China Digital TV Q2 2010 Profit Up 30% YoY
China Digital TV, 8/17/10
China Digital TV Holding (NYSE: STV), provider of conditional access systems to China's digital television market, today announced its unaudited financial results for the second quarter ended June 30, 2010.
Net revenues in the second quarter of 2010 were USD 19.1 mln, above the high-end of China Digital TV's guidance, and representing a 36.4% increase from the first quarter of 2010 and a 31.1% increase from the same period in 2009.
Net income attributable to China Digital TV Holding, in the second quarter of 2010 was USD 8.8 mln, an increase of 29.6% from the same period of 2009 and an increase of 54.1% from the first quarter of 2010.
Revenues generated from smart cards and related products were USD 18.4 mln in the second quarter of 2010, an increase of 46.4% from the same period in 2009 and an increase of 40.0% from the first quarter of 2010. Sales of smart cards and related products accounted for 96.0% of total revenues in the second quarter of 2010, up from 93.5% in the first quarter of 2010. The year-over-year and quarter-over-quarter increases were primarily due to an increase in the volume of smart card shipment, reflecting a recovery in market demand and increased investment from cable TV operators.
China Digital TV shipped approximately 3.61 mln smart cards in the second quarter of 2010, a record for quarterly shipment volume in China Digital TV's operating history, compared to 2.57 mln smart cards shipped in the first quarter of 2010 and 2.13 mln shipped in the same period in 2009.
In the second quarter of 2010, revenues from China Digital TV's top five customers accounted for 28.9% of total revenues, compared to 27.1% in the first quarter of 2010.
Revenues from services were USD 0.8 mln in the second quarter of 2010, a decrease of 62.5% from the same period in 2009 and a decrease of 15.5% from the first quarter of 2010. Service revenues accounted for 4.0% of total revenues in the second quarter of 2010. The year-over-year decrease was primarily due to a decline in system integration revenue. The quarter-over-quarter decline was largely due to lower licensing income.
Based on information available as of August 17, 2010, China Digital TV expects smart card shipments for the third quarter of 2010 to be in the range of 3.0 mln to 3.2 mln. Net revenues for the third quarter of 2010 are expected to be in the range of USD 15.90 mln to USD 16.87 mln, representing a year-over-year increase in the range of 31% to 39%.
To see China Digital TV Holding's full earnings report, please click here.
Keywords: guidance profit revenue television China Digital TV Holding cable TV conditional access smart card Q2 2010 fiscal report DTV
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