Recon Technology (RCON) Sees FY14 Revs Up 20%; Expects Profitability

Recon Technology (Nasdaq: RCON) announced that it anticipates reporting full year revenue for its fiscal year ended June 30, 2014 will be approximately RMB 93 million ($15 million), up more than 20% compared with revenue in fiscal 2013, as sales of hardware products to its oilfield company customers increased more than 100% year-over-year.

"As our company pursues becoming a more fully integrated customized supplier to its oil and gas customers -- with the aim of reducing their costs and improving their production -- sales of furnace and automation products were particularly strong," stated Mr. Shenping Yin, Chairman and CEO of the Company, "and helped offset the full year reduction in revenues from fracturing services."

Bottom Line Gains

Mr. Yin added, "Coupled with the strong sales gain, we expect to report a net operating profit compared with the loss from operations we incurred in fiscal 2013, as well as healthy percentage increases in net income and adjusted net income attributable to Recon Technologies Ltd. that were higher than the percentage gain in sales."

The Company expects to file its annual report for fiscal year 2014 on or around September 29, 2014.

The current forecast has been prepared based on information available at the time of the issuance of this release. Actual results may differ from this forecast due to a variety of factors. See "Cautionary Statement" below for further details.

Investor Meetings in New York

Following the release of full year results, Mr. Yin and Mr. Guangqiang Chen, Chief Technology Officer of the Company will be available in New York for meetings with interested investors on Monday, September 29th, Tuesday, September 30th and Thursday, October 2nd. Anyone wishing to join a meeting or arrange one should email Ken Donenfeld of DGI Investor Relations at [email protected] or phone him at 212-425-5700.

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