China Information Security Technology, a developer of application software solutions, has reported a net income of $6.27m, or $0.13 per basic and diluted share, for the fourth quarter of 2008, an increase of 68.9% compared to $3.7m, $0.09 per basic and diluted share, for the same quarter of 2007.
For the fourth quarter of 2008, revenues were $19m, an increase of 62.8% compared to $11.74m for the same quarter of 2007.
For the year 2008, revenues were $85.3m, an increase of 127.4% compared to $30.34m in 2007. Net income was $23.79m, or $0.51 per diluted share, compared to $13.33m, or $0.33 per diluted share, in 2007.
Jiang Lin, chairman and CEO of China Information Security Technology (CIST), said: We successfully secured a series of contracts in the quarter and also won significant recognition from various government organizations, which has helped to further strengthen our brand recognition and expansion opportunities. We successfully met our guidance for 2008 of $85 million in revenue and exceeded our $0.56 earnings per share goals, excluding stock-based compensation and amortization of intangible assets.
