China TransInfo Announces Third Quarter 2010 Results 11/12 03:00 AM
BEIJING, Nov. 12, 2010 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp. (CTFO:$5.81,00$-0.17,00-2.84%) , a leading provider of comprehensive intelligent transportation solutions and traffic information services in China through its affiliate, China TransInfo Technology Group Co., Ltd. (the "Group Company"), today reported its unaudited financial results for the third quarter ended September 30, 2010.
Third Quarter 2010 Highlights
Revenue increased 82.8% year-over-year to $35.0 million
Gross profit increased 43.7% year-over-year to $10.6 million
Operating income increased 20.9% year-over-year to $5.1 million
Net income increased 6.9% year-over-year to $4.3 million, or $0.17 per diluted share
Adjusted net income, which excludes non-cash stock based compensation expense of $416,278 and amortization expense of intangibles from acquisitions of $47,482, increased 16.4% year-over-year to $4.7 million, or $0.19 per diluted share*
The Company was awarded electronic toll collection ("ETC") contracts totaling RMB 44.6 million (approximately $6.7 million) in Shanxi Province, Shandong Province and Sichuan Province
