At the end of the second quarter, our sales backlog was approximately $189 million, compared to $183 million at the end of the first quarter of 2011. We signed roughly $43.4 million in contracts during the second quarter, benefiting from increased synergies with UNISITS. In 2011, we continue to expect revenue of $151 million to $159 million. However, we now expect adjusted net income, which excludes non-cash stock based compensation expense and amortization expense of intangibles from acquisitions, of $18 million to $21 million, which is lower than our previous forecast of $20 million to $24 million. This reduced adjusted net income guidance is primarily attributable to a shift in our strategy for the rollout of the commercial vehicle LBS business. Rather than seeking immediate revenue and profitability, we have elected to offer a low or no-cost grace period for new vehicles registered on our commercial vehicle service platform in order to address the national commercial vehicle LBS market in a more consumer-friendly manner, without imposing initial additional fees on users. Although this strategy will reduce our profitability in the near term, we expect it to maximize the opportunity to increase our user base, and therefore make an even-greater contribution to the bottom line in the longer term.
At the end of the first quarter, our sales backlog was $183 million compared to $212 million at the year end of 2010. The first quarter is normally our slowest season as the Chinese New Year and other government conferences delay new bidding processes for ITS projects. It is also typically a negative cash flow quarter, since we increase spending on project bids, fees and other related expenses, whereas receivables collection is normally more active in the latter part of the year. Following the seasonal pattern of our business, as the year progresses we expect our cash flow to turn positive and our contract awards to pick up. For fiscal 2011, we continue to expect revenue of between $151 million and $159 million and adjusted net income of between $20 million and $24 million. Adjusted net income excludes non-cash stock based compensation expense and amortization expense of intangibles from acquisitions. We are very excited about our business for the balance of 2011 and beyond. We see large and growing market opportunities in the ITS market in China, as the Chinese Government has been making great effort to promote transportation safety and improve transportation efficiency. With our first mover advantage and market leadership position, we believe we have strong prospects for continued success.
China TransInfo Technology today announced that the Group Company's subsidiary, Beijing Zhangcheng Science and Technology Co. has recently signed a development agreement with Nissan Motor Co. to work on a New Energy and Industrial Technology Development Organization (NEDO) project, which is the first national cooperation between China and Japan aimed at improving the use of energy efficiency and protecting the environment in China through the application of a New Traffic Information System. The two-year agreement is valued at JPY340.9 million, or approximately $4.1 million.