Kingtone Wirelessinfo (KONE) Reports Q3 Loss of $0.11

Kingtone Wirelessinfo (NASDAQ: KONE) reported Q3 EPS of ($0.11), versus $0.73 reported last year. Revenue for the quarter came in at $1.2 million, versus $8.8 million reported last year.

"We had a tough fiscal year. While the business conditions deteriorated rapidly, we faced strong competition in both our business segments. Since the Jingbian Integration Project was completed, we have not signed any large contracts which led our revenue significantly dropped in this fiscal year," said Mr. Peng Zhang, Chief Executive Officer. "In addition, a growing number of small service providers compete very aggressively on price which negatively affected our ability to win new contracts. While we believe that this situation may be temporary, it is difficult to predict how long it will take for the market to return to a better price level. In the meantime, we have taken a number of measures to improve our performance and strengthen our business model to achieve sustainable growth."

For earnings history and earnings-related data on Kingtone Wirelessinfo (KONE) click here.

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