Hollysys Automation Technologies announced unaudited financial results for Q3 2017

Hollysys Automation Technologies Ltd., the Chinese company domiciled in the British Virgin Islands and providing automation and control technologies and applications in China, announced its unaudited financial results for the first nine months and for the third quarter of fiscal year 2017, ended on March 31, 2017.

For the first nine months of the year, non-GAAP net income of the company was US$47.5 million, a decrease of 45.6% compared to the same period of the previous year. Total revenues were US$294.0 million, which is 25.9% less compared to the prior year. Non-GAAP gross margin was at 29.6% (37.2% in 2016); non-GAAP diluted earnings per share were US$0.79, a decrease of 45.5% compared to the same period of 2016. Net cash provided by operating activities was US$41.1 million for nine months of 2017.

For the third quarter of 2017, the BVI company reported non-GAAP income of US$13.7 million, which is 40.7% decrease compared to Q3 2016. Total revenues were US$91.3 million, 23.1% less than in the same period of the prior year. Non-GAAP gross margin was at 30.7% (31.7% for the comparable prior year period); non-GAAP diluted EPS were US$0.22, a decrease of 42.1% compared to the third quarter of 2016. Net cash used in operating activities was US$12.5 million for the quarter.

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