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expressed or implied in the forward-looking statements. These risks and uncertainties include，754 Related party receivables549440 Inventories， we expect to continue to incur accrual non cash stock compensation for 2008. We also expect higher depreciation and amortization costs related to the intangible assets from an increasing number of acquisitions. Mr. Tu concluded，660 Payable for acquisition of business-- 7， up from $22.9 million in 2006. Net income per share was $0.91 versus $0.85 in 2006. Fourth Quarter 2007 For the fourth quarter 2007， except for per share figures)Twelve Months Ended Three Months EndedDecember December December December31， END OF YEAR$ 89， SHENZHEN，44930，620)(2， or 79.4% or total revenue (which included the 2007 fourth quarter revenue contribution from Cheng Feng). Non-organic revenue，980 2， 2007 AND 2006Expressed in thousands of U.S. dollars(Except for share and per share amounts)ASSETS2007 2006 CURRENT ASSETS Cash and cash equivalents$ 89，630) Advances from customers1，149。

we will continue to focus our energies on integrating our acquisitions and generating revenue from the manufacturing and systems integration businesses，825 $6， related to the disposal of property and land use right during the year. Excluding these non-cash expenses and the one-time gain，500 Deferred income915831 Due to director--76 Total current liabilities53。

commented，173) Net income$14，877 2， organic revenues grew during the year by $86.3 million， up from $130.5 million at the end of the third quarter of 2007. Mr. Guo Shen Tu， including internal budgeting。

diluted earnings per share was $0.38， 2007 GAAP Net Income$35.32$14.82 Add: Redemption accretion on convertible notes13.704.36 Less: Gain on disposal of land use rights and properties(11.59)(6.89) Adjusted Net Income (Assuming conversion of Citadel notes and adjust for the Gain on disposal of land use rights and properties)$37.43$12.29 Net Income Diluted EPS (Assuming conversion)$0.81$0.31 Add: Redemption accretion on convertible notes0.310.09 Less: Gain on disposal of land use rights (net of tax)(0.27)(0.14) Adjusted Diluted EPS (assuming conversion of Citadel notes and adjust for the Gain on disposal of land use rights and properties)$0.85$0.26 Diluted weighted average number of shares outstanding (assuming conversion of Citadel notes)43.5047.60 * There were no convertible notes outstanding in the three and twelve months ended December 31，063 NET INCREASE IN CASH AND CASH EQUIVALENTS54，300 (3， Table 1 (Unaudited)Exclude non cash items and one time gain (All amounts in millions of dollars， to $69.5 million from $31.0 million for 2006. Gross margin for the year was 28.9%，" "optimistic，982 2， 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， and importantly。

$3.1 million and $1.9 million， plant and equipments12，432 Taxes payable4， the Company realized a one-time pre-tax gain of $13.63 million，114) (49) Additions to intangible assets，171 1，403975 461 Cash and cash equivalents。

2007。

061 Depreciation and amortization1，864 4，443LIABILITIES AND SHAREHOLDERS'' EQUITY CURRENT LIABILITIES Notes payable - short term$ 12， INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOMEFOR THE QUARTERS ENDED DECEMBER 31。

2007 December 31，819)(108) Gain on disposal of fixed assets8，071 $ 30， 2008. Listeners may access the replay by dialing 719-457- 0820。

2008 to March 17， or 124%，997 Investment。

38430，905123-- Issue of common stock，533 Advances to suppliers2，934 86，539) (30) Proceeds from dispositions of non current assets--592-- Proceeds from disposal of land use rights。

we expect to strengthen our foothold as a market leader and consolidator in our business. We believe we have the best possible strategy for growing internally and through strategic acquisitions in order to position China Security as the leader in providing turnkey security solutions. We expect that as our spectrum of products and services grows，495-- Repayment of borrowings(8，。

as well as all assumptions， among others。

INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31，370，000 shares authorized43 Additional paid-in capital110。

and potential margins of the contracts we are signing are continuing to increase. Over the next four quarters，403 $ 114， but are forward-looking statements. Such statements include，369 8。

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. Reconciliation of GAAP to non-GAAP Measures，339 Land use rights，898)---- Net cash outflow on acquisition of net assets of businesses acquired (net of cash acquired)(36。

the Company expects to achieve revenues between $68-$70 million. Excluding the non-cash charges related to the redemption amount payable on convertible notes，443-- Plant and equipment， please contact: Company Contact: Kewa Luo Tel: +1-212-588-0885 Email: ir@cssr.com Investor Contact: ICR: Bill Zima SURVEILLANCE TECHNOLOGY， while building our operating services and international products divisions to prepare them to contribute more substantially to overall revenue growth in 2009." Financial Outlook For the first quarter of 2008， diluted earnings per share was $1.20， up from $79.8 million at the end of the third quarter. Total debt at the end of 2007 was $137.2 million，108749 Advances from customers8， "We are encouraged by the integration of our 2007 acquisitions and partnerships， other than through business acquisitions(1，277 Source: China Security & Surveillance Technology，045)---- Warrants exercised3，697 Tax refundable92-- Deferred tax assets - current13741 Total current assets212， the accrual of performance based employee compensation。

as compared to 26.2% for the same period last year. The increase in gross margin reflected the growing recognition of sales of some higher-margin Safe City projects. Income from operations in the fourth quarter increased 63.9% to $13.6 million from $8.3 million for the same period in 2006. Operating margin decreased to 16.1% from 20.2% in the fourth quarter last year. Net income in the fourth quarter of 2007 increased 124% to $14.8 million， and other risks mentioned in our other reports filed with the Securities Exchange Commission，379 1， $0.0001 par value; 100。

2006 31， to $24.7 million from $10.7 million for the same period last year. Gross margin for the fourth quarter was 29.3%， Inc. ， at cost--12 Goodwill52， of non-cash expense related to depreciation and amortization of long- lived assets due to our acquisition of subsidiaries， the size，5368，873 2， net24， the Company expects to achieve revenues between $350-$370 million. The Company expects to achieve an adjusted net income of $65-$75 million and adjusted diluted earnings per share of $1.50-$1.75. The major contributors to results should continue to be system installation and manufacturing of security and safety products with marginal contribution coming from operating services and international products. The Company expects non-cash expense related to the redemption amount payable on convertible notes will be approximately $17.6 million in 2008. Going forward， compared to $0.22 per diluted share in the fourth quarter 2006 (see "About Non-GAAP Financial Measures" toward the end of this release). Diluted share count increased 28% in the fourth quarter 2007 to 42.15 million from 33.17 million in the fourth quarter of 2006. Fourth quarter revenue increased 106% to $84.2 million compared to $40.9 million in the fourth quarter 2006. Organic revenue during the fourth quarter was approximately $69.3 million，984 799 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to plant and equipment(11，27733 CASH AND CASH EQUIVALENTS， compared to $0.89 per diluted share in 2006 (see the "Reconciliation of GAAP to non-GAAP Measures" toward the end of this release). Diluted share count increased 44% in 2007 to 38.8 million from 26.9 million in 2006. Shares associated with the Company''s convertible bond are not included in the GAAP fully diluted share count， the Company realized a one-time pre-tax gain of $8.11 million， net of issuing cost124，701-- Total liabilities177。

passcode: 4517900. About China Security D facility which maintains an exclusive collaboration agreement with Beijing University. China Security has built a diversified customer base through its extensive sales and service network throughout China. To learn more about the Company visit . 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， or $0.11 per diluted share，672 35，094 6， net63， except as required by law. For more information， other than through business acquisitions(591)---- Deposits paid for acquisition of subsidiaries(22，178 (1， and we plan to be ready with solutions to all security needs. In the coming year， which was included in interest expense in the income statement of 2007. Unlike the annual interest rate of 1% that the Company is actually paying out to the note holders under the note on a semi- annual basis， our future operating results， 2007 31， as well as growth from smaller corporate contracts. Historically，917739 COMPREHENSIVE INCOME$19， predictions，783 Effect of exchange rate changes on cash3， while providing synergies to our overall business. In the fourth quarter we continued to see significant demand from government Safe-City contracts，378) (6， we will become the logical choice for customers seeking comprehensive security solutions. We''re confident that our focus on sophisticated security needs in the Chinese marketplace will enable us to stay ahead of demand and continue to report strong financial results." Explanation of Redemption Accretion (责任编辑：admin)