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

288;

 

 CURRENT ASSETS 

 

 

 Cash and cash equivalents

$

5,179,223

$

18,166,857Restricted cash

 

10,835,585

 

8,344,147Accounts receivable:Billed, net of allowance for doubtful accounts of $ 6,690,000 and $6,073,000, respectively

 

21,464,972

 

31,172,599Unbilled83,085,83067,622,656Bills receivable

 

551,437

 

201,003Advances to suppliers9,587,3359,246,437Amounts due from related parties

 

64,636

 

330,876Inventories, net of provision of $1,030,000 and $578,000, respectively32,886,62319,931,866Other receivables and prepaid expenses

 

4,940,203

 

2,463,562Deferred tax assets1,383,5721,565,006TOTAL CURRENT ASSETS 

169,979,416 

159,045,009Deposit for software purchase

 

1,721,500

 

3,034,000Deposit for purchase of land use rights27,406,97426,566,377Long-term investments

 

2,387,829

 

3,296,252Property, plant and equipment, net88,604,44479,348,883Land use rights, net

 

1,956,630

 

1,929,194Intangible assets, net14,113,89813,725,274Goodwill

 

53,657,569

 

51,918,275Deferred tax assets828,076538,460TOTAL ASSETS$360,656,336$339,401,724LIABILITIES AND EQUITY 

 

 

 CURRENT LIABILITIES 

 

 

 Short-term bank loans

$

35,600,638

$

35,326,566Accounts payable

 

17,717,509

 

17,249,334Bills payable28,023,13520,536,475Advances from customers

 

5,014,972

 

7,480,686Amoun
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SOURCE China Information Technology, Inc.
Copyright©2010 PR Newswire.
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