Hollysys Automation Technologies Reports Unaudited Financial Results for the Third Quarter and the First Nine Months Ended March 31, 2021 – PRNewswire

First Nine months of Fiscal Year 2021 Financial Highlights

Third Quarter of Fiscal Year 2021 Financial Highlights

BEIJING, May 13, 2021 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the third quarter and first nine months ended March 31, 2021 (see attached tables). The management of Hollysys stated:

Industrial Automation ("IA") business finished the third quarter with revenue and new contracts at $67.5 million and $106.7 million, representing 97.1% and 68.7% YOY growth, respectively. For the first nine months of the 2021 fiscal year, IA revenue and new contracts achieved 44.1% and 34.0% YOY growth, respectively.

Rail business finished the quarter with revenue and new contractsat $30.7 million and $15.7 million, recording 7.0% YOY growth and 215.2% YOY growth, respectively. For the first nine months of the 2021 fiscal year, rail business revenue and new contracts showed a 7.5% YOY decrease and 10.2% YOY growth, respectively.

Mechanical and Electrical Solutions ('M&E') business finished the quarter with revenue and new contracts at$11.8 million and $19.6 million, recording34.1% and 1.2% YOY decrease respectively. For the first nine months of the 2021 fiscal year, M&E revenue and new contracts recorded 3.9% and 16.4% YOY decrease, respectively.

COVID-19 remains a challenge to M&E and overseas business. We will keep monitoring the impact on this sector and risk control remains a key focus.

Third Quarterand First Nine Months Ended March 31, 2021 Unaudited Financial Results Summary

(In USD thousands, except for number of shares and per share data)

Three months ended

Nine months ended

March 31, 2021

March 31, 2020

% Change

March 31, 2021

March 31, 2020

% Change

Revenues

$

109,907

80,768

36.1%

$

434,702

374,106

16.2%

Integrated solutions contracts revenue

$

85,769

67,673

26.7%

$

333,943

301,814

10.6%

Products sales

$

6,543

3,588

82.4%

$

21,569

16,249

32.7%

Service rendered

$

17,595

9,507

85.1%

$

79,190

56,043

41.3%

Cost of revenues

$

68,737

55,928

22.9%

$

276,257

240,977

14.6%

Gross profit

$

41,170

24,840

65.7%

$

158,445

133,129

19.0%

Total operating expenses

$

20,978

13,317

57.5%

$

82,945

65,121

27.4%

Selling

$

7,160

6,168

16.1%

$

25,596

23,838

7.4%

General and administrative

$

12,215

8,946

36.5%

$

36,035

30,130

19.6%

Research and development

$

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Hollysys Automation Technologies Reports Unaudited Financial Results for the Third Quarter and the First Nine Months Ended March 31, 2021 - PRNewswire