China Info Tech (CNIT) Misses Q3 EPS by 11c; Significantly Cuts FY11 Revs, Guides FY12 Revs Below
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China Information Technology, Inc. (NASDAQ: CNIT) reported Q3 EPS of $0.02, $0.11 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $28.5 million versus the consensus estimate of $30.07 million.
Sees FY2011 revenue of $100-$110 million, versus prior guidance of $165-$187 million and the consensus of $118.01 million. Adjusted net income is now expected to be between $15 million and $16 million, as compared with the previously announced revenue guidance of $42 million and $45 million, excluding any non-cash expenses as a result of employee stock awards, amortization of intangible assets associated with acquisitions and changes in fair value of contingent considerations.
Sees FY2012 revenue of $110-$125 million, versus the consensus of $126.98 million.
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Sees FY2011 revenue of $100-$110 million, versus prior guidance of $165-$187 million and the consensus of $118.01 million. Adjusted net income is now expected to be between $15 million and $16 million, as compared with the previously announced revenue guidance of $42 million and $45 million, excluding any non-cash expenses as a result of employee stock awards, amortization of intangible assets associated with acquisitions and changes in fair value of contingent considerations.
Sees FY2012 revenue of $110-$125 million, versus the consensus of $126.98 million.
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