Revenue up 4% on year-ago quarter
China Information Security Technology, an application software developer, has reported a net income attributable to the company of $3.75m, or basic and diluted earnings per share of $0.08, for the first quarter of 2009, up 5% compared to $3.58m, or basic and diluted earnings per share of $0.08, for the same quarter of 2008.
For the first quarter of 2009, total revenues were $14.98m, up 4% compared to $14.4m for the same quarter of 2008. Gross profit was $7.48m, compared to $6.05m for the same quarter of 2008.
The company has reported income from operations for the first quarter of 2009 was $4.17m, up 12% compared to $3.83m for the same quarter of 2008.
Jiang Lin, chairman and CEO of China Information Security Technology, said: Though the first quarter has seasonally been a slow quarter for us because of the Chinese New Year holiday, the first three months of 2009 was even slower than anticipated, primarily due to the unexpected effect of the PRC stimulus plan on our operations.
We had previously viewed the stimulus plan as a potential additional growth driver for our business. While we continue to be pleased with our business opportunities, our product portfolio, our brand, and our leading market position, we believe that it is prudent for us to revise our year 2009 guidance to reflect the temporary deferment of local government spending.