China TransInfo Technology Corp. is a leading provider of comprehensive intelligent urban and highway transportation systems in China. The company is a leading transportation information products and solutions vendor and aims to be the largest real-time transportation information and major fleet management service provider in China.
The company has successfully developed a first-generation vehicle monitoring and control platform for the Ministry of Transportation. To date, it has recorded more than 1.32 million vehicles registered on the platform and recorded roughly 460,000 active users. China TransInfo has also recently brought into operation its Freight Transport Safety Information Monitoring and Services System as well as the Passenger Coach Public Service Platform.
China TransInfo today announced financial results for both the fourth quarter and full year 2011. Revenues in the fourth quarter increased 24.3% year-over-year to $48.2 million from $38.8 million. The increase in revenue was driven primarily by a strong performance in the highway IT services division. That solid performance also drove full year revenues up by 36.1% to $167 million from $122.7 million in the year ago period. Adjusted net income for the fourth quarter came in at $5.1 million or 20 cents per share. For 2011 as a whole, adjusted net income came in at $15.1 million or 60 cents a share.
The company has received a preliminary proposal from its chairman and CEO, Shudong Xia, to take the company private. He stated that he is willing to offer $5.65 a share in cash for all the outstanding shares. Mr. Xia already owns 27.85% of the common stock.
For additional information about China TransInfo Technology, please visit the company’s website at www.chinatransinfo.com
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