HollySys Automation Technologies, Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported net income attributable to company shareholders of $11,184,133 or $0.20 per basic and diluted share on total revenues of $60,350,711 compared to net income attributable to company shareholders of $11,528,810 or $0.21 per basic diluted share on total revenues of $66,134,665 reported a year ago. Income from operations was $10,441,222 compared to $11,802,526 reported a year ago. Income before income taxes was $10,045,990 compared to $14,146,533 reported a year ago. Net cash used in operating activities was $27,643,513. Non-GAAP net income attributable to company shareholders was $11,700,991 or $0.21 per basic and diluted share as compared to $11,628,416 or $0.21 per basic and diluted share a year ago. For the nine months, the company reported net income attributable to company shareholders of $39,478,161 or $0.70 per basic and diluted share on total revenues of $235,622,936 compared to net income attributable to company shareholders of $44,478,720 or $0.80 per basic diluted share on total revenues of $233,587,142 reported a year ago. Income from operations was $38,878,826 compared to $48,926,785 reported a year ago. Income before income taxes was $43,033,864 compared to $50,519,959 reported a year ago. Net cash used in operating activities was $19,339,617. Non-GAAP net income attributable to company shareholders was $41,048,564 or $0.73 per basic and diluted share as compared to $44,893,038 or $0.81 per basic and diluted share a year ago. Due to the unexpected delay of high-speed rail orders and the weak macro-economy's impact, the company is revising previously communicated fiscal year 2013 revenue guidance of $385 million to $410 million, down to $335 million to $355 million, and non-GAAP net income guidance of $63 million to $67 million, down to $57 million to $60 million.

Hollysys Automation Technologies, Ltd. announced that its proprietary HOLLiAS-N Distributed Control System was successfully applied to Unit 1of Ningde Nuclear Power Plant and went into commercial operation. Hollysys' HOLLiAS-N DCS is one of the high-end DCS products Hollysys developed for 1GW level nuclear power plant. Hollysys' proprietary HOLLiAS-N DCS successfully passed a series of rigorous tests before the commercial operation of Unit 1 of Ningde NPP and it met all the parameters and delivered outstanding performance. Besides, it is China's first domestic proprietary 1GW DCS system application in nuclear power plants.

HollySys Automation Technologies, Ltd., Q3 2013 Earnings Call, May 17, 2013