Earnings results are still pouring in and a lot of them are pretty darn decent. In general, I'm particularly impressed with the financial results being reported by medium-sized and smaller companies.

One company that I wrote about last year and just this past April is China Security & Surveillance Technology, Inc. (NYSE/CSR). This industry consolidator in China just reported first quarter financial results that were really impressive.

China Security manufactures and installs security and surveillance systems through its wholly owned subsidiary, Golden Group Corporation (Shenzhen) Limited. The company has a manufacturing facility located in Shenzhen, China, and a research collaboration agreement with Beijing University.

According to the company, its first quarter revenues grew an impressive 87% to almost seventy-two million dollars, up from just over thirty-eight million dollars generated in the first quarter 2007. Organic revenues totaled close to sixty-four million dollars, or about 89% of total revenue, while the rest was due to acquisitions.

Net income in the first quarter of 2008 decreased modestly by $300,000 to $4.5 million, due to acquisition-related expenses. Excluding these expenses, adjusted net income increased 103% to $13.72 million, up from $6.76 million in the comparable quarter.

Looking ahead, China Security expects its second quarter revenues to between eight-five and eight-seven million dollars, with adjusted net income of between almost sixteen million and sixteen-and-a-half million dollars. For all of 2008, the company raised its previous guidance for revenues to grow to between three hundred and eighty million and four hundred million dollars, with adjusted net income of between seventy and seventy-six million dollars.

I guess I really like this company. The stock has done very well since it went public in early 2006. In my view, a company like China Security will continue to do very well, so long as the infrastructure in China keeps expanding. I think that this company has now achieved the optimal size allowing it to really catapult itself into the big leagues going forward.