND
COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
|
(Express in thousands
of U.S. Dollars, except shares and per share data)
|
|
|
|
|
For the years ended
September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
(see note
below)
|
Revenues
|
|
|
|
|
|
|
|
Software
|
$
|
275
|
$
|
2,409
|
$
|
11,272
|
|
Wireless system
solution
|
|
1,176
|
|
3,928
|
|
3,234
|
|
- Related
party
|
|
-
|
|
131
|
|
-
|
|
-Third Party
|
|
1,176
|
|
3,797
|
|
3,234
|
|
Total
revenues
|
|
1,451
|
|
6,337
|
|
14,506
|
Cost of sales
|
|
|
|
|
|
|
|
Software
|
|
640
|
|
1,205
|
|
903
|
|
Wireless system
solution
|
|
1,049
|
|
2,203
|
|
1,449
|
|
Total cost of
sales
|
|
1,689
|
|
3,408
|
|
2,352
|
|
|
|
|
|
|
|
|
Gross (loss)
profit
|
|
(238)
|
|
2,929
|
|
12,154
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
685
|
|
629
|
|
341
|
|
General and
administrative expenses
|
|
8,278
|
|
3,276
|
|
1,635
|
|
Research and development
expenses
|
|
201
|
|
311
|
|
179
|
|
Total Operating
expenses
|
|
9,164
|
|
4,216
|
|
2,155
|
(Loss) Income from
operations
|
|
(9,402)
|
|
(1,287)
|
|
9,999
|
|
|
|
|
|
|
|
|
Other
income(expense)
|
|
|
|
|
|
|
|
Subsidy
income
|
|
237
|
|
-
|
|
44
|
|
Interest
expense
|
|
-
|
|
-
|
|
(218)
|
|
Interest
income
|
|
117
|
|
162
|
|
-
|
|
Other income (expense),
net
|
|
60
|
|
120
|
|
20
|
|
Total other income
(expense), net
|
|
414
|
|
282
|
|
(154)
|
(Loss) Income before
income tax expenses
|
|
(8,988)
|
|
(1,005)
|
|
9,845
|
|
Income tax
expenses
|
|
-
|
|
32
|
|
1,608
|
Net (loss)
income
|
$
|
(8,988)
|
$
|
(1,037)
|
$
|
8,237
|
Other comprehensive
income
|
|
|
|
|
|
|
|
Foreign currency
translation gain
|
|
1,194
|
|
676
|
|
598
|
Comprehensive (loss)
income
|
$
|
(7,794)
|
$
|
(361)
|
$
|
8,835
|
|
|
|
|
|
|
|
|
(Loss) Earnings per
ordinary share:
|
|
|
|
|
|
|
|
Basic and
Diluted
|
$
|
(6.40)
|
$
|
(0.74)
|
$
|
7.15
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares outstanding
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
1,405,000
|
|
1,405,000
|
|
1,152,747
|
|
Note: In March 2010, the
Company changed its fiscal year-end from November 30th to September
30th, so that it would have the same fiscal year end as its VIE,
Xi'an Kingtone Information Technology Co., Ltd. ("Kingtone
Information"). Accordingly, the Company is presenting its
consolidated and combined statements of operations and
comprehensive income (loss) and cash flow for the years ended
September 30, 2011 and 2010.
|
KINGTONE WIRELESSINFO
SOLUTION HOLDING LTD AND SUBSIDIARIES
|
CONSOLIDATED AND
COMBINED STATEMENTS OF CASH FLOWS
|
(Express in thousands
of U.S. Dollars, except shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended
September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
(see
note below)
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net (loss)
income
|
$
|
(8,988)
|
$
|
(1,037)
|
$
|
8,237
|
|
Depreciation and
amortization
|
|
548
|
|
530
|
|
225
|
|
Disposal of fixed
assets
|
|
-
|
|
3
|
|
-
|
|
Bad Debt
expense
|
|
4,942
|
|
402
|
|
-
|
|
Employee
compensation
|
|
873
|
|
-
|
|
-
|
|
Share-based compensation
expense
|
|
2
|
|
316
|
|
302
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
1,576
|
|
(3,004)
|
|
(4,170)
|
|
Unbilled
revenue
|
|
(405)
|
|
818
|
|
(778)
|
|
Other receivables and
prepayments
|
|
(1,549)
|
|
(278)
|
|
257
|
|
Inventories
|
|
(390)
|
|
161
|
|
(249)
|
|
Tax payable
|
|
76
|
|
(1,934)
|
|
2,756
|
|
Accounts
payable
|
|
(201)
|
|
351
|
|
(848)
|
|
Advance from
customers
|
|
1,146
|
|
(12)
|
|
(1,037)
|
|
Other payables and
accruals
|
|
9
|
|
(13)
|
|
(394)
|
|
Net investment in
sales-type leases
|
|
(71)
|
|
(1,407)
|
|
-
|
Net cash (used in)
provided by operating activities
|
|
(2,433)
|
|
(5,104)
|
|
4,301
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Payment to purchase
property and equipments
|
|
(97)
|
|
(75)
|
|
(308)
|
|
Proceeds from disposal
of office equipment
|
|
-
|
|
-
|
|
-
|
Net cash used in
investing activities
|
|
(97)
|
|
(75)
|
|
(308)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Repayment of short-term
bank loan
|
|
-
|
|
-
|
|
(3,446)
|
|
Collection/(Payment) in
amounts due from related-party companies
|
|
-
|
|
5
|
|
(118)
|
|
Proceeds in amounts due
to related-party companies
|
|
-
|
|
2
|
|
-
|
|
Collection in amounts
due from shareholders
|
|
-
|
|
11
|
|
-
|
|
Peceipt in loan from
non-related companies
|
|
9
|
|
3,000
|
|
-
|
|
Payment in loan to
non-related companies
|
|
-
|
|
(4,208)
|
|
-
|
|
(Repayment) in amounts
due to shareholders
|
|
-
|
|
-
|
|
(200)
|
|
Proceeds from issuance
of shares
|
|
-
|
|
-
|
|
14,503
|
|
Dividend paid to
shareholders
|
|
-
|
|
-
|
|
(422)
|
Net cash provided by
financing activities
|
|
9
|
|
(1,190)
|
|
10,318
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
211
|
|
209
|
|
254
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
(2,310)
|
|
(6,160)
|
|
14,565
|
|
Cash and cash
equivalents at beginning of year
|
|
8,749
|
|
14,909
|
|
344
|
|
Cash and cash
equivalents at end of year
|
$
|
6,439
|
$
|
8,749
|
$
|
14,909
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information
|
|
|
|
|
|
|
|
Interest paid
|
$
|
-
|
$
|
-
|
$
|
218
|
|
Income taxes
paid
|
$
|
-
|
$
|
1,608
|
$
|
92
|
|
Note: In March 2010, the
Company changed its fiscal year-end from November 30th to September
30th, so that it would have the same fiscal year end as its VIE,
Xi'an Kingtone Information Technology Co., Ltd. ("Kingtone
Information"). Accordingly, the Company is presenting its
consolidated and combined statements of operations and
comprehensive income (loss) and cash flow for the years ended
September 30, 2011 and 2010.
|
KINGTONE WIRELESSINFO
SOLUTION HOLDING LTD AND SUBSIDIARIES
|
CONSOLIDATED AND
COMBINED STATEMENTS OF SHAREHOLDERS' EQUITY
|
(Express in thousands
of U.S. Dollars, except shares and per share data)
|
|
|
|
Ordinary
shares
|
|
Paid-in
Capital
|
|
Additional Paid-in
Capital
|
|
Appropriated Retained
Earnings
|
|
Unappropriated Retained
Earnings
|
|
Comprehensive
Income
|
|
Total Stockholders'
Equity
|
|
|
No. of shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
November 30, 2009
|
1,000,000
|
$
|
10
|
$
|
6,897
|
$
|
216
|
$
|
231
|
$
|
657
|
$
|
1,115
|
$
|
9,126
|
|
Issuance of
ordinary shares in form of ADSs
|
400,000
|
|
4
|
|
-
|
|
14,500
|
|
-
|
|
-
|
|
-
|
|
14,504
|
|
Share-based
compensation
|
-
|
|
-
|
|
-
|
|
302
|
|
-
|
|
-
|
|
-
|
|
302
|
|
Net income for the
year
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,237
|
|
-
|
|
8,237
|
|
Payment of
dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Effect of
reorganization
|
-
|
|
-
|
|
(6,897)
|
|
6,897
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Transfer to
statutory reserves
|
-
|
|
-
|
|
-
|
|
-
|
|
613
|
|
(613)
|
|
-
|
|
-
|
|
Foreign currency
translation gain
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
598
|
|
598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2010
|
1,400,000
|
$
|
14
|
$
|
-
|
$
|
21,915
|
$
|
844
|
$
|
8,281
|
$
|
1,713
|
$
|
32,767
|
|
Issuance of
ordinary shares in form of ADSs
|
5,000
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Share-based
compensation
|
-
|
|
-
|
|
-
|
|
316
|
|
-
|
|
-
|
|
-
|
|
316
|
|
Net loss for the
year
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,037)
|
|
-
|
|
(1,037)
|
|
Transfer to
statutory reserves
|
-
|
|
-
|
|
-
|
|
-
|
|
771
|
|
(771)
|
|
-
|
|
-
|
|
Foreign currency
translation gain
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
676
|
|
676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2011
|
1,405,000
|
$
|
14
|
$
|
-
|
$
|
22,231
|
$
|
1,615
|
$
|
6,473
|
$
|
2,389
|
$
|
32,722
|
|
Issuance of
ordinary shares in form of ADSs
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Share-based
compensation
|
-
|
|
-
|
|
-
|
|
2
|
|
-
|
|
-
|
|
-
|
|
2
|
|
Net loss for the
year
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(8,988)
|
|
-
|
|
(8,988)
|
|
Transfer to
statutory reserves
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation gain
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,194
|
|
1,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2012
|
1,405,000
|
$
|
14
|
$
|
-
|
$
|
22,233
|
$
|
1,615
|
$
|
(2,515)
|
$
|
3,583
|
$
|
24,930
|
SOURCE Kingtone Wirelessinfo Solution Holding Ltd