SHENZHEN, China, June 2 /PRNewswire-Asia/ -- China Security & Surveillance Technology, Inc. ("CSST" or the "Company") (NYSE: CSR; Nasdaq Dubai: CSR), a leading integrated provider of digital surveillance technology in the P.R.C., today updated its financial guidance for the full year 2010.
The Company expects to report full-year revenue in the range of $830 million to $850 million. Earning per share is expected to be in the range of $1.12 to $1.16. The average outstanding shares on a fully diluted basis for 2010 will be approximately 90 million.
The improved revenue guidance for the full year 2010 reflects the continued organic business growth of the Company and the anticipated consolidation from previously announced acquisitions which are to be completed in 2010. The Company expects the majority of the revenues will still come from organic business in 2010 and the next few years. The 11% - 15% increase of the EPS guidance as compared with 2009 full-year results is attributable to the anticipated margin expansion across all three main business segments, particularly the installation segment, despite the approximately 24% increase in the share count due to the recent public offering.
"We remain upbeat about our EPS growth in conjunction with the anticipated margin expansion. We are highly encouraged by the solid execution of previously announced E-city projects. As we continue to pursue sizeable higher-margin E-city projects, we expect to realize the benefits of increasing economies of scale and margin expansion across the Company in the years ahead," said Mr. Guoshen Tu, Chairman and Chief Executive Officer of CSST.
"Additionally, we will focus on solid integration of the businesses and organic growth of the Company. We do not foresee any major acquisition in the near future," added Mr. Tu. "Against the backdrop of the anticipated growth, we will continue to maintain a very healthy financial position to fund our expansion plans. We do not see any immediate need for further fund raising through equity issuance over the next 12 months."
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, CSST designs, manufactures, sells, installs, services and monitors electronic surveillance and safety products and solutions, including related software, in China. Its customers are mainly comprised of government, commercial, industrial and education entities. CSST has built a diversified customer base through its extensive sales and service network that includes branch offices and distribution points throughout China. To learn more about the Company visit http://www.csst.com .
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our expectations regarding future acquisition plans and equity financing, our future operating results, our expectations regarding the market for surveillance and safety products, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Forward-looking statements can be identified by the use of forward-looking terminology such as 'will,' 'believes,' 'expects' or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC'), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov
For more information, please contact:
Company Contact:
Terence Yap, Chief Financial Officer and Vice Chairman
China Security & Surveillance Technology, Inc.
Tel: +86-755-8351-5634
Email: ir@csst.com
Investor and Media Contact:
Patrick Yu, Fleishman-Hillard Hong Kong
Tel: +852-2530-2577
Email: patrick.yu@fleishman.com