China Information Technology revenue down, margin up YoY

China Information Technology, Inc. (NASDAQ: CNIT) said its revenue decreased 19.6 percent to USD30.0m compared to the first six months of 2013

Gross margin increased significantly to 39.3 percent, up from 20.6 percent a year ago, while net income attributable to the company was USD31,000, compared with a net loss of USD50.5m for the first six months of 2013.

Excluding non-cash items, adjusted net income increased to USD1.6m, from an adjusted net loss of USD5.2m for the first six months of 2013. Fully diluted net income attributable to the company per share was break-even, an increase from fully diluted net loss attributable to the company per share of USD1.87 for the six months ended June 30, 2013.

Excluding non-cash items, adjusted net income per share was USD0.06, compared to an adjusted net loss per share of USD0.19 for the prior year´s period

Headquartered in Shenzhen, China, China Information Technology, Inc., through its subsidiaries and other consolidated entities, provides the CNIT Cloud Platform based on its proprietary Cloud-App-Terminal model. To learn more about the company, visit its corporate website at http://www.chinacnit.com.

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