IICN's earnings growth of more than 600%, with $9 million in annual revenue and $2.5 million profit, is fantastic. This small company has proven itself as a big force in China for the future. This will be the last chance to buy low, as over the next week a lot of people are going to hear about this remarkable swing to profit from loss which confirms the longterm success potential of this prime mover of cloud computing in China. They clearly have solid backing from the Chinese government seeing the number of Govt contracts they have won!
China Intelligence Information Systems, Inc. Reports Full Year 2010 Results
2011-03-28 18:00 ET - News Release
- Annual revenue grew 617% to $9,209,122
- Annual net income reached $2,561,305
JINAN, China, March 28, 2011 /PRNewswire-Asia-FirstCall/ -- China Intelligence Information Systems, Inc. (OTCQB: IICN), a leading virtualization and cloud computing solutions provider in China, today announced its financial results for the year ended December 31, 2010.
Recorded revenue of $9,209,122 in 2010 as compared to $1,284,768 in 2009, an increase of $7,924,354 or 617%
Recorded net income of $2,561,305 during 2010, compared to a net loss of $7,682,890 in 2009
The revenue consisted of software sales, software development, hardware sales and training.
"We are very pleased to report solid results for 2010," said Mr. Kunwu Li, President and CEO of the Company. "We have seen a significant uptrend in our virtualization business for 2010, the year we consummated our business transition."
Recent Highlights:
In December 2010, the Company released the first version of its Green2C cloud computing platform: Calm 1.0. The Company developed the Platform after projecting that cloud computing would be the future development trend for the virtualization industry. The Company has begun to promote its cloud computing solution and products to certain large enterprises.
In January 2011, the Company's Board of Directors approved the establishment of Audit, Nomination and Corporate Governance and Compensation committees.
In January 2011, Jinan Yinquan Technology, one of the Company’s wholly-owned subsidiaries, passed the CMMI Level 3 Appraisal. This Appraisal is another significant step by the Company to become an expert software service provider.
In February 2011, Beijing PowerUnique Technologies, another of the Company’s wholly-owned subsidiaries, Company received the Global Infrastructure Virtualization Competency Partner of the Year (2010) award from VMware Inc. Beijing PowerUniique Technologies is the only company in the Asia-Pacific and Japanese region that has been granted this award, which indicates the highest recognition for our technical expertise and business achievements by our virtualization partners.
During 2010 and to date in 2011, the Company signed contracts with large-scale customers, including State Grid and its subsidiaries, Southern Grid, Yunnan Power Bureau, Guizhou Power Bureau, Guangxi Power Bureau and Guangdong Power Bureau, State Administration of Taxation, the Boarder Defense and Fire Protection Departments under Public Security System, Huaneng Power International Inc., Geely Group, National Taxation Bureau of Shandong, Department of Information Industry of Shandong Province, Jinan Government, Shandong University, Shandong Finance Institute, Qilu Pharmaceutical, Yingda Security, Peking Union Medical College Hospital, State Administration of Foreign Exchange, The Ministry of Public Security of PRC, China Power Investment Group, China Unicom and Shandong High-Speed Group. We anticipate that these customers will provide us with long-term revenue streams.
