0001204459-11-001117.txt : 201104250001204459-11-001117.hdr.sgml : 2011042520110425075716ACCESSION NUMBER:0001204459-11-001117CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:21CONFORMED PERIOD OF REPORT:20110425ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20110425DATE AS OF CHANGE:20110425

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC.CENTRAL INDEX KEY:0001260625STANDARD INDUSTRIAL CLASSIFICATION:COMMUNICATIONS EQUIPMENT, NEC [3669]IRS NUMBER:980509431STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-33774FILM NUMBER:11776414

BUSINESS ADDRESS:STREET 1:13/F, SHENZHEN SPECIAL ZONE PRESS TOWER,STREET 2:SHENNAN ROAD, FUTIAN DISTRICT,CITY:SHENZHEN,STATE:F4ZIP:518034BUSINESS PHONE:(86) 755-83765666

MAIL ADDRESS:STREET 1:13/F, SHENZHEN SPECIAL ZONE PRESS TOWER,STREET 2:SHENNAN ROAD, FUTIAN DISTRICT,CITY:SHENZHEN,STATE:F4ZIP:518034

FORMER COMPANY:FORMER CONFORMED NAME:APEX WEALTH ENTERPRISES LTDDATE OF NAME CHANGE:20030820

8-K1d8k.htmFORM 8-K

China Security & Surveillance Technology, Inc.: Form 8-K - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities ExchangeAct of 1934

Date of Report (Date of Earliest Event Reported): April 25, 2011

CHINA SECURITY &SURVEILLANCETECHNOLOGY, INC.
(Exact name of registrant asspecified in its charter)

Delaware 001-33774 98-0509431 (State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.) incorporation or organization)

13/F, Shenzhen Special Zone Press Tower, Shennan Road,
Futian District, Shenzhen,
People's Republic of China,518034
(Address of Principal Executive Offices)

(86) 755-8351-0888
(Registrant's TelephoneNumber, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intendedto simultaneously satisfy the filing obligation of the registrant under any ofthe following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION ANDITEM 7.01 REGULATION FD DISCLOSURE.

On April 25, 2011, China Security & SurveillanceTechnology, Inc. (the Company) issued a press release announcing first quarterearnings and conducted a conference call to discuss those results. A copy of thepress release and the presentation slides, which the Company is furnishing tothe Securities and Exchange Commission, are attached as Exhibit 99.1 and Exhibit99.2 and incorporated by reference herein.

The information contained in this Current Report on Form 8-Kand the exhibits attached hereto shall not be deemed to be filed for purposesof Section 18 of the Securities Exchange Act of 1934, as amended (ExchangeAct), or otherwise subject to the liabilities of that section, nor shall suchinformation or such exhibits be deemed incorporated by reference in any filingunder the Securities Act of 1933, as amended or the Exchange Act, except asshall be expressly set forth by specific reference in such a filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit No. Description 99.1 Press release dated April 25, 2011

99.2 Presentation slides

SIGNATURES

Pursuant to the requirements of theSecurities and Exchange Act of 1934, the registrant has duly caused this reportto be signed on its behalf by the undersigned hereunto duly authorized.

CHINA SECURITY & SURVEILLANCE
TECHNOLOGY,INC.

Date: April 25, 2011

By: /s/ Terence Yap
Terence Yap
Chief FinancialOfficer

EXHIBIT INDEX

Exhibit No. Description 99.1 Press release dated April 25, 2011

99.2 Presentation slides

EX-99.12exhibit99-1.htmEXHIBIT 99.1

China Security & Surveillance Technology, Inc. : Exhibit 99.1 - Filed by newsfilecorp.com

Exhibit 99.1

China Security & Surveillance Technology, Inc. Reports First-Quarter 2011
Results with Encouraging Margins Expansion and A Positive Cash Flow

SHENZHEN, China, April 25, 2011 (PRNewswire-Asia)

First-quarter revenues decreased to $99.05 million due to seasonality impact of the Chinese New Year holiday and the fact that the Company secured more large-scale installation projects which required longer installation time to complete.Government customers accounted for 87.0% of total revenues in the first quarter of 2011

First-quarter gross profit grew 8.6% to $31.48 million despite a decrease in revenues

Gross margin and operating margin up 770 basis points and 250 basis points year over year to 31.8% and 8.3%, respectively. The margin improvement reflected the increasing gross margin in system installation business and effective cost controlmeasures

First-quarter net income attributable to CSST decreased to $1.68 million and GAAP diluted EPS was $0.02. The drop was mainly attributable to the decrease in revenues, and an increase in income taxes and interest expenses

Cash increased $213.11 million to $278.74 million. This was mainly due to the improved operating cash flow condition and the proceeds from additional bank loans during the quarter

Note: CSSTs first-quarter 2011 earnings conference call can be accessed at 1866 549 1292 (US Toll Free) or +852 3005 2050 (Toll International), with PIN number: 341229# at 8:00 a.m. ET. on April 25th, 2011. First-quarter 2011earnings slides can be accessed at http://csst.todayir.com/html/index.php before the call.

China Security & Surveillance Technology, Inc. ("CSST" or the "Company") (NYSE: CSR; Nasdaq Dubai: CSR), a leading integrated surveillance and safety solutions provider in the P.R.C., today reported first-quarter 2011 results with encouragingmargins expansion and a positive cash flow. The results were driven by an increasing gross margin in system installation business and disciplined execution of cost control initiatives.

CSSTs first-quarter 2011 revenues totaled $99.05 million, net income attributable to the Company was $1.68 million and GAAP diluted EPS was $0.02. Gross margin and operating margin rose to 31.8% and 8.3%, respectively.

We just completed a quarter with encouraging margins expansion and a positive cash flow, said Mr. Guoshen Tu, Chairman and Chief Executive Officer of CSST. Despite the seasonality impacts on our revenues, we continue to look intogrowth opportunities in safety and surveillance industry in China, with a particular focus on large-scale government projects and security service business. These continue to be our growth platforms as we maintain our market leadership inChina.

First-Quarter 2011 Financial Results

For the quarter ended March 31, 2011, CSSTs revenues totaled $99.05 million, down 17.6% versus $120.19 million in the first quarter of 2010. The first quarter has generally been a slow quarter for CSST due to the Chinese New Year.Fewer large-scale government projects were undertaken by the Company during and around the Chinese New Year holiday. Additionally, as the Company succeeded in securing a greater number of large scale installation projects which generally requiredlonger installation time, the Company completed a lesser number of installation projects in this quarter. Government customers accounted for 87.0% of total revenues, while corporate customers accounted for 13.0% . All revenues in the first quarterof 2011 were organic, compared with $119.37 million, or 99.3% of total revenues in the first quarter of 2010. However, as the first quarter has historically been our slowest quarter, the Company expects revenue to grow in the remainder of2011.

Gross profit totaled $31.48 million, up 8.6% from $28.98 million in the first quarter of 2010. Gross margin was 31.8%, up 770 basis points from 24.1% in the first quarter of 2010. The increase was due to relatively higher margin frominstallation business in the first quarter of 2011.

Operating income increased 16.6% to $8.13 million while operating margin increased to 8.3%, up 250 basis points from 5.8% in the first quarter of 2010. The increase was mainly due to the increased gross margin and our concrete efforts indeveloping cost-effective operation processes.

Net income attributable to CSST totaled $1.68 million, down 48.8% from $3.28 million in the first quarter of 2010; and net margin decreased to 1.7% in the first quarter of 2011, compared with 2.8% in the first quarter of 2010. The drop innet income attributable to the company was mainly due to the decrease in revenues, and an increase in income taxes and interest expenses. The Companys interest expenses recorded $5.11 million in the first quarter of 2011, as compared with$2.29 million in the first quarter of 2010.

GAAP diluted EPS was $0.02 versus $0.05 in the first quarter of 2010. The drop was mainly due to the decrease in net income and the fact that our weighted average diluted share count increased 31.2% to 89.70 million shares in the firstquarter of 2011, from 68.37 million shares in the same period of 2010.

As at March 31, 2011, the Company had a cash balance of $278.74 million, up $213.11 million from $65.63 million in the beginning of the quarter. This was mainly due to the improved operating cash flow condition, as well as the proceedsfrom additional bank loans in the first quarter of 2011.

Financial Outlook

Our long-term future remains bright. We made the decision to concentrate CSSTs strategic focus on the opportunities we saw flowing from large-scale government projects and security service business. Under the newly issued 12th five-yearplan on security industry and the central governments spending plan in 2011, which landed a large increase of the government Safe City and E-city projects spending, we saw tremendous opportunities in the horizon, said Mr. Tu.Looking ahead, we are confident that weare ready to capitalize on our solid fundamentals, market leadership and disciplined cost control strategy to accelerate the growth of our Company in 2011.

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 visithttp://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 results in 2011 and our ability todeliver such results, the central governments spending plan and our ability to capitalize the anticipated growth in the surveillance and safe industry, expected growth in industry demand and our business, our expected financial performance andstrategic and operational plans, our future operating results, our expectations regarding the market for surveillance and safety products and our ability to win large-scale government contracts, 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 ourmanagement 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, whichare 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 statementscontained 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 electronicdata gathering analysis retrieval system at http://www.sec.gov

For more information, please contact:
Company Contact:
Amy Tang
China Security & Surveillance Technology, Inc.
Tel: +86-755-8351-0888 ext. 6138
Email: ir@csst.com

Investor and Media Contact:
Patrick Yu, Fleishman-Hillard Hong Kong
Tel: +852-2530-2577
Email: patrick.yu@fleishman.com

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. ANDSUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH31, 2011 (UNAUDITED) AND DECEMBER 31, 2010
Expressed in thousands of U.S.dollars
(Except for share and per share amounts)

ASSETS March 31, 2011 December 31, 2010 Cash and cash equivalents $ 278,739 $ 65,626 Restricted cash 20,000 -- Accounts receivable, net 417,966 433,986 Inventories, net 43,026 59,368 Prepayments and deposits 56,809 56,241

Advances to suppliers and subcontractors 103,701 88,360

Other receivables 61,011 47,116

Total current assets 981,252 750,697

Deposits paid for business acquisitions, properties and intangible assets 153,657 146,243

Plant and equipment, net 75,136 75,294

Land use rights, net 7,957 7,896

Intangible assets, net 47,346 48,692

Goodwill 79,516 79,516

Deferred financing costs, net 2,669 2,684

TOTAL ASSETS $ 1,347,533 $ 1,111,022

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. ANDSUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS OFMARCH 31, 2011 (UNAUDITED) AND DECEMBER 31, 2010
Expressed in thousands ofU.S. dollars
(Except for share and per share amounts)

LIABILITIES AND EQUITY March 31, 2011 December 31, 2010

CURRENT LIABILITIES

Notes payable short term $ 182,657 $ 196,329

Obligations under product financing arrangements short term 6,110 6,687

Guaranteed senior unsecured notes payable short term 21,907 37,408

Accounts and bills payable 40,608

32,240

Accrued expenses 58,472 49,421

Advances from customers 17,738

15,216

Taxes payable 26,230 28,648

Payable for acquisition of businesses, properties and land use rights 3,763 3,763

Deferred income 2,768 3,201

Total current liabilities 360,253 372,913

LONG TERM LIABILITIES

Notes payable long term 299,903 60,570

Obligations under product financing arrangements long term 5,164 6,474

Guaranteed senior unsecured notes payable long term 3,285 6,580

Net deferred tax liabilities 668 282

Total liabilities 669,273 446,819

EQUITY

Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding

Common stock, $0.0001 par value; 290,000,000 shares authorized, 89,722,023 (March 31, 2011)
and 89,521,115 (December 31, 2010) shares issued and outstanding 9 9

Additional paid-in capital 379,964 374,417

Retained earnings 245,050 243,371

Statutory surplus reserve fund 804 804

Accumulated other comprehensive income 52,450 45,619

Total equity of the Company 678,277 664,220

Noncontrolling interest (17 ) (17 )

Total equity 678,260 664,203

TOTAL LIABILITIES AND EQUITY $ 1,347,533 $ 1,111,022

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. ANDSUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVEINCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
Expressed in thousands of U.S. dollars
(Except for share and per shareamounts)

Three Months Ended March 31 2011 2010 (Unaudited) (Unaudited) Revenues $ 99,054 $ 120,190 Cost of goods sold (including depreciation and 67,567 91,211 amortization for the three months ended March 31, 2011 and 2010 of $259 and $254, respectively) Gross profit 31,487 28,979 Selling and marketing 2,696 2,714 General and administrative (including non-cash employee compensation for the three months ended March 31, 2011 and 2010 of $5,547 and $8,326, respectively) 17,698 16,322 Depreciation and amortization 2,968 2,980 Income from operations 8,125 6,963 Interest income 141 78 Interest expense (5,114 ) (2,295 ) Other income, net 596 246 Income before income taxes

3,748 4,992 Income taxes (2,069 ) (1,717 ) Net income 1,679 3,275 Add: net loss attributable to the noncontrolling interest -- 2 Net income attributable to the Company 1,679 3,277 Foreign currency translation gain 6,831 124 Comprehensive income attributable to the Company 8,510 3,401 Comprehensive loss attributable to the noncontrolling interest --

(2 ) COMPREHENSIVE INCOME $ 8,510 $ 3,399 NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANYS COMMON SHAREHOLDERS BASIC $ 0.02 $ 0.05 DILUTED $ 0.02 $ 0.05 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC 84,310,000 63,961,000 DILUTED 89,696,000 68,369,000

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
Expressed in thousands of U.S. dollars
(Except for share and per share amounts) Three Months Ended March 31 2011 2010 (Unaudited) (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 1,679 $ 3,275

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization 3,227 3,234

Provision for obsolete inventories (6 ) --

Amortization of deferred financing costs 833 217

Non-cash compensation expense 5,547 8,326

Debt discount amortization 524 950

Deferred taxes 383 (310 )

Changes in operating assets and liabilities:

Decrease (increase) in:

Accounts receivable 20,408 (48,573 )

Inventories 16,947 (3,308 )

Prepayments and deposits 1 (46 )

Advances to suppliers and subcontractors (14,447 ) (14,634 )

Other receivables (13,409 ) (3,626 )

Increase (decrease) in:

Accounts payable and accrued expenses 16,289 (13,846 )

Advances from customers 2,369 5,675

Taxes payable (2,708 ) 1,629

Deferred income (465 ) 159

Net cash provided by (used in) operating activities 37,172 (60,878 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Additions to plant and equipment (519 ) (597 )

Additions to intangible assets, other than through business acquisitions (276 ) (533 )

Deposits paid for business acquisitions, properties and intangible assets, net (5,935 ) (6,526 )

Net cash used in investing activities (6,730 ) (7,656 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Restricted cash (20,000 ) --

Proceeds from borrowings, net of financing costs 300,800 109,137

Repayment of borrowings (77,992 ) (32,229 )

Repayment of guaranteed senior unsecured notes payable (19,320 ) (19,320 )

Repayment of obligations under product financing arrangements (1,716 ) (1,251 )

Net cash provided by financing activities 181,772 56,337

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 212,214 (12,197 )

Effect of exchange rate changes on cash and cash equivalents 899 7

Cash and cash equivalents, beginning of period 65,626 154,483

CASH AND CASH EQUIVALENTS, END OF PERIOD $ 278,739 $ 142,293

EX-99.23exhibit99-2.htmEXHIBIT 99.2

China Security & Surveillance Technology, Inc. : Exhibit 99.2 - Filed by newsfilecorp.com

Exhibit 99.2

GRAPHIC4exhibi23.jpg

begin 644 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