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China Security & Surveillance Technology Reports First Quarter 2009 Financial Results

    SHENZHEN, China, April 30 /PRNewswire-Asia/ --

    - 1Q09 Revenue Increases 34.3% YoY to $96.42 Million -

    - 1Q09 Adjusted Net Income Increases 6.9% YoY to $14.67 Million -

    - 1Q09 Cash Balance Increases Sequentially by $24.69 million to $72.47

    - Reaffirms FY09 Revenue, Adjusted Net Income, and Adjusted Diluted EPS

China Security & Surveillance Technology, Inc. ("China Security" or "CSST" or the "Company") (NYSE: CSR) (Nasdaq Dubai: CSR), a leading provider of digital surveillance technology in the PRC, today reported its financial results for the first quarter ending March 31, 2009.

First quarter 2009

First quarter 2009 revenue increased 34.3% to $96.42 million, from $71.78 million in first quarter of 2008, driven by continued strong demand for CSST's products and services in both the government and private sectors. Organic revenue was approximately $87.10 million, or 90.3% of total revenue, while revenue from acquired companies was approximately $9.32 million, or 9.7% of total revenue. As a result, organic revenue grew by $23.46 million, or 36.9%, from $63.64 million in the same period of 2008.

In the first quarter, gross profits increased $2.77 million, or 12.4%, to $25.03 million, compared to $22.26 million for the same period last year. First quarter gross margin of 26.0% expanded from 25.0% in the fourth quarter of 2008, but declined year-over-year from 31.0% in the prior year's first quarter. While pricing in the government sector improved during the quarter, price levels in the corporate sector remained lower than the prior year's levels. Income from operations of $7.98 million in first quarter 2009 decreased $3.16 million, or 28.4%, from $11.14 million in first quarter of 2008. Accordingly, operating margins decreased to 8.3%, versus 15.5% for the same period in 2008, primarily due to lower gross margin and the increase of general and administrative expenses and non-cash employee compensation.

GAAP net income of $2.00 million decreased $2.47 million, or 55.3%, from $4.47 million for the same period in 2008. As a percentage of revenues, GAAP net income decreased to 2.1%, from 6.2% for the same period in 2008. Consequently, earnings per diluted share was $0.04 in first quarter 2009, as compared to $0.11 in first quarter of 2008. GAAP results include: (1) approximately $5.38 million, or $0.11 per diluted share, of non-cash expense related to the redemption accretion on convertible notes; (2) approximately $3.06 million, or $0.06 per diluted share, of non-cash expense related to depreciation and amortization of long-lived assets due to our acquisition of subsidiaries, and (3) approximately $4.22 million, or $0.09 per diluted share, of non-cash expense related to employee stock compensation recognized pursuant to SFAS 123 (R).

Excluding these non-cash expenses (see "About Non-GAAP Financial Measures" toward the end of this release), adjusted net income grew 6.9% to $14.67 million, versus $13.72 million in the first quarter of 2008. Adjusted earnings per diluted share was $0.30, a 6.3% decrease from $0.32 per diluted share in the first quarter of 2008, as diluted share count increased 15.3% to 49.36 million, from 42.80 million in the first quarter of 2008.

The Company's cash position at the end of March 31, 2009 increased sequentially by $24.69 million to $72.47 million, from $47.78 million at the end of 2008. Working capital increased sequentially to $241.90 million, versus $231.94 million, and total debt was $174.59 million, up from $163.12 million at the end of 2008.

Mr. Guo Shen Tu, Chief Executive Officer of China Security, commented, "Though the first quarter has seasonally been a slow quarter for us due to the Chinese New Year holiday, I'm delighted that we solidly grew our revenue and generated significant cash from operations. We successfully managed collection of receivables and significantly improved our cash position and working capital. Our first quarter results clearly demonstrate our focus on execution, and I'm pleased that we continue to grow our Company, our brand, and our market leadership. As demand for our products and services remain strong, I'm confident about our abilities to achieve our current revenue and profit forecast for 2009."

Financial Outlook

For the full year 2009, the Company reaffirms its revenue projection of $600 to $630 million. The Company also reaffirms adjusted net income of $108-$113 million and adjusted diluted earnings per share of $2.16-$2.26. The company estimates that non-cash redemption accretion on convertible notes, non-cash employee compensation expense, and depreciation and amortization will be approximately $22.7 million, $18.5 million, and $12.0 million, respectively. The adjusted net income and adjusted earnings per share projections provided above are non-GAAP financial measures and can be reconciled to similar GAAP projections by adding back the estimated non-cash redemption accretion, non-cash employee compensation expense, and depreciation and amortization (see "About Non-GAAP Financial Measures" toward the end of this release).

Mr. Tu concluded, "For the remainder of 2009, we intend to sustain our current momentum and aim to achieve greater synergies across our portfolio of technologies, products, and subsidiaries by focusing on greater cross-selling and cross-development throughout our organization. Even in the context of a slower global economy, we continue to see a growing pipeline of large projects from our core corporate and government customers. Our optimism is supported by our unparalleled product and services offering, our unmatched nationwide distribution, and our leading brand. We believe that our integrated strengths will allow us to expand our market share and help us to capture new markets."

Explanation of Redemption Accretion

The Company raised $60.00 million and $50.00 million through two guaranteed senior unsecured convertible note financings with Citadel Equity Fund Ltd. in February 2007 and April 2007, respectively. These notes bear interest at a rate of 1% per annum and are due in 2012. Under the indentures, if the notes are not converted before their respective maturities, the notes are to be redeemed by the Company on the maturity date at a redemption price equal to 100% of the principal amount of the notes then outstanding plus an additional amount of 15% per annum, calculated on a quarterly compounded basis, plus any accrued and unpaid interest.

As of March 31, 2009, the Company accrued $38.72 million as a redemption amount payable under the notes, $5.38 million of which was included in interest expense in the first quarter of 2009. Unlike the annual interest rate of 1% that the Company is actually paying out to the note holders under the notes on a semi-annual basis, the Company would only pay the accrued redemption amount under the notes if the notes are not converted into the Company's common stock before their respective maturity dates and are redeemed in accordance with their terms. Nevertheless, the Company believes that it must accrue the entire redemption amount under U.S. generally accepted accounting principles.

Conference Call

The Company will hold a conference call to discuss the financial results at 8:00 a.m. ET on April 30, 2009. The Company invites you to join the call by dialing 1-913-312-4373. A live webcast of the conference call will be available at http://www.csst.com . A replay of the call will be available from April 30, 2009 to May 07, 2009. Listeners may access the replay by dialing 1-719-457-0820, passcode: 6635430.

About China Security & Surveillance Technology, Inc.

Based in Shenzhen, China, China Security manufactures, distributes, installs and services surveillance and safety products and systems as well as develops surveillance and safety related software in China. Its customers are mainly comprised of commercial and government entities and non-profit organizations. China Security has built a diversified customer base through its extensive sales and service network that includes over 150 branch offices and distribution points throughout China. To learn more about the Company visit http://www.csst.com .

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures for earnings that exclude the accrual for the redemption amount payable under certain outstanding convertible notes issued by the Company and certain other non-cash charges. China Security believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that China Security's management excludes when it internally evaluates the performance of China Security's business and makes operating decisions, including internal budgeting, and performance measurement, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of China Security. Accordingly, management excludes the expense arising from the accrual of redemption amounts payable under its outstanding convertible notes and certain other non-cash charges when making operational decisions. China Security believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand China Security's financial performance in comparison to historical periods. In addition, it allows investors to evaluate China Security's performance using the same methodology and information as that used by China Security's management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the non- GAAP financial measure. However, China Security's management compensates for these limitations by providing the relevant disclosure of the items excluded.

The following table provides the non-GAAP financial measure and the related GAAP measure and provides a reconciliation of the non-GAAP measure to the equivalent GAAP measure.

                          Adjusted Net Income (Unaudited)
             All amounts, other than for share and per share amounts,
                           in millions of U.S. dollars

                                                     For the Three Months
                                                        Ended March 31
                                                    2009                2008
    GAAP Net Income attribute to the Company       $2.01               $4.50

    Depreciation and amortization                   3.06                1.90
    Non-cash employee compensation                  4.22                2.96
    Redemption accretion on convertible notes       5.38                4.36
    Non-GAAP Net Income                           $14.67              $13.72

    GAAP DILUTED EPS                                0.04                0.11

    Depreciation and amortization                   0.06                0.04
    Non-cash employee compensation                  0.09                0.07
    Redemption accretion on convertible notes       0.11                0.10

    Adjusted EPS                                    0.30                0.32
    Share used in computing net income
     per share (diluted)                        49.36 million    42.80 million

             Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
            All amounts, other than for share and per share amounts,
                          in millions of U.S. dollars

                                                     For the Three Months
                                                        Ended March 31,
                                                    2009                2008
    GAAP Net Income attribute to the Company       $2.01               $4.50

    Depreciation and amortization                   3.06                1.90
    Non-cash employee compensation                  4.22                2.96
    Redemption accretion on convertible notes       5.38                4.36
    Non-GAAP Net Income                           $14.67              $13.72

    GAAP BASIC EPS                                  0.04                0.11

    Depreciation and amortization                   0.07                0.04
    Non-cash employee compensation                  0.09                0.07
    Redemption accretion on convertible notes       0.12                0.10

    Adjusted EPS                                    0.32                0.32
    Share used in computing net income
     per share (Basic)                          45.04 million    42.74 million

Safe Harbor Statement

This press release includes 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 future operating results, our expectations regarding the market for surveillance and safety products, our expectations regarding the continued growth of the surveillance and safety market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2008, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or SEC. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward- looking statements, except as required by law.

    For more information, please contact:

    Company Contact:
     Terence Yap
     Tel:   +86-755-8351-6102
     Email: [email protected]

     Kewa Luo
     Tel:   +1-412-512-6655
     Email: [email protected]

    Investor Contact:
     Michael Tieu
     Tel:   +86-10-6599-7960
     Email: [email protected]

     Bill Zima
     Tel:   +1-203-682-8200
     Email: [email protected]

    Media Contact:
     Patrick Yu
     Fleishman-Hillard Hong Kong
     Tel:   +852-2530-2577
     Email: [email protected]

               FOR THE THREE MONTHS ENDED MARCH 31, 2009 and 2008
                     Expressed in thousands of U.S. dollars
                    (Except for share and per share amounts)

    `                                              Three Months Ended March 31
                                                        2009            2008
                                                   (Unaudited)     (Unaudited)

    Revenues                                          $96,416        $71,777

    Cost of goods sold (including depreciation
     and amortization for the three months
     ended March 31, 2009 and 2008 of
     $241 and $83, respectively)                       71,390         49,521

    Gross profit                                       25,026         22,256

    Selling and marketing                               2,714          2,142
    General and administrative (including non          11,507          7,162
     cash employee compensation for the three
     months  ended March 31, 2009 and 2008 of
     $4,218 and $2,958, respectively)
    Depreciation and amortization                       2,822          1,817

    Income from operations                              7,983         11,135

    Interest income                                        29             55
    Interest expense                                   (6,037)        (4,863)
    Other income, net                                     229            320

    Income before income taxes                          2,204          6,647

    Income taxes                                         (202)        (2,176)

    Net income                                          2,002          4,471

    Less: Net loss attributable to the
     noncontrolling interest                               11             25

    Net income attributable to the Company              2,013          4,496

    Foreign currency translation gain                      54          8,504

    Comprehensive Income Attributable To The
     Company                                            2,067         13,000

    Comprehensive Loss Attributable To The                (11)           (25)
     Noncontrolling Interest

    Comprehensive Income                               $2,056        $12,975

      BASIC                                             $0.04          $0.11
      DILUTED                                           $0.04          $0.11

      BASIC                                        45,040,994     42,738,195
      DILUTED                                      49,362,254     42,796,797

             AS OF MARCH 31, 2009 (UNAUDITED) AND DECEMBER 31, 2008
                     Expressed in thousands of U.S. dollars
                    (Except for share and per share amounts)

                                                     March 31,  December 31,
                                                        2009        2008
      Cash and cash equivalents                        $72,471     $47,779
      Accounts receivable, net                         132,799     148,205
      Inventories, net                                 127,110     117,042
      Prepayments and deposits                           7,052       7,280
      Advances to suppliers                             38,461      17,120
      Other receivables                                 12,614      14,065
      Deferred tax assets - current portion                  8          32
        Total current assets                           390,515     351,523

      Deposits for acquisition of subsidiaries,
       intangible assets and properties                  5,985       7,855
      Plant and equipment, net                          74,679      74,523
      Land use rights, net                               7,632       7,675
      Intangible assets                                 59,144      56,913
      Contingently returnable acquisition
       consideration                                     1,176       1,176
      Goodwill                                          75,529      73,216
      Deferred financing cost                            1,124       1,082
      Deferred tax assets - non-current portion            246         253
        TOTAL ASSETS                                  $616,030    $574,216

                             LIABILITIES AND EQUITY
      Notes payable - short term                       $17,555     $10,242
      Obligation under product financing
       arrangements - short term                         2,682       2,469
      Accounts payable                                  47,613      50,756
      Accrued expenses                                  12,605      10,263
      Advances from customers                           51,822      28,621
      Taxes payable                                      1,955       4,115
      Payables for acquisition of businesses,
       properties and land use rights                   13,360      11,915
      Deferred income                                    1,022       1,207
        Total current liabilities                      148,614     119,588

      Notes payable - long term                          1,389       2,853
      Obligation under product financing
       arrangements - long term                          4,242       4,214
      Convertible notes payable                        148,717     143,342
        Total liabilities                              302,962     269,997

      Shareholders' equity of the Company: Preferred
       stock, $0.0001 par value; 10,000,000 shares
       authorized, 0 shares issued and outstanding
       Common stock, $0.0001 par value; 290,000,000
       shares authorized, 50,043,211 (March 31, 2009)
       and 49,142,592 (December 31, 2008) shares
       issued and outstanding                                5           5
      Additional paid-in capital                       171,599     164,806
      Retained earnings                                111,418     109,405
      Statutory reserves                                   804         804
      Accumulated other comprehensive income            29,221      29,167
        Total shareholders' equity of the Company      313,047     304,187
      Noncontrolling interest                               21          32
      Total equity                                     313,068     304,219
      TOTAL LIABILITIES AND EQUITY                    $616,030    $574,216

                FOR THE THREE MONTHS ENDED MARCH 31, 2009 and 2008
                      Expressed in thousands of U.S. dollars
                     (Except for share and per share amounts)

                                                   Three Months Ended March 31
                                                       2009             2008
                                                  (Unaudited)      (Unaudited)

      Net income                                     $2,002           $4,471
      Adjustments to reconcile net income to
       net cash provided by (used in)
       operating activities:
      Provision for doubtful debts                    1,396               --
      Depreciation and amortization                   3,063            1,900
      Amortization of consultancy services               11               33
      Amortization of deferred financing cost           109                9
      Non-cash employee compensation                  4,218            2,958
      Redemption accretion on convertible notes       5,375            4,363
      Deferred taxes                                     31                1
      Changes in operating assets and liabilities:
      (Increase) decrease in:
      Accounts receivable                            15,342          (12,396)
      Related party receivables                          --              261
      Other receivables                               1,739           (3,077)
      Inventories                                    (9,441)           4,239
      Prepayments and deposits                          466              673
      Advances to suppliers                         (21,315)          (1,133)

      (Decrease) increase in:
      Accounts payable and accrued expenses          (2,222)          (1,277)
      Advances from customers                        23,195           (1,393)
      Taxes payable                                  (2,350)          (2,194)
      Deferred income                                  (184)              53
      Net cash provided by (used in) operating
       activities                                    21,435           (2,509)

      Additions to plant and equipment                 (393)            (830)
      Additions to intangible assets                   (804)            (543)
      Deposits paid for acquisition of
       subsidiaries                                      --          (12,944)
      Payments for business acquisitions             (1,881)              --
      Cash acquired in business combinations            273               --
      Proceeds from disposal of land use
       rights and properties                             --            3,379
      Net cash used in investing activities          (2,805)         (10,938)

      Warrants exercised                                 --              277
      New borrowings, net of issuing cost            13,166            4,274
      Repayment of borrowings                        (7,314)          (5,827)
     New borrowings from obligation
      under product financing arrangements              891               --
     Repayment of obligation under
      product financing arrangements                   (798)              --
      Net cash provided by (used in) financing
       activities                                     5,945           (1,276)

    NET INCREASE (DECREASE) IN CASH AND CASH         24,575          (14,723)
      Effect of exchange rate changes on cash           117            2,764
      Cash and cash equivalents, beginning of
       period                                        47,779           89,071
    CASH AND CASH EQUIVALENTS, END OF PERIOD        $72,471          $77,112

SOURCE China Security & Surveillance Technology, Inc.

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