China Information Technology Inc. (NASDAQ: CNIT) CEO Jiang Lin bought 1,400,000 shares of CNIT common stock this week, according to a regulatory filing.
In 2012, Lin has bought a total of 3,049,879 shares of CNIT stock. Lin currently holds 13,992,750 shares of CNIT.
CNIT shares finished flat at $1.09 in trading today. The stock has gained 14.72% in the last three trading sessions. Year-to-date, CNIT shares are down 13.97%.
Based in Shenzhen, China, China Information Technology is a provider of information and displays technologies. The company offers a range of portfolio of software, hardware and fully integrated solutions to customers in a variety of technology sectors.
Last month, CNIT reported its second-quarter financial results. For the quarter ended June 30, 2012, CNIT reported revenue of $13.28 million, down 52.37% over the same period in the previous year. The company’s gross profit for the quarter fell 75.88% to $2.88 million.
CNIT reported an operating loss of $17.6 million for the second quarter, compared to an operating income of $5.46 million reported for the same period in the previous year. The company’s net loss for the second quarter of 2012 was $16.85 million, compared to net income of $5.60 million reported for the same period in the previous year. On a non-GAAP basis, the company’s net loss for the quarter was $8.72 million.
Lin last month said that as CNIT continued to implement its business restructuring strategy, the second quarter proved to be another transitional season. Lin further said that the difficult macro-economic environment continued to have negatively impacted CNIT’s businesses, especially the company’s IT segment, where it received fewer public security projects due to the weak local fiscal expenditure in many China regions. Lin, however, said that he is pleased to see that the company’s transition strategy of moving towards a more balanced revenue mix between IT and DT segment and between government and non-government customers is on track.
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