China Information Technology, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For quarter, the company's revenue was $31.2 million, compared to $61.2 million last year, a decrease of $30.0 million, or 49.0%. The decline in total revenue was primarily due to the Chinese government's implementation of macroeconomic tightening policies, which led to a slowdown in projects for the company's government customers, which have traditionally been its core customer base; and secondarily due to the weak global demand and challenging industry dynamics for flat-screen TV products. Income from operations was a loss of $6.2 million in the fourth quarter of 2011, a decrease of $17.1 million, from $10.9 million in the fourth quarter of 2010. Net income attributable to the company was decreased by $15.0 million to a loss of $6.8 million, from $8.2 million in the fourth quarter of 2010. Cash flow from operations was increased 12.9% to $9.1 million For year, the company's revenue was $114.5 million, compared to $163.8 million last year, a decrease of $49.3 million, or 30.1%. The decrease was primarily due to the Chinese government's implementation of macroeconomic tightening policies, which led to a slowdown in projects for the company's government customers that have traditionally been its core customer base; and, secondarily due to the weak global demand and challenging industry dynamics for flat-screen TV products. Income from operations decreased by $33.1 million, or 77.6%, to $9.53 million, from $42.6 million for 2010. Net income margin decreased to 7.5% in 2011 from 21.7% in 2010. Income before income taxes was $9,374,328 compared to $43,337,067 last year. Net income attributable to the company was $7.9 million or $0.29 per diluted share as compared to $34.4 million or $1.32 per diluted share last year. Net margin decreased to 6.9% in 2011 from 21.0% in 2010. Purchases of property and equipment were $16,776,095 compared to $29,860,881 last year. Net cash provided by operating activities was $16,341,327 compared to $26,949,537 last year. For fiscal 2012, the company updates its guidance with projected revenue in the range of $110 million to $120 million and net income in the range of $3 million to $5 million. As 2012 continues to be a transitional year for the company, it expects to regain growth momentum in 2013 and improve on overall operating metrics.