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China Security & Surveillance Technology, Inc. Reports Fourth-Quarter and Full-Year 2010 Results

SHENZHEN, China Feb. 28, 2011

  • $214.01 million
  • Fourth-quarter gross margin increased to 28.6%
  • $29.04 million $0.33
  • $684.70 million
  • $77.39 million
  • $0.96
  • Full-year gross margin and operating margin up 310 basis points and 390 basis points year over year, respectively – the margin improvement reflected the growing large-scale government contracts and effective cost control measures

Note: CSST s fourth -quarter and full-year 2010 8 a.m. ET M onda February 28 201 1 , at http://irpage.net/csct/index.html .

China

$684.70 million $77.39 million $0.96

"We had another strong quarter and a solid year," said Mr. Guoshen Tu, Chairman and Chief Executive Officer of CSST. "Our major growth drivers – large-scale government projects and security service business – continue to set the pace for the industry, and we’re still early in the growth cycle of these areas. Progress across these growth drivers, combined with continued progress on our cost-improvement initiatives, makes us feel confident of our outlook."

Fourth-Quarter Financial Results

December 31, 2010 $214.01 million $182.71 million

$61.15 million $51.48 million

$29.04 million $26.07 million $0.33 $0.38

Full-Year Financial Results

$684.70 million $580.87 million $683.88 million $543.89 million $0.82 million

$189.42 million $142.87 million

$103.94 million

$77.39 million $56.58 million

$0.96 $1.01

December 31, 2010 $325.50 million $412.56 million September 30, 2010

Financial Outlook

$870 to $890 million $104 to $106 million $1.13 to $1.15

China China

About China Security & Surveillance Technology, Inc.

Shenzhen, China China China http://www.csst.com

Safe Harbor Statement

http://www.sec.gov

For more information, please contact:

Company Contact:
Stacy Yan

China Security & Surveillance Technology, Inc.
Tel:   +86-755-8351-5634
Email: [email protected]

Investor and Media Contact:
Patrick Yu, Fleishman-Hillard Hong Kong
Tel:   +852-2530-2577
Email: [email protected]

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE THREE MONTH S ENDED DECEMBER 31, 2010 AND 2009

Expressed in thousands of U.S. dollars

(Except for share and per share amounts)

(UNAUDITED)

2010  

(UNAUDITED)

 2009 

Revenues

$

214,011

$

182,719

Cost of goods sold

152,851

131,232

Gross profit

61,160

51,487

Selling and marketing

3,128

3,646

General and administrative

17,668

16,599

Depreciation and amortization

3,158

3,041

Income from operations

37,206

28,201

Interest income

159

88

Interest expense

(4,403)

(1,939)

Other income, net

733

830

Income before income taxes

33,695

27,180

Income taxes

(4,655)

(1,125)

Net income

29,040

26,055

Add: Net income (loss) attributable to the noncontrolling interest

3

Net income attributable to the Company

29,040

26,058

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY S COMMON SHAREHOLDERS

          BASIC

$

0.35

$

0.41

           DILUTED

$

0.33

$

0.38

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

           BASIC

83,047,000

62,942,000

           DILUTED

89,411,000

68,939,000

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Expressed in thousands of U.S. dollars

(Except for share and per share a mounts)

2010  

 2009 

Revenues

$

684,703

$

580,870

Cost of goods sold (including depreciation and amortization for the years ended December 31, 2010, 2009 and 2008 of $998, $1,009 and $762, respectively)        

495,280

438,005

Gross profit

189,423

142,865

Selling and marketing

11,821

12,496

General and administrative (including non-cash employee compensation for the years ended December 31, 2010, 2009 and 2008 of $24,739, $18,087 and $13,837, respectively)

61,526

52,677

Depreciation and amortization

12,135

11,731

Income from operations

103,941

65,961

Interest income

422

215

Gain on modification of convertible notes

9,315

Interest expense

(13,517)

(19,731)

Other income, net

1,684

2,500

Income before income taxes

92,530

58,260

Income taxes

(15,140)

(1,733)

Net income

77,390

56,527

Add: Net income (loss) attributable to the noncontrolling interest

(1)

50

Net income attributable to the Company

77,389

56,577

Foreign currency translation gain (loss)

18,054

(1,602)

Comprehensive income attributable to the Company

95,443

54,975

Comprehensive income (loss) attributable to the noncontrolling interest       

1

(50)

COMPREHENSIVE INCOME

$

95,444

$

54,925

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY S COMMON SHAREHOLDERS

           BASIC

$

1.02

$

1.10

           DILUTED

$

0.96

$

1.01

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

           BASIC

76,092,000

51,317,000

            DILUTED

80,522,000

56,171,000

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2010 AND 2009

Expressed in thousands of U.S. dollars

(Except for share and per share amounts)

ASSETS

2010

2009

Cash and cash equivalents

$

65,626

$

154,483

Accounts receivable, net

433,986

251,604

Inventories, net

59,368

70,141

Prepayments and deposits

56,241

4,706

Advances to suppliers and subcontractors

88,360

39,399

Other receivables

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