China Information Technology, Inc. Announces Third Quarter 20... (EHENSIVE INCOMEFOR THE THREE AND NINE MO...)

China Information Technology, Inc. Announces Third Quarter 2011 Results

Date:11/9/2011

EHENSIVE INCOMEFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010Expressed in U.S. dollars (Except for share amounts)(Unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,September 30,September 30,2011201020112010Net income

895,068$

10,470,688$

14,317,144$

26,516,795Other comprehensive income:Foreign currency translation gain2,590,2502,948,2577,472,7583,972,752Comprehensive income3,485,31813,418,94521,789,90230,489,547Comprehensive loss (income) attributable to the non-controlling interest(57,098)99,972196,614(333,456)Comprehensive income attributable to the Company$3,428,220$13,518,917$21,986,516$30,156,091CHINA INFORMATION TECHNOLOGY, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSNINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010Expressed in U.S. dollars(Unaudited)Nine MonthsNine MonthsEndedEndedSeptember 30, 2011September 30, 2010OPERATING ACTIVITIESNet income

14,317,144$

26,516,795Adjustments to reconcile net income to net cash provided by operating activities:Provide provision for losses on accounts receivable and other receivables323,9611,060,348Depreciation7,966,3195,415,554Amortization of intangible assets and land use rights1,315,8481,349,745Stock-based compensation-1,130,000Loss on disposal of property, plant and equipment, net195,196321,854Loss on write-off of land use rights-231,615Impairment of long-term investments997,449850,320Provide provision for obsolete inventories426,295130,328Change in fair value of contingent consideration(1,481,757)(940,986)Change in deferred income tax(643,327)162,900Imputed interests in relation to shareholder's loan166,667125,000Changes in operating assets and liabilitiesIncrease in restricted cash(2,966,985)(658,872)Increase in accounts receivable(3,488,629)(19,772,920)Increase in advances to suppliers(194,542)(2,394,325)(Increase) decrease in other receivables and prepaid expenses(2,267,718)8,134,566Increase in i
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SOURCE China Information Technology, Inc.
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