China Information Security Technology has reported net income of $8 million, or $0.17 per basic and diluted share, for the third quarter ended September 30, 2008, compared to net income of $3.72 million, or $0.09 per basic and diluted share, for the same period of 2007.
Revenues were increased 167.5% at $27.1 million for the third quarter of 2008, compared to revenues of $10.1 million for the same quarter 2007.
For the first nine months of 2008, revenue increased 156.6% at $66.3 million, compared to revenues of $25.8 million for the same period in 2007. Net income was up 95.6% at 18.7 million, or $0.44 per fully diluted share, compared to net income of $10.5 million, or $0.27 per fully diluted share, for the same period in 2007.
Jiang Lin, chairman and CEO of China Information Security Technology, said: We are pleased to announce record revenues in the third quarter of 2008.We were able to win a series of contracts in the quarter which allowed us to leverage our product development efforts by adding new modules to our existing products, demonstrating the strength of our brand. We remain confident in meeting or exceeding our previously stated goals for the year 2008. While China’s economy has been impacted by the economic slowdown worldwide, we believe we are well positioned to weather this storm as our products and services address both public and health security needs which are highly supported by the Chinese government.