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China TransInfo Announces Third Quarter 2010 Results

BEIJING, Nov. 12, 2010 /PRNewswire via COMTEX/ -- China TransInfo Technology Corp. (Nasdaq: CTFO) ("China TransInfo" or the "Company"), 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 "We continued to experience strong demand for our solutions and services during the third quarter, which resulted in continued growth in our revenues," commented by Mr. Shudong Xia, Chairman and Chief Executive Officer. "The transportation information industry in China is growing rapidly due to increased demand from both government and the public for advanced transportation information solutions and services to support more effective and efficient transportation networks in China. China TransInfo is uniquely positioned to take advantage of the many opportunities in this market. Currently, all of our revenues fall under our government solutions business, whose revenue model is project-based. We expect continued strong growth in our existing government solutions business, but also in our services business, which we expect to begin contributing to our revenues by the end of 2010.

"Within our services business, we are particularly excited about our fleet management business, which targets a vast potential market opportunity of over 10 million commercial vehicles nationally. As we previously announced, China TransInfo received authorization from the PRC Ministry of Transportation to construct a national fleet management service system and was awarded the position of sole service provider of this national system. This authorization includes constructing the provincial fleet management service system and providing fleet management services in the following 12 provinces and municipalities: Beijing, Tianjin, Hebei, Henan, Hunan, Guizhou, Hainan, Guangxi, Qinghai, Shaanxi, Gansu and Xinjiang. Other services businesses that we expect to contribute to our revenues include our consumer service business, where we look forward to providing dynamic traffic information services and other value-added services to vehicles and drivers in China through in-car terminals and/or smart phones. We believe the addition of our services business to our existing project-based government solutions business will improve the profitability and predictability of our future financial performance, because our services business is higher margin and has a recurring revenue business model." (*) See the table following this press release for a reconciliation of net income and diluted EPS to exclude non-cash stock based compensation expense and amortization expense of intangibles from acquisitions.

Third Quarter 2010 Results For the quarter ended September 30, 2010, revenue increased 82.8% to $35.0 million from $19.2 million in the comparable period of 2009. Approximately 79.1% of this increase is attributable to the increase in transportation revenue mainly resulting from the Company's expanded business as a result of the acquisition of UNISITS. Revenue from products and applications in the transportation business sector was $29.9 million, or 85.4% of total revenue, compared to $17.4 million, or 90.7% of total revenue, in the same period last year. The remainder of revenue was derived from the digital city, land & resources, and other business sectors. For the third quarter, UNISITS contributed approximately $21.8 million of sales.

The Company's gross profit increased 43.7% to $10.6 million in the third quarter of 2010 compared to $7.4 million in the same period of 2009. Gross margin declined to 30.2% from 38.4% in the third quarter of 2009. The decrease in gross margin resulted from the consolidation of UNISITS' financials. UNISITS' business involves more hardware components, which have much lower gross margins when compared to the products and services of the Company's non-UNISITS transportation business.

Operating expenses were $5.4 million compared to $3.1 million in the third quarter of 2009. The increase was primarily due to the Company's expansion initiatives, enhanced research and development efforts, and higher staffing and professional fees. Selling expenses increased 12.5% to $0.63 million, or 1.8% of sales, in the third quarter of 2010, from $0.56 million, or 2.9% of sales, during the same period of 2009. The decrease in selling expenses as a percentage of sales was primarily because the Company won many contracts from repeat customers due to its technology leadership and reputation rather than through aggressive sales and marketing efforts.

Operating income increased 20.9% to $5.1 million compared to $4.3 million in the third quarter of 2009.

Non-operating income was $0.4 million in the third quarter of 2010 compared to $0.2 million in the third quarter of 2009. The increase was mostly due to subsidy income related to government high technology grants.

Net income increased 6.9% to $4.3 million, or $0.17 per diluted share, compared to $4.0 million, or $0.18 per diluted share, in the same period of 2009.

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% to $4.7 million, or $0.19 per diluted share, compared to $4.0 million, or $0.18 per diluted share, in the comparable period of 2009.* Weighted average diluted shares outstanding increased to 25.3 million shares from 22.6 million shares in the third quarter of 2009.

(*) See the table following this press release for a reconciliation of net income and diluted EPS to exclude non-cash stock based compensation expense and amortization expense of intangibles from acquisitions.

Nine Months Results Revenue for the nine months ended September 30, 2010, increased 138.2% to $84.0 million compared to $35.3 million in the same period of 2009. Gross profit increased 86.8% to $28.7 million from $15.4 million a year ago. Operating income grew 56.5% to $13.4 million from $8.6 million in the first nine months of 2009.

Net income increased 17.0% to $9.6 million, or $0.39 per diluted share compared to net income of $8.2 million, or $0.37 per diluted share, in the first nine months of 2009. Adjusted net income, which excludes non-cash stock based compensation expense of $1,247,043 and amortization expense of intangibles from acquisitions of $141,657, increased 30.5% to $11.0 million, or $0.45 per diluted share, compared to $8.4 million, or $0.38 per diluted share, in the first nine months of 2009.* Weighted average diluted shares outstanding increased to 24.5 million shares from 22.5 million shares in the first nine months of 2009.

(*) See the table following this press release for a reconciliation of net income and diluted EPS to exclude non-cash stock based compensation expense and amortization expense of intangibles from acquisitions.

Financial Condition As of September 30, 2010, cash and cash equivalents totaled $22.0 million compared to $27.4 million as of December 31, 2009. Working capital increased to $67.3 million compared to $44.4 million as of December 31, 2009. Stockholders' equity was $102.3 million compared to $77.8 million as of December 31, 2009.

Cash used in operating activities was $12.9 million, primarily the result of an increase in accounts receivable due to increased sales, seasonally slow collections, and an increase in other receivables and certain prepaid expenses.

The Company believes these are all seasonal factors and expects cash flow from operations to turn positive in the fourth quarter of 2010.

Recent Events Effective October 31, 2010, Mr. Troy (Zhihai) Mao resigned from his position as the Company's Chief Financial Officer for personal health reasons. The Company has engaged a qualified CFO replacement with extensive U.S. GAAP accounting, finance, capital markets, managerial and U.S. and China business experience. He has worked in the finance function at a Fortune 500 company and at a Big Four audit firm, and is a U.S. Certified Public Accountant. The Company plans to formally announce the new CFO by the end of the year, shortly before he officially joins the Company.

On October 25, 2010, the Company announced that Deloitte Touche Tohmatsu included China TransInfo and its affiliate Beijing UNISITS Technology Co. Ltd.

in the Deloitte Technology Fast 50 China 2010 program, recognizing the Company and its affiliate as being among the top 50 fastest growing high-tech companies in the technology sector in China.

On October 20, 2010, China TransInfo announced that its affiliate, the Group Company, signed an agreement with Beijing Shiji Yingli Science and Technology Co., Ltd. ("Shiji Yingli") whereby Shiji Yingli will contribute RMB 9.6 million (approximately $1.4 million) in cash and RMB 44.6 million (approximately $6.6 million) in intangible assets (mostly technology and intellectual property owned by Shiji Yingli) into the Group Company's wholly owned subsidiary, Beijing Zhangcheng Science and Technology Co., Ltd. ("Beijing Zhangcheng") in exchange for a 49% equity interest in Beijing Zhangcheng on a diluted basis. Following this transaction, the Group Company retains a 51% majority ownership of Beijing Zhangcheng.

Business Outlook For fiscal 2010, China TransInfo continues to expect revenues of approximately $120 million. However, the Company is lowering its fiscal 2010 adjusted net income forecast from approximately $18 million to approximately $16.5 million.

Mr. Xia added, "We are lowering our adjusted net income guidance to reflect our slower than expected improvement in gross margin in our existing business and the anticipated increase in expenses related to our services business as it enters its set-up and expansion phase. The sequential decline in our gross margin was primarily due to unexpected cost increases related to some of our projects during the quarter. We are seeing increased inflationary pressures in China. Our project execution and staffing costs have increased, while our existing project contracts are fixed in price. We expect to price our future projects to reflect the increasing costs of doing business in our market and control our project execution costs accordingly. We expect sustainable gross margins in our UNISITS business of between 20% and 25% and in our non-UNISITS government solutions business of approximately 45%. Over time, we expect to see a gradual improvement in our gross margin performance driven by focusing on higher margin projects and solutions in our UNISITS business, such as ETC, and by the expected growth in our higher margin recurring revenue service businesses.

"We also expect to continue to leverage UNISITS' technology and distribution channels to develop synergies with our other businesses. For example, our ETC business has benefited from UNISITS' strong position in the highway market. Even though our ETC business is still in the pilot project stage and accounts for a very small percentage of our current revenues, we see significant upside potential in this business. Our ETC business is growing and is expected to generate a very healthy 50% gross margin. As we have previously announced, we recently won ETC contracts totaling RMB 44.6 million (approximately $6.7 million). Of this amount, RMB 12 million is expected to be recognized this year, with the remaining RMB 32.6 million expected to be recognized in 2011 and 2012." "We are also pleased to announce that our total sales backlog increased 29.4% to $110 million by the end of the third quarter from $85 million by the end of the second quarter. Our UNISITS backlog increased 40% to $70 million from $50 million and our non-UNISITS backlog increased 14.3% to $40 million from $35 million. We expect to recognize revenues from our UNISITS backlog over the next two years and from our non-UNISITS backlog over the next six months. Overall, we are very confident in our business and look forward to continued growth in our government solutions projects and the development of our recurring revenue services business in the fourth quarter and beyond." Conference Call The Company will host a conference call on Friday, November 12, 2010 at 8:00 a.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2010. Mr. Shudong Xia, Chairman and Chief Executive Officer, Ms.

Danxia Huang, Interim Chief Financial Officer, and Ms. Fan Zhou, Investor Relations Director, will host the call. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 406-6165. International callers should dial +1 (706) 902-4263. When prompted by the operator, enter conference pass code 23188541. A replay will be available for 14 days starting on Friday, November 12, 2010 at 9:00 a.m. Eastern Time and can be accessed by dialing (800) 642-1687. International callers should dial +1 (706) 645-9291. When prompted, enter conference pass code 23188541.

Use of Non-GAAP Financial Information GAAP results for the three and nine months ended September 30, 2010 and 2009 include non-cash share based compensation and amortization of intangible assets from acquisitions. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information, which are adjusted net income and adjusted earnings per share, excluding the impact of these items in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance.

The additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies. Management believes that these adjusted financial measures are useful to investors because they exclude non-cash expenses that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, as these measures provide a consistent method of comparison to historical periods. As a result, the provision of these adjusted measures allows investors to evaluate the Company's performance using the same methodology and information as that used by the Company's management. Moreover, management believes that these adjusted measures reflect the essential operating activities of the Company. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the adjusted financial measure. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded. A reconciliation of adjustments to GAAP results appears in Table 1 in this release.

About China TransInfo China TransInfo, through its affiliate, the Group Company and the Group Company's PRC operating subsidiaries, is primarily focused on providing urban and highway transportation management solutions and information services. The Company is a leading transportation information products and comprehensive solutions provider, and aims to be the largest real time transportation information service provider and major fleet management service provider in China. As the co-formulator of several transportation technology ational standards, the Company owns five patents and has won a majority of the model cases awarded by the PRC Ministry of Transportation. As a result, the Company is playing a key role in setting the standards for transportation information solutions in China. For more information, please visit the Company's website at http://www.chinatransinfo.com.

Safe Harbor Statement This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For the three months For the three months ended ended Sept. 30, 2010 Sept. 30, 2009 -------------- -------------- Diluted Diluted Net Income EPS Net Income EPS Adjusted Amount 4,714,324 0.19 4,049,363 0.18 Adjustments Amortization of intangible assets from acquisitions (1) 47,482 0.00 18,594 0.00 Non-cash share based compensation 416,278 0.02 55,542 0.00 Amount per consolidated statement of operations 4,250,564 0.17 3,975,227 0.18 For the nine months For the nine months ended ended Sept. 30, 2010 Sept. 30, 2009 -------------- -------------- Diluted Diluted Net Income EPS Net Income EPS Adjusted Amount 11,008,220 0.45 8,432,861 0.38 Adjustments Amortization of intangible assets from acquisitions (1) 141,657 0.01 27,315 0.00 Non-cash share based compensation 1,247,043 0.05 181,940 0.01 Amount per consolidated statement of operations 9,619,520 0.39 8,223,606 0.37 1) Amortizations of intangible assets from acquisitions for Q1 2010 include amortizations of intangible assets from acquisitions of China TranWiseway in 2008 and UNISITS in 2009 Table 2: CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Income Three Months Ended September 30, 2010 2009 ---- ---- Net sales $35,039,549 $19,165,553 Cost of sales 24,470,292 11,809,948 ---------- ---------- Gross profit 10,569,257 7,355,605 Total operating Expenses 5,420,039 3,097,483 --------- --------- Income from operations 5,149,218 4,258,122 --------- --------- Non-operating income (expense): Interest income 23,979 18,909 Interest expense (122,747) (42,038) Subsidy income 673,568 188,829 Other expense, net (135,633) 52,433 -------- ------ Total non-operating income (expenses) 439,167 218,133 ------- ------- Income before income taxes, non- controlling interests, and gain on equity investments in affiliates 5,588,385 4,476,255 --------- --------- Income taxes: 608,191 85,864 Net income before non-controlling interests and gain on equity investments in affiliates net income 4,980,194 4,390,391 --------- --------- Gain (loss) on equity investments in affiliates due to proportional shares of the affiliates net income 161,597 Net income before non-controlling interests 5,141,791 4,390,391 --------- --------- Non-controlling interests in net income of subsidiary 891,227 415,114 ------- ------- Net income $4,250,564 $3,975,277 ========== ========== Weighted average number of shares of outstanding: Basic 25,257,569 22,333,000 ========== ========== Diluted 25,318,470 22,579,496 ========== ========== Earnings per share - Basic $0.17 $0.18 ===== ===== Diluted $0.17 $0.18 ===== ===== Comprehensive income Net income including noncontrolling interest $5,141,791 $4,390,391 Translation adjustments 1,321,438 (283,124) --------- -------- Comprehensive income $6,463,229 $4,107,267 ========== ========== Comprehensive income attributable to noncontrolling interest $891,227 $415,114 ======== ======== Comprehensive income attributable to CTFO $5,572,002 $3,692,153 ========== ========== Nine Months Ended September 30, 2010 2009 ---- ---- Net sales $83,972,930 $35,256,869 Cost of sales 55,288,528 19,896,690 ---------- ---------- Gross profit 28,684,402 15,360,179 Total operating Expenses 15,287,215 6,797,818 ---------- --------- Income from operations 13,397,187 8,562,361 ---------- --------- Non-operating income (expense): Interest income 100,907 51,392 Interest expense (326,058) (132,027) Subsidy income 1,427,592 308,113 Other expense, net (210,462) 59,301 -------- ------ Total non-operating income (expenses) 991,979 286,779 ------- ------- Income before income taxes, non- controlling interests, and gain on equity investments in affiliates 14,389,166 8,849,140 ---------- --------- Income taxes: 1,448,014 109,946 Net income before non-controlling interests and gain on equity investments in affiliates net income 12,941,152 8,739,194 ---------- --------- Gain (loss) on equity investments in affiliates due to proportional shares of the affiliates net income (139,992) Net income before non-controlling interests 12,801,160 8,739,194 ---------- --------- Non-controlling interests in net income of subsidiary 3,181,640 515,588 --------- ------- Net income $9,619,520 $8,223,606 ========== ========== Weighted average number of shares of outstanding: Basic 24,440,253 22,245,288 ========== ========== Diluted 24,504,221 22,485,924 ========== ========== Earnings per share - Basic $0.39 $0.37 ===== ===== Diluted $0.39 $0.37 ===== ===== Comprehensive income Net income including noncontrolling interest $12,801,160 $8,739,194 Translation adjustments 1,662,836 (388,589) --------- -------- Comprehensive income $14,463,996 $8,350,605 =========== ========== Comprehensive income attributable to noncontrolling interest $3,181,640 $515,588 ========== ======== Comprehensive income attributable to CTFO $11,282,356 $7,835,017 =========== ========== Table 3: CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, December 2010 31, (Unaudited) 2009 ----------- ---- ASSETS Cash and cash equivalents $21,958,489 $27,400,420 Restricted cash 3,280,080 1,591,076 Accounts receivable, net of allowance for doubtful accounts of $45,805 and $38,209, respectively 24,661,107 14,968,778 Inventories 541,858 482,286 Costs and estimated earnings in excess of billings on incompleted contracts 40,512,371 33,853,708 Prepaid expenses and other current assets 19,218,800 5,871,997 Other receivables 12,187,681 8,416,096 Deferred income tax assets 25,172 28,715 -------------------------- ------ ------ Total current assets 122,385,558 92,613,076 Property and equipment, net 9,880,633 10,541,486 Long-term investments 7,964,665 8,027,122 Intangible assets, net 6,877,049 4,494,781 Goodwill 10,183,713 9,979,631 Other assets 272,051 826,671 ------------ ------- ------- Total assets $157,563,669 $126,482,767 ============ ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $29,574,353 $20,728,539 Short-term borrowings from banks 9,056,850 7,481,700 Billings in excess of costs and estimated earnings on incompleted contracts 12,062,019 17,021,936 Accrued expenses and other current liabilities 4,368,178 3,022,140 -------------------------- --------- --------- Total current liabilities 55,061,400 48,254,315 Other long-term liabilities 242,963 389,489 --------------- ------- ------- Total liabilities 55,304,363 48,643,804 ----------------- ---------- ---------- Commitments and contingencies - - Stockholders' equity Preferred stock, $0.001 par value per share, authorized 10,000,000 shares, no shares issued and outstanding at September 30, 2010 and December 31, 2009 - - Common stock, $0.001 par value per share, authorized 150,000,000 shares, issued and outstanding 25,257,569 and 22,452,745 shares, respectively 25,258 22,453 Additional paid-in capital 42,994,392 25,253,666 Retained earnings 41,567,843 31,948,323 Non-controlling interests 13,893,931 18,499,475 Accumulated other comprehensive income 3,777,882 2,115,046 --------------------- --------- --------- Total stockholders' equity 102,259,306 77,838,963 -------------------------- ----------- ---------- Total liabilities and stockholders' equity $157,563,669 $126,482,767 ===================== ============ ============ Table 4: CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited) Nine Months Ended September 30, 2010 2009 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $9,619,520 $8,223,606 Adjustments to reconcile net income to net cash provided by operating activities: Non-controlling interests 3,181,640 515,588 Depreciation and amortization expense 1,488,333 881,349 Stock-based compensation 1,266,117 181,940 Gain on equity investments in affiliates due to proportional shares of the affiliates net income 139,992 (39,067) Loss on disposal of property and equipment (4,587) 500 Allowance for doubtful accounts 6,696 - (Increase) Decrease in assets: Restricted cash (1,627,697) (35,247) Accounts receivable (9,229,895) (1,965,896) Inventories (48,844) (255,245) Prepaid expenses and other current assets (13,047,015) (169,599) Other receivables (4,040,994) (2,058,231) Cost of estimated earnings in excess of billings on incompleted contracts (5,862,734) (10,543,333) Other assets 561,598 (464,622) Decrease (Increase) in liabilities: Accounts payable 8,276,361 3,788,025 Billings in excess of costs and estimated on incompleted contracts (5,215,824) (978,605) Accrued expenses and other current liabilities 1,638,264 65,252 Net cash used in operating activities (12,899,069) (2,853,585) -------------------------- ----------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Increase in other non- current asset - - Proceeds from disposal of property and equipment 58,092 1,156 Purchases of property and equipment (532,380) (256,440) Cash from acquisition - 12,210,500 Purchases of long-term investment (735,500) - Payments for acquisition of companies (259,484) (6,984,281) Dividends from subsidiaries' and variable interest entity 110,161 - Purchases of intangible assets (2,422,365) (2,135,841) ----------------------- ---------- ---------- Net cash used in investing activities (3,781,476) 2,835,094 -------------------------- ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from short-term borrowings 8,899,550 7,329,500 Payments of short-term borrowings (7,502,100) (2,931,800) Non-controlling interest shareholders' capital contribution - 87,954 Proceeds from issuing common shares 10,000,000 Payments to related parties - (454,198) Payments of transaction costs related to shares issuance - (32,500) Payment of dividends from subsidiaries' and variable interest entity - (1,871,613) Payments for acquiring subsidiary - 3,254,298 Payments to third parties for stock financing (610,549) - ----------------------------- -------- --- Net cash provided by financing activities 10,786,901 5,381,641 --------------------- ---------- --------- Effect of foreign currency translation 451,713 (359,741) -------------------------- ------- -------- Net decrease in cash and cash equivalents (5,441,931) 5,003,409 Cash and cash equivalents - beginning of period 27,400,420 16,122,464 --------------------------- ---------- ---------- Cash and cash equivalents - end of period $21,958,489 $21,125,873 =========================== =========== =========== Supplemental disclosures of cash flow information: Interest paid $326,058 $129,839 ============= ======== ======== Income taxes paid $599,848 $20,367 ================= ======== ======= Company Contact: Investor Relations Contact: Ms. Fan Zhou, Investor Relations Director Mr. Athan Dounis China TransInfo Technology Corp Email: athan.dounis@ccgir.com Email: ir@ctfo.com Tel: +1-646-213-1916 Tel?+ 86 10 -5169 1657 Website: www.ccgirasia.com SOURCE China TransInfo Technology Corp.

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