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China Information Technology, Inc. Announces Third Quarter 2011 Results






 Cash and cash equivalents




18,166,857Restricted cash




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




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




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




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




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


159,045,009Deposit for software purchase




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




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




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




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






 Short-term bank loans




35,326,566Accounts payable




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





SOURCE China Information Technology, Inc.
Copyright©2010 PR Newswire.
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