Hollysys Automation Q4 Profit Rises

(RTTNews) - Hollysys Automation Technologies Ltd. (HOLI) reported that its net income attributable to the company the fourth quarter ended on June 30, 2016 rose to $33.4 million or $0.55 per share from $18.7 million or $0.31 per share in the comparable prior year period.

The non-GAAP net income attributable to Hollysys, which excludes non-cash share-based compensation expenses, amortization of acquired intangibles, acquisition-related consideration fair value adjustments and convertible bond related fair value adjustments was $34.3 million or $0.57 per share, up from $23.0 million or $0.38 per share in the comparable prior year period.

Total revenues for the quarter increased 3.9% to $147.7 million, from $142.2 million last year. Broken down by the revenue types, integrated contracts revenue increased by 4.5% to $132.9 million, products sales revenue increased by 7.3% to $11.6 million, and services revenue decreased by 24.0% to $3.3 million.

The company set its guidance for fiscal year 2017 with revenue in the range of $565 million to $600 million and non-GAAP net income in the range of $130 million to $140 million.