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

>to the CompanyNet income decreased $9.7 million, or 91.3%, to $0.9 million during the three months ended September 30, 2011, from $10.6 million for the same period in 2010.

Net income attributable to the Company on a Non-GAAP basis was $1.2 million in the third quarter of 2011 versus $ 11.9 million in the third quarter of 2010, a decrease of 89.6%.

Cash and Cash EquivalentsAs of September 30, 2011, the Company had cash and cash equivalents of $5.2 million, as compared with $18.2 million at the end of 2010.  

Adjustment of GuidanceAs a result of the significant slowdown in the Company's IT business segment, the Company now adjusts its revenue guidance for the full fiscal year of 2011 to be between $100 million and $110 million, as compared with the previously announced revenue guidance of $165 million to $187 million. Adjusted net income is now expected to be between $15 million and $16 million, as compared with the previously announced revenue guidance of $42 million and $45 million, excluding any non-cash expenses as a result of employee stock awards, amortization of intangible assets associated with acquisitions and changes in fair value of contingent considerations.  

The Company expects full fiscal year 2012 revenues to be between $110 million and $125 million.  Adjusted net income for 2012 is expected to be between $9 million and $11 million, excluding any non-cash expenses as a result of employee stock awards, amortization of intangible assets associated with acquisitions and changes in fair value of contingent considerations.  

About Non-GAAP Financial MeasuresThis press release contains non-GAAP financial measures for earnings that exclude non-cash charges. China Information Technology believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that management excludes when it internally evaluates the performance of the Co
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SOURCE China Information Technology, Inc.
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