Financial Statements for China Information Technology, Inc.

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China Information Technology, Inc. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31
Revenue	27.42	13.28	16.28	31.24
Other Revenue, Total	-	-	-	-
Total Revenue	27.42	13.28	16.28	31.24
Cost of Revenue, Total	24.03	10.41	10.50	21.98
Gross Profit	3.39	2.88	5.78	9.26
Selling/General/Admin. Expenses, Total	22.08	10.90	7.51	13.98
Research & Development	1.35	1.24	1.48	1.49
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	0.00	7.81	0.00	-
Other Operating Expenses, Total	-	-	-	-
Total Operating Expense	47.46	30.35	19.49	37.45
Operating Income	-20.04	-17.06	-3.21	-6.21
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-0.47	0.09	0.86	0.40
Income Before Tax	-21.64	-18.11	-3.10	-6.27
Income After Tax	-21.55	-17.56	-3.07	-5.75
Minority Interest	0.11	0.71	0.21	-1.10
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-21.44	-16.85	-2.86	-6.84
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-21.44	-16.85	-2.86	-6.84
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-21.44	-16.85	-2.86	-6.84
Income Available to Common Incl. Extra Items	-21.44	-16.85	-2.86	-6.84
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	27.01	27.01	27.05	27.47
Diluted EPS Excluding Extraordinary Items	-0.79	-0.62	-0.11	-0.25
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-0.79	-0.44	-0.11	-0.25

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	114.54	163.85	101.00	85.30
Other Revenue, Total	-	-	-	-
Total Revenue	114.54	163.85	101.00	85.30
Cost of Revenue, Total	69.74	92.89	50.04	42.87
Gross Profit	44.79	70.96	50.95	42.43
Selling/General/Admin. Expenses, Total	30.31	24.98	15.79	12.60
Research & Development	4.48	3.02	2.71	2.60
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	-	-	-
Other Operating Expenses, Total	0.47	0.40	0.30	3.35
Total Operating Expense	105.01	121.28	68.84	61.42
Operating Income	9.53	42.56	32.16	23.88
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	2.48	2.19	1.99	0.94
Income Before Tax	9.37	43.34	34.03	24.86
Income After Tax	8.57	35.47	30.14	23.31
Minority Interest	-0.66	-1.07	-0.04	-0.24
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	7.91	34.40	30.09	23.07
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	7.91	34.40	30.09	23.79
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	7.91	34.40	30.09	23.07
Income Available to Common Incl. Extra Items	7.91	34.40	30.09	23.79
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	-	-	-
Diluted Weighted Average Shares	26.97	26.07	24.34	23.43
Diluted EPS Excluding Extraordinary Items	0.29	1.32	1.24	0.98
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	0.33	1.32	1.24	0.98

In Millions of USD (except for per share items)	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31
Cash & Equivalents	6.27	7.38	7.60	14.02
Short Term Investments	-	-	-	-
Cash and Short Term Investments	6.27	7.38	7.60	14.02
Accounts Receivable - Trade, Net	28.12	25.05	23.37	31.39
Receivables - Other	-	-	-	-
Total Receivables, Net	121.81	121.64	120.55	118.24
Total Inventory	21.12	23.93	25.04	22.32
Prepaid Expenses	-	-	-	-
Other Current Assets, Total	17.56	18.52	13.78	15.09
Total Current Assets	166.75	171.47	166.97	169.66
Property/Plant/Equipment, Total - Gross	-	119.30	118.95	117.89
Accumulated Depreciation, Total	-	-32.78	-29.88	-26.73
Goodwill, Net	46.50	46.58	54.35	53.98
Intangibles, Net	18.69	16.27	16.46	16.34
Long Term Investments	2.42	2.42	2.42	2.40
Other Long Term Assets, Total	28.33	28.44	28.41	28.25
Total Assets	337.19	351.68	357.67	361.79
Accounts Payable	57.46	47.74	46.12	47.01
Accrued Expenses	3.21	2.81	2.57	3.06
Notes Payable/Short Term Debt	48.15	49.87	35.00	40.98
Current Port. of LT Debt/Capital Leases	-	-	-	-
Other Current liabilities, Total	9.27	8.41	8.77	9.93
Total Current Liabilities	124.22	116.67	105.19	107.76
Long Term Debt	0.10	0.10	0.11	0.12
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	0.10	0.10	0.11	0.12
Total Debt	48.25	49.97	35.11	41.11
Deferred Income Tax	1.15	1.29	1.34	1.37
Minority Interest	21.26	21.24	21.94	21.67
Other Liabilities, Total	-	-	-	0.00
Total Liabilities	146.72	139.30	128.58	130.93
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.29	0.29	0.29	0.29
Additional Paid-In Capital	101.26	101.26	101.26	101.26
Retained Earnings (Accumulated Deficit)	68.81	90.26	107.11	110.09
Treasury Stock - Common	-1.01	-1.01	-1.01	-0.70
Other Equity, Total	21.13	21.59	21.45	19.93
Total Equity	190.48	212.38	229.09	230.87
Total Liabilities & Shareholders' Equity	337.19	351.68	357.67	361.79
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	27.01	27.59	27.01	27.59

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	14.02	18.17	13.48	9.57
Short Term Investments	-	-	0.00	5.84
Cash and Short Term Investments	14.02	18.17	13.48	15.40
Accounts Receivable - Trade, Net	31.14	31.50	24.04	17.27
Receivables - Other	-	-	-	-
Total Receivables, Net	118.24	111.04	94.22	62.19
Total Inventory	22.32	19.93	10.94	7.11
Prepaid Expenses	-	-	-	-
Other Current Assets, Total	15.09	9.91	7.58	0.00
Total Current Assets	169.66	159.05	126.21	84.70
Property/Plant/Equipment, Total - Gross	117.89	97.42	63.92	29.92
Accumulated Depreciation, Total	-26.73	-18.07	-10.34	-6.37
Goodwill, Net	53.98	51.92	50.61	24.02
Intangibles, Net	16.34	15.65	15.46	13.12
Long Term Investments	2.40	3.30	2.86	3.08
Other Long Term Assets, Total	28.25	30.14	2.10	0.00
Total Assets	361.79	339.40	250.83	148.47
Accounts Payable	47.01	39.08	33.40	11.19
Accrued Expenses	3.06	4.30	3.14	1.32
Notes Payable/Short Term Debt	40.98	35.33	15.93	6.33
Current Port. of LT Debt/Capital Leases	-	-	-	-
Other Current liabilities, Total	9.93	14.56	9.10	4.07
Total Current Liabilities	107.76	100.22	75.82	25.46
Long Term Debt	0.12	10.88	1.91	0.00
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	0.12	10.88	1.91	0.00
Total Debt	41.11	46.20	17.83	6.33
Deferred Income Tax	1.37	1.82	2.56	0.00
Minority Interest	21.67	18.50	15.36	15.31
Other Liabilities, Total	0.00	0.90	2.64	0.00
Total Liabilities	130.93	132.33	98.29	40.77
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.29	0.26	0.23	0.21
Additional Paid-In Capital	101.26	92.29	78.50	64.13
Retained Earnings (Accumulated Deficit)	110.09	103.21	68.81	38.71
Treasury Stock - Common	-0.70	-0.01	-0.01	0.00
Other Equity, Total	19.93	11.33	5.02	4.64
Total Equity	230.87	207.07	152.54	107.69
Total Liabilities & Shareholders' Equity	361.79	339.40	250.83	148.47
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	27.59	26.03	24.95	23.73

In Millions of USD (except for per share items)	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	-42.18	-20.63	-3.07
Depreciation/Depletion	9.32	5.91	2.99
Amortization	1.68	1.07	0.46
Deferred Taxes	-0.82	-0.75	-0.20
Non-Cash Items	26.20	12.58	1.83
Changes in Working Capital	-4.47	-12.99	-2.70
Cash from Operating Activities	-10.27	-14.82	-0.69
Capital Expenditures	-4.82	-1.51	-0.31
Other Investing Cash Flow Items, Total	0.10	0.10	-0.38
Cash from Investing Activities	-4.73	-1.41	-0.70
Financing Cash Flow Items	0.59	1.23	1.51
Total Cash Dividends Paid	-	-	-
Issuance (Retirement) of Stock, Net	-0.32	-0.32	-0.32
Issuance (Retirement) of Debt, Net	6.93	8.61	-6.25
Cash from Financing Activities	7.20	9.52	-5.05
Foreign Exchange Effects	0.05	0.07	0.02
Net Change in Cash	-7.75	-6.64	-6.42
Cash Interest Paid, Supplemental	2.94	1.76	0.81
Cash Taxes Paid, Supplemental	0.48	0.47	0.21

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Net Income/Starting Line	8.57	35.47	30.14	24.03
Depreciation/Depletion	10.85	7.72	4.07	2.99
Amortization	1.76	1.79	1.79	1.35
Deferred Taxes	-1.69	0.11	-1.27	0.00
Non-Cash Items	8.39	8.11	3.53	1.36
Changes in Working Capital	-11.53	-26.26	-26.77	-25.19
Cash from Operating Activities	16.34	26.95	11.48	4.55
Capital Expenditures	-16.78	-30.09	-16.87	-8.93
Other Investing Cash Flow Items, Total	-1.85	-30.78	2.21	-12.12
Cash from Investing Activities	-18.63	-60.87	-14.66	-21.05
Financing Cash Flow Items	0.11	0.26	0.00	0.00
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	-0.68	9.38	-0.01	0.00
Issuance (Retirement) of Debt, Net	-1.59	27.44	7.13	5.23
Cash from Financing Activities	-2.17	37.08	7.11	5.23
Foreign Exchange Effects	0.31	1.53	-0.01	1.08
Net Change in Cash	-4.15	4.69	3.91	-10.19
Cash Interest Paid, Supplemental	2.73	1.33	0.38	0.65
Cash Taxes Paid, Supplemental	2.71	7.36	3.46	0.16