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China Information Technology, Inc. Announces Third Quarter 2011 Results
Date:11/9/2011

SHENZHEN, China, Nov. 9, 2011 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of Information Technology (IT) and Display Technology (DT) based in China, today announced its financial results for the third quarter ended September 30, 2011.

ThirdQuarter 2011Financial Highlights

  • Revenues decreased 35.0 % YoY to US$28.5 million
  • Gross Profit decreased 55.0% YoY to US$9.5 million, with Gross Margin decreasing to 33.3%
  • Operating Profit decreased 89.5% YoY to US$1.4 million
  • Non-GAAP Net Income decreased 89.6% YoY to US$1.2 million
  • Non-GAAP Fully Diluted EPS was US$0.02
  • Cash flow from operations was US$7.2 million vs. US$18.9 million a year ago

  • Mr. Jiang Huai Lin, chairman and chief executive officer of the Company, commented, "We experienced another weak season in the third quarter of the year. As we expected, like many companies in China with public sector clientele, we also continue to be affected by the monetary tightening policies which the Chinese government enacted at the start of the year to ease domestic inflationary pressure. In particular our digital public security related business, which used to be a major contributor to our revenues, continued to suffer dramatically with the slowdown of major government projects. Our revenues in the third quarter declined 35.0% from the previous year, reflecting a sharp slowdown for our digital public security technology (DPST), geographic information systems (GIS) and hospital information systems (HIS) business lines.  These three areas make up our core IT segment, which contributed $15.8 million, or 55.4%, of our total revenues in the quarter.

    "However, we strongly believe that the slowdown in our business this year is temporary, and that the effects of government policies will eventually e
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    SOURCE China Information Technology, Inc.
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