- 2009 Revenue Increased 18.4% YoY to $101.0 million - 2009 Gross
Margin Increased 434 basis points YoY to 50.2% - 2009 Operating
Margin Increased 384 basis points YoY to 31.8% - 2009 Non-GAAP Net
Income Increased 20.5% YoY to $32.2 million, or $0.66 per diluted
share - Cash Flow from Operations increased 152.4% YoY to $11.5
million SHENZHEN, China, March 5 /PRNewswire-Asia-FirstCall/ --
China Information Security Technology, Inc. ("China Information
Security," "CIST" or the "Company"), a leading total solutions
provider of digital information security technology (DIST),
geographic information systems (GIS) and digital hospital
information systems (DHIS) in China, today announced its financial
results for the fourth quarter and fiscal year ended December 31,
2009. Fourth Quarter 2009 Financial Highlights -- Revenues were
$31.5 million, an increase of 14.4% from 4Q08 -- Gross margin was
50.0%, an increase of 1054 basis points from 4Q08 -- Operating
margin was 25.8%, an increase of 595 basis points from 4Q08 --
Non-GAAP Net Income increased 51% from 4Q08 to $9.5 million, or
$0.19 per diluted share -- Cash Flow from Operations increased
452.5% from 4Q08 to $3.2 million Fiscal Year 2009 Financial
Highlights -- Revenues were $101.0 million, an increase 18.4% from
fiscal year 2008 -- Gross margin was 50.2%, an increase of 434
basis points from fiscal year 2008 -- Operating margin was 31.8%,
an increase of 384 basis points from fiscal year 2008 -- Non-GAAP
Net Income increased 20.5% from fiscal year 2008 to $32.2 million,
or $0.66 per diluted share -- Cash Flow from Operations increased
152.4% from fiscal year 2008 to $11.5 million -- Value of backlog
is $41.2 million as of December 31, 2009, a new record high "We are
pleased to announce strong fourth quarter and full year 2009
results, and we have an optimistic outlook for 2010," commented Mr.
Jiang Huai Lin, Chairman and CEO of China Information Security
Technology. "We set another record for new contract wins as a
result of robust demand for our products and solutions. Our strong
customer recognition and branding in the industry have been
recognized in each of our core business segments, and we're
confident in our ability to achieve our 2010 financial goals." "Our
growth strategy remains focused on deepening our penetration in
Guangdong, Fujian, Guangxi, Hainan and Zhejiang province and taking
advantage of our success in the region to further expand
nationally. We currently have established offices and
representatives in Guangzhou, Beijing, Zhejiang, Changsha, Nanning,
Nanchang, Wuhan, Xi'an, as well as in Shanghai and Chongqing. We
expect to further strengthen our leading position in the industry
by leveraging our strong R&D capabilities and standard setting
position in the GIS sector, and our outstanding record of execution
for mission-critical government IT projects." "During the quarter,
we completed the acquisition of Huipu Electronic (Shenzhen) Co.,
Ltd., a display technology developer and manufacturer and our
long-term partner on various system integration projects. We
believe that Huipu's market leading position and distribution
network have allowed us to further expand our presence to 32
provinces and regions in China. Moving forward, we plan to
strengthen our industry competitiveness and create value added
synergies by expanding and integrating Huipu's high-end hardware
capabilities, expertise and established brand name with our core
software products." "Our industry is in a growth stage and we
believe there are many opportunities to capture. We have built
strong barriers to entry around our business and retain a strong
and loyal customer base. With our long-term oriented management
team and vast market potential, we aim to sustain the growth of our
Company while creating value to our shareholders." Fourth Quarter
2009 Financial Results Revenues Total revenues were $31.5 million
in 4Q09, an increase of 14.4%, or $4.0 million over 4Q08. The
increase was attributable to an increase in the Company's software
sales of 70.9% to $18.7 million, and system integration services
increased 84.4% to $4.6 million, as compared to the fourth quarter
of 2008. Software and system integration sales constituted 59.3%
and 39.7% of the Company's total revenue. The increase in system
integration revenues were skewed due to the temporary delay of some
projects in 4Q08. Sales of hardware products included $4.68 million
contributed by Huipu in November and December of 2009. Despite
this, sales of hardware products decreased by 32.3%, for fourth
quarter of 2009 from the same period of 2008. These changes are
reflective of the Company's increased focus on high value-added
offerings surrounding its core competency, which warrant higher
gross margin. Gross Profit and Gross Margin Gross profit was $15.8
million in 4Q09, an increase of 44.9%, or $4.89 million, from 4Q08.
Gross margin was 50.0% in 4Q09, an improvement of 1054 basis points
from 4Q08. The increase in gross margin from the same period one
year ago was primarily due to a shift in product mix in favor of
software business, which generates higher gross margin than the
other two segments. Administrative Expenses Administrative expenses
were $5.7 million in 4Q09, an increase of 44.2%, or $1.7 million in
4Q08. As a percentage of revenue, administrative expenses went from
14.3% of revenue in the fourth quarter of 2008 to 18.0% in the
current period, reflecting our efforts in enhancing managerial
capabilities which lead to higher compensation to staff and
increased head count. Such investment shall yield managerial
efficiency in the long run. Income from Operations Income from
operations was $8.1 million in 4Q09, an increase of 48.8%, or $2.67
million in 4Q08. The operating margin improved by 595 basis points
from 19.8% in the fourth quarter of 2008 to 25.8% in 4Q09. The
operating margin increase was primarily due to widened gross
margin, partially offset by the increase in administrative expense
ratio. Net Income Attributable to the Company As a result of the
foregoing factors, net income contributable to the Company was $8.8
million in 4Q09, an increase of 72.0%, or $3.7 million in 4Q08.
Fiscal Year 2009 Financial Results Revenues Revenue was $101.0
million, compared to $85.30 million for the year ended December 31,
2008, an increase of $15.7 million, or 18.4%. The increase in
revenues during 2009 was attributable to an increase in software
sales of 82.6% to $63.83 million, as compared to $34.96 million for
the year ended December 31, 2008. Software sales constituted 63.2%
of the Company's total revenue. Sales of hardware products included
$4.68 million contributed by Huipu in November and December of
2009. Sales of hardware products and system integration services
decreased by 37.4% and 1.6%, respectively, for the year ended
December 31, 2009, as compared to the year 2008. These changes are
reflective of the Company's increased focus on high value-added
offerings surrounding its core competency, which warrant higher
gross margin. For the year ended December 31, 2009, approximately
$54.20 million of the Company's revenues were generated by its DIST
segment, $36.83 million of revenues were generated by its GIS
segment, and $9.97 million was generated by its DHIS segment. This
compares with $50.97 million by DIST, $34.28 million by GIS and
$50,801 by DHIS for the year ended December 31, 2008. The increase
in DIST and GIS segments were 6.3% and 7.4% year-over-year due to
growth in the GIS market exceeding that of DIST. The DHIS segment
was started in November 2008, so the Company's full-year comparison
is skewed by the difference in time periods that contributed to the
consolidated results. Gross Profit and Gross Margin Gross profit
increased by 29.6% from $39.1 in fiscal year 2008 to $50.7 in
fiscal year 2009. Gross margin was 50.2% for the year ended
December 31, 2009, an increase of 434 basis points, from 45.8% in
2008. The increase in gross margin from the same period one year
ago was primarily due to a shift in product mix in favor of
software business, which generates higher gross margin than the
other two segments. Income from Operations Income from operations
increased $8.3 million, or 34.6%, to $32.2 million in 2009, from
$23.9 million in 2008. The operating margin improved by 384 basis
points from 28.0% in 2008 to 31.8% in 2009. The operating margin
increase was primarily due to widened gross margin and partially
offset by the Company's administrative expense ratio as a result of
enhancing managerial capabilities. Net Income Attributable to the
Company As a result of the foregoing factors, net income
contributable to the Company increased $6.3 million, or 26.5%, to
$30.1 million in 2009, from $23.8 million in 2008. Fully diluted
net income per share was $0.62 in 2009, as compared to $0.51 in
2008. Cash and Cash Equivalents As of December 31, 2009, the
Company had $19.34 million in cash and cash equivalents, restricted
cash and short-term investments, as compared to $15.4 million as of
December 31, 2008. During 2009, accounts receivable increased by
$28.9 million to $71.8 million. Meanwhile, during 2009, cash
provided by operating activities was $11.5 million, an increase of
152% from 2008. Working capital decreased by $8.8 million to $50.4
million, from $59.2 million in 2008. Recent Developments [Post -
Dec. 31, 2009] -- January 26, 2010 - CIST ranked 13th on the 2010
Forbes China list of 200 small-to-medium sized Chinese corporations
with the most potential -- January 20, 2010 - CIST's proprietary
GIS software, GeoGlobe 3.0 selected as a "Recommended Software of
2009" by the China Software Industry Association -- January 13,
2010 - CIST completed its previously announced registered direct
offering, raising an aggregate amount of approximately $10.16
million 2010 Outlook For fiscal year 2010, the Company reaffirms
its guidance with projected revenue to be $133-138 million and
adjusted net income to be $33.5 - 37.5 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 Measures This press release contains non-GAAP financial
measures for earnings that exclude non-cash charges. China
Information Security believes that these non-GAAP financial
measures are useful to investors because they exclude non-cash
charges that China Information Security's management excludes when
it internally evaluates the performance of the Company's business
and makes operating decisions, including internal budgeting, and
performance measurement, because these measures provide a
consistent method of comparison to historical periods. Moreover,
management believes these non-GAAP measures reflect the essential
operating activities of China Information Security. Accordingly,
management excludes the expense arising from certain non-cash
charges when making operational decisions. China Information
Security believes that providing the non-GAAP measures that
management uses to its investors is useful to investors for a
number of reasons. The non-GAAP measures provide a consistent basis
for investors to understand China Information Security's financial
performance in comparison to historical periods. In addition, it
allows investors to evaluate China Information Security's
performance using the same methodology and information as that used
by China Security's management. Non-GAAP measures are subject to
inherent limitations because they do not include all of the
expenses included under GAAP and because they involve the exercise
of judgment of which charges are excluded from the non- GAAP
financial measure. However, China Information Security's management
compensates for these limitations by providing the relevant
disclosure of the items excluded. The following table provides the
non-GAAP financial measure and the related GAAP measure and
provides a reconciliation of the non-GAAP measure to the equivalent
GAAP measure. * Table 1 Q4 2009 and Full Year 2009 Reconciliation
of Operating, Net Income and EPS to Exclude SBC and Amortization of
Intangible Assets 3 Mos. 3 Mos. 12 Mos. 12 Mos. Ended Ended Ended
Ended 31-Dec-09 31-Dec-08 31-Dec-09 31-Dec-08 Operating income
8,135,886 3,762,349 32,156,443 23,882,882 Stock based compensation
("SBC") 1,269,510 600,042 1,453,110 1,604,741 Amortization 480,651
543,014 1,786,201 1,354,567 Change in fair value of contingent
consideration* (1,108,759) -- (1,108,759) -- Operating income
(without SBC, amortization and change in fair value of contingent
consideration) 8,777,288 4,905,405 34,286,995 26,842,190 Net income
Attributable to the Company 8,813,708 5,123,378 30,094,571
23,786,976 Stock based compensation ("SBC") 1,269,510 600,042
1,453,110 1,604,741 Amortization 480,651 543,014 1,786,201
1,354,567 Change in fair value of contingent consideration*
(1,108,759) 0 (1,108,759) -- Net income (without SBC, amortization
and change in fair value of contingent consideration) 9,455,110
6,266,434 32,225,123 26,746,284 Weighted Average Number of Shares
Outstanding 49,388,270 46,738,491 48,676,391 46,398,600 Basic
49,388,270 47,296,857 48,676,391 46,852,827 Diluted Earnings Per
Share (without SBC and Amortization) Basic $0.19 $0.13 $0.66 $0.58
Diluted $0.19 $0.13 $0.66 $0.57 * Represents a gain from the change
of fair value of the contingent consideration for the acquisition
of Huipu as at 2009/12/31, according to FASB ASC 805 - Business
Combinations Conference Call China Information Security Technology
will host a corresponding conference call and live webcast at 8:00
am Eastern Standard Time (9:00 pm, Beijing time) on Friday, March
5, 2010. The dial-in details for the live conference call are as
follows: - U.S. Toll Free Number: +1-866-519-4004 - International
Dial-in Number: +65-6735-7955 - Mainland China Toll Free Number:
10-800-819-0121 10-400-620-8038 - Hong Kong Toll Free Number:
80-093-0346 Conference ID: 60234059 A live and archived webcast of
the conference call will be available on the Investor Relations
section of China Information Security's website at
http://www.chinacpby.com/ . A telephone replay of the call will be
available from March 5, 2010 through March 12, 2010. The dial-in
details for the replay are as follows: - U.S. Toll Free Number:
+1-866-214-5335 - International Dial-in Number: +61-2-8235-5000
Conference ID: 60234059 About China Information Security
Technology, Inc. China Information Security Technology, Inc.,
together with its subsidiaries, is a total solution provider of
digital security, geographic information, and hospital information
systems in the People's Republic of China. Headquartered in
Shenzhen, China, the Company's total solutions include specialized
software, hardware, systems integration, and related services
organized into three business segments - Digital Information
Security Technology ("DIST"), Geographic Information Systems
("GIS"), and Digital Hospital Information System ("DHIS"). To learn
more about the Company, please visit its corporate website at
http://www.chinacpby.com/ . Safe Harbor Statement This press
release may contain certain "forward-looking statements" relating
to the business of China Information Security Technology, Inc., and
its subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements"
including statements regarding: the significance of the Company's
acquisition of Huipu Electronic (Shenzhen) Co., Ltd.; the ability
of the Company to attain a leading position in the industry and
create value added synergies by expanding and integrating Huipu's
high-end hardware capabilities, expertise and established brand
name with the Company's core software products; the general ability
of the Company to achieve its commercial objectives, including the
Company's plan to sustain the growth while creating shareholder
value; the business strategy, plans and objectives of the Company
and its subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov/ ). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements. For further information, please contact China
Information Security Technology, Inc. Iris Yan Tel:
+86-755-8370-4767 Email: ir@chinacpby.com Web:
http://www.chinacpby.com/ Christensen Kathy Li Tel: +1-480-614-3036
Email: kli@christensenir.com Roger Hu Tel: +86-158-1049-5326 Email:
rhu@christensenir.com CHINA INFORMATION SECURITY TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND 2008 2009 2,008
ASSETS CURRENT ASSETS Cash and cash equivalents $ 13,478,633.00 $
9,565,252.00 Restricted cash 5,859,910.00 -- Short-term investments
-- 5,835,838.00 Accounts receivable: Billed, net of allowance for
doubtful accounts of $1,151,000 and $399,800, respectively
23,907,035.00 17,141,594.00 Unbilled 47,851,638.00 25,715,514.00
Bills receivable -- 4,481,340.00 Advances to suppliers 6,924,036.00
8,469,976.00 Amount due from related parties, net of allowance for
doubtful accounts of $0 and $73,000, respectively 129,937.00
131,594.00 Inventories, net of provision of $184,000 and
$49,000,respectively 10,936,004.00 7,107,537.00 Other receivables
and prepaid expenses 15,405,089.00 6,251,484.00 Deferred tax assets
1,719,327.00 -- TOTAL CURRENT ASSETS 126,211,608.00 84,700,129.00
Deposit for software purchase 1,426,452.00 -- Long-term investments
2,862,016.00 3,078,405.00 Property, plant and equipment, net
53,586,514.00 23,555,603.00 Land use rights, net 1,907,611.00 --
Intangible assets, net 13,556,141.00 13,115,151.00 Goodwill
50,609,866.00 24,018,894.00 Deferred tax assets 668,730.00 TOTAL
ASSETS $ 250,828,938.00 $ 148,468,182.00 LIABILITIES AND EQUITY
CURRENT LIABILITIES Short-term bank loans $ 15,927,780.00 $
6,327,992.00 Accounts payable 20,159,317.00 7,206,154.00 Bills
payable 12,658,029.00 3,501,574.00 Advances from customers
3,950,744.00 2,476,335.00 Amount due to related parties 583,736.00
486,136.00 Accrued payroll and benefits 3,142,240.00 1,319,386.00
Other payables and accrued expenses 14,252,918.00 2,553,019.00
Contingent consideration, current portion 1,857,994.00 -- Income
tax payable 3,290,245.00 1,592,459.00 TOTAL CURRENT LIABILITIES
75,823,003.00 25,463,055.00 Long-term bank loans 1,907,100.00 --
Contingent consideration, net of current portion 2,635,397.00 --
Deferred tax liabilities 2,564,604.00 -- TOTAL LIABILITIES
82,930,104.00 25,463,055.00 EQUITY Common stock, par $0.01;
authorized capital 200,000,000 shares; shares issued and
outstanding 2009: 49,905,141 and 48,797,211 shares, respectively;
2008: 47,462,404 shares 233,548.00 209,121 Treasury stock, 6,000
shares, at cost (11,468.00) -- Additional paid-in capital
78,495,062.00 64,127,339.00 Reserve 8,345,371.00 4,964,597.00
Retained earnings 60,462,275.00 33,748,480.00 Accumulated other
comprehensive income 5,016,575.00 4,644,693.00 Total equity of the
Company 152,541,363.00 107,694,230.00 Non-controlling interest
15,357,471.00 15,310,897.00 Total equity 167,898,834.00
123,005,127.00 TOTAL LIABILITIES AND EQUITY $ 250,828,938.00 $
148,468,182.00 CHINA INFORMATION SECURITY TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2009,
2008 AND 2007 2009 2008 2007 Revenue - Products $ 16,784,910 $
26,822,325 $ 2,007,800 Revenue - Software 63,827,233 34,958,401
13,131,578 Revenue - System integration 19,017,962 19,328,312
15,194,314 Revenue - Others 1,365,989 4,192,146 9,017 TOTAL REVENUE
100,996,094 85,301,184 30,342,709 Cost - Products sold 13,560,279
25,049,072 1,669,410 Cost - Software sold 22,229,542 5,628,436
2,233,493 Cost - System integration 14,251,391 12,196,185 8,470,467
Cost - Others 303,215 3,348,627 -- TOTAL COST 50,344,427 46,222,320
12,373,370 GROSS PROFIT 50,651,667 39,078,864 17,969,339
Administrative expenses 12,653,175 10,158,863 3,288,657 Research
and development expenses 2,705,669 2,596,430 797,580 Management fee
-- -- 92,160 Selling expenses 3,136,380 2,440,689 480,465 INCOME
FROM OPERATIONS 32,156,443 23,882,882 13,310,477 Subsidy income
833,429 738,482 53,289 Other income, net 1,153,288 200,439 26,146
Interest income 270,666 214,850 138,840 Interest expense (388,686)
(179,130) -- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
34,025,140 24,857,523 13,528,752 Income tax expense (3,887,495)
(1,547,509) (107,300) INCOME FROM CONTINUING OPERATIONS 30,137,645
23,310,014 13,421,452 INCOME FROM DISCONTINUED OPERATIONS NET OF
AMOUNT -- 718,159 -- NET INCOME 30,137,645 24,028,173 13,421,452
Less: Net income attributable to the non-controlling (43,076)
(241,197) (90,000) NET INCOME ATTRIBUTABLE TO THE COMPANY $
30,094,569 $ 23,786,976 $ 13,331,452 Basic 48,676,391 46,398,600
39,718,967 Diluted 48,676,391 46,852,827 40,152,855 EARNINGS PER
SHARE Basic - From continuing operations $ 0.62 $ 0.50 $ 0.34 Basic
- From discontinued operations -- 0.01 -- $ 0.62 $ 0.51 $ 0.34
Diluted - From continuing operations $ 0.62 $ 0.49 $ 0.33 Diluted -
From discontinued operations -- 0.02 -- $ 0.62 $ 0.51 $ 0.33 CHINA
INFORMATION SECURITY TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF
CASH FLOWS YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007 2009 2008
2007 OPERATING ACTIVITIES Net income $ 30,137,645 $ 24,028,173 $
13,421,452 Adjustments to reconcile net income to net cash provided
by operating activities: Operating cash flows from discontinued
operations -- (718,153) -- Provision for losses on accounts
receivable 2,765,837 472,750 -- Depreciation 4,069,363 2,991,266
1,274,768 Amortization of intangible assets 1,786,201 1,354,567
168,747 Stock-based compensation 1,453,110 1,604,741 677,891 Loss
on disposal of property and equipment, net 62,803 2,533 --
Provision for obsolete inventories 183,714 -- -- Change in fair
value of contingent consideration (1,108,759) -- -- Deferred income
tax benefits (1,268,670) -- -- Impairment of long-term investment
233,211 -- -- Changes in operating assets and liabilities, net of
effects of business acquisitions -- -- -- Increase in restricted
cash (5,856,949) -- -- Increase in accounts receivable (24,850,334)
(30,169,244) (4,115,867) Decrease in receivables from and advances
to iASPEC prior to VIE consolidation -- -- (10,660,988) Decrease in
advances to suppliers 3,001,469 -- -- Increase (decrease) in other
receivables and prepaid expenses (13,366,450) (553,400) 592,182
Increase in amount due from related parties 132,774 372,391 --
Increase in inventories (1,219,083) (472,829) (1,399,838) Increase
in accounts payable 11,068,019 4,633,198 903,475 Increase
(decrease) in advances from customers 1,416,715 (801,288) 54,830
Increase in other payables and accrued expenses and other
liabilities 1,149,194 896,447 643,953 Increase in income tax
payable 1,687,973 906,825 46,586 Net cash provided by operating
activities 11,477,783 4,547,977 1,607,191 INVESTING ACTIVITIES
Deposit for business acquisition of Bocom -- -- (9,000,000) Cash
acquired in VIE consolidation -- -- 4,731,140 Cash acquired in ISS
acquisition -- -- 326,831 Cash acquired in Bocom acquisition --
713,876 -- Cash acquired in Geo acquisition -- 2,443,677 -- Cash
acquired in Zhongtian acquisition -- 233,243 -- Cash acquired in
HPC acquisition 2,508,394 -- -- Consideration paid for acquisition
of ISS -- -- (7,051,469) Consideration paid for acquisition of Geo
-- (7,049,073) -- Consideration paid for acquisition of Zhongtian
-- (9,852,455) -- Consideration paid for acquisition of HPC
(8,000,000) -- -- Purchase of Equity Linked Notes -- --
(22,654,230) Proceeds from sale of short-term investments 5,864,400
-- -- Purchase of short-term investments -- (5,655,605) -- Proceeds
from sale of marketable securities -- 14,966,752 7,687,478 Refund
of investment in former Joint Venture 4,398,300 -- -- Investing
cash flows from discontinued operations -- (8,576,575) -- Proceeds
from sales of property and equipment 78,238 1,146,671 -- Advances
to third parties -- -- 332,479 Advances from related parties -- --
115,312 Purchases of property and equipment (16,872,380)
(8,928,057) (6,452,450) Capitalized and purchased software
development costs (1,215,649) (487,541) -- Deposit for software
purchase (1,425,577) -- -- Net cash used in investing activities
(14,664,274) (21,045,087) (31,964,909) FINANCING ACTIVITIES
Borrowings under short-term loans 19,952,949 6,314,410 -- Repayment
of long-term loans (351,984) (1,086,312) -- Purchase of treasury
stock (11,468) -- -- Repayment of short-term loans (12,475,839) --
-- Advances repaid to a third party company -- -- (200,000) Amount
repaid to a stockholder -- -- (82,304) Cash received from private
placement of common stock -- -- 49,817,486 Net cash provided by
financing activities 7,113,658 5,228,098 49,535,182 Effect of
exchange rate changes on cash and cash equivalents (13,786)
1,079,082 405,402 NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 3,913,381 (10,189,930) 19,582,866 CASH AND CASH
EQUIVALENTS, BEGINNING 9,565,252 19,755,182 172,316 CASH AND CASH
EQUIVALENTS, ENDING $ 13,478,633 $ 9,565,252 $ 19,755,182
Supplemental disclosure of cash flow information: Cash paid during
the period Income taxes $ 3,464,474 $ 650,648 $ 24,574 Interest $
379,101 $ 158,650 $ -- Supplemental disclosure of non-cash
investing and financing activities: Property and equipment
transfers from inventory $ -- $ 78,784 $ -- Selected information by
segment is presented in the following tables for 2009, 2008 and
2007. Revenues(1) 2009 2008 2007 DIST Segment $ 54,197,481 $
50,968,985 $ 21,529,388 GIS Segment 36,826,430 34,281,398 8,813,321
DHIS Segment 9,972,183 50,801 -- $ 100,996,094 $ 85,301,184 $
30,342,709 Percentage to Revenue DIST Segment 53.6% 59.75% 70.9%
GIS Segment 36.4% 40.18% 29.1% DHIS Segment 10% 0.07% -- (1)
Revenues by operating segments exclude intercompany transactions.
DATASOURCE: China Information Security Technology, Inc. CONTACT:
China Information Security Technology, Inc., Iris Yan,
+86-755-8370-4767, or ir@chinacpby.com; Or Christensen, Kathy Li,
+1-480-614-3036, orkli@christensenir.com; or Roger Hu,
+86-158-1049-5326, orrhu@christensenir.com Web site:
http://www.chinacpby.com/
Copyright
Grafico Azioni China Information Security Technology, Inc. (MM) (NASDAQ:CPBY)
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Da Mag 2024 a Giu 2024
Grafico Azioni China Information Security Technology, Inc. (MM) (NASDAQ:CPBY)
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Da Giu 2023 a Giu 2024