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

t for Shenzhen Police TETRA system.

Other revenue increased by $0.1 million, or 27.3%, from $0.3 million in the three months ended September 30, 2010 to $0.4 million in the same period of 2011. Other revenue was derived from maintenance services during the current period while during the three months ended September 30, 2010, the Company also generated royalty income.

In terms of segment weights, the Company's IT segment accounted for 55.4% of revenues in Q3 2011, as compared with 79.6% in the same period last year, while its DT segment contributed 44.6% of revenues in Q3 2011, compared with 20.4% in the same period last year.  

Cost of Revenue and Gross ProfitCost of revenues decreased by $3.7 million, or 16.5%, to $19.0 million for the three months ended September 30, 2011, as compared with $22.7 million for the three months ended September 30, 2010. As a percentage of revenues, the Company's cost of revenue increased to 66.7% during the three months ended September 30, 2011, from 51.9% in the same period of 2010. As a result, gross margin was 33.3% for the three months ended September 30, 2011, a decrease of 1,480 basis points from 48.1% in the same period of 2010.

The decrease in the Company's gross profit margins resulted from the following factors:

  • During the current quarter, the DT solutions business expanded from 20.4% of total revenues in the third quarter of 2010 to 44.6% in the third quarter of 2011.  The DT solutions business has lower average gross margins than other segments of the Company's business.
  • As a result of the slowdown of software projects for government customers due to the Chinese government's implementation of monetary tightening policies, which caused the percentage of revenue from software sales to drop from 67.3% in the third quarter of 2010 to 24.1% in the quarter just completed. On average, software projects have higher average gross margins t
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  • SOURCE China Information Technology, Inc.
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