HollySys Automation Technologies, Ltd. (NASDAQ:HOLI) Q1 2020 Earnings Conference Call - Final Transcript
Nov 13, 2019 • 08:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Hollysys Automation Technologies Earnings Conference Call for the First Quarter of Fiscal Year 2020 ended September 30, 2019. [Operator Instructions] Please be advised that this conference is being recorded today, November 14th, 2019 Beijing Time.
I'd now like to hand the conference over to Mr. Arden Xia, the Investor Relations Director of Hollysys Automation Technologies. Thank you. Please go ahead, Mr. Xia.
Hello, everyone and thank you for joining us. Today our speakers will be Mr. Baiqing Shao, CEO of Hollysys Automation Technologies; Mr. Steven Wang, CFO of Hollysys Automation Technologies and myself IR Director of Hollysys. On today's call, Mr. Shao will provide a general overview of our business, including some highlights for the first quarter of fiscal year 2020, Mr. Steven Wang will discuss our performance from financial perspective. And we will answer questions afterwards.
Before getting started, I would like to remind everyone that this conference call may contain forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Forward-looking statements are the statements that are not historical facts, including statements relating to the expectation, growth of Hollysys' future product introductions, the mix of products in future periods and future operating results. Such forward-looking statements based upon the current beliefs and expectations of Hollysys management are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.
The following factors among others could cause actual results to differ from those set forth in these statements. Business conditions in China and in Southeast Asia, continued compliance with government regulations, legislation or regulatory environments, requirements or changes adversely affecting the businesses in which Hollysys is engaged, cessation or changes in government incentive programs, potential trade barriers affecting international expansion, fluctuation in customer demand, management of rapid growth and transitions to new markets, intensity of competition from or introduction of new and superior products by other providers of automation and control systems technology, timing approval and the market acceptance of new product introductions, general economic conditions, geopolitical events or regulatory changes, as well as other relevant risks detailed in Hollysys filings with Securities and Exchange Commission.
The information set forth herein should be read in light of such risks. Hollysys does not assume any obligation to update information discussed in this conference call or in its filings. Please note that all amounts noted in this conference call will be in US dollars, unless otherwise noted.
And now, I'd like to turn the call to Mr. Baiqing Shao. Please go ahead Mr. Shao.
Thank you, Arden and there's a little for everyone. I would like to discuss some key events during this quarter. IA business finished the quarter with revenue and contract at $64.6 million and $84.0 million, achieving 12.0% and 4.6% year-to-year growth respectively. Under the guidance of our "3+1+N" strategy, we continued our effort in market penetration in different industries. In our power business, we signed a contract to provide