China TransInfo Technology Corp., a leading provider of comprehensive intelligent transportation solutions (ITS) in China through its affiliate, China TransInfo Technology Group Co. Ltd., today reported its financial results for the first quarter ended March 31, 2011.
Revenue for the quarter increased 46.7 percent to $36.5 million compared to $24.9 million for the comparable quarter of 2010.
Gross profit increased 21.8 percent to $10.4 million in the first quarter of 2011 compared to $8.5 million in the same period of 2010. Gross margin in the first quarter of 2011 decreased to 28.5 percent from 34.3 percent in the same period of 2010.
Net income increased 68.7 percent to $3.0 million, or $0.12 per diluted share, compared to $1.8 million, or $0.08 per diluted share, in the same period of 2010.
Shudong Xia, chairman and CEO, said the company recognizes positive market trends in the industry and that the company’s focus remains on maximizing market share and consolidating its leadership position in the industry.
At the end of the first quarter, the company reported sales backlog of $183 million compared to $212 million at the year end of 2010.
China TransInfo expects revenue of between $151 million and $159 million and adjusted net income of between $20 million and $24 million.
“We are very excited about our business for the balance of 2011 and beyond. We see large and growing market opportunities in the ITS market in China, as the Chinese Government has been making great effort to promote transportation safety and improve transportation efficiency. With our first mover advantage and market leadership position, we believe we have strong prospects for continued success,” Xia stated.
For more information visit www.chinatransinfo.com