China Digital TV Holding Q3 2010 Profit Up 104% YoY
PR Newswire Asia, 11/17/10
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 third quarter ended September 30, 2010, with net revenues reaching USD 21.1 mln, up 10.4% QoQ and up 74.5% YoY.
Net income attributable to China Digital TV Holding in Q3 2010 was USD 10.1 mln, up 103.5% YoY and up 13.9% QoQ.
Revenues generated from smart cards and related products were USD 19.6 mln in Q3 2010, up 85.2% YoY and up 6.3% QoQ. The year-over-year and quarter-over-quarter increases were primarily due to an increase in the volume of smart card shipment, reflecting increases in market demand by domestic cable TV operators, which continued to accelerate their investments in network upgrades. Sales of smart cards and related products accounted for 92.0% of total revenues in Q3 2010, down from 96.0% in Q2 2010.
China Digital TV shipped approximately 3.95 mln smart cards in Q3 2010, compared to 3.61 mln smart cards shipped in Q2 2010 and 1.96 mln shipped in Q3 2009.
In Q3 2010, revenues from China Digital TV's top five customers accounted for 27.1% of total revenues, compared to 28.9% in Q2 2010.
Revenues from services were USD 1.7 mln in Q3 2010, up 7.1% YoY and up 118.4% QoQ. Service revenues accounted for 8.0% of total revenues in Q3 2010. The year-over-year and quarter-over-quarter increases were primarily due to an increase in the number of head-end projects that China Digital TV completed for customers in Q3 2010.
Based on information available as of November 16, 2010, China Digital TV expects smart card shipments for Q4 2010 to be in the range of 3.7 mln to 3.9 mln. Net revenues for Q4 2010 are expected to be in the range of USD 20.80 mln to USD 21.79 mln, representing a year-over-year increase in the range of 52% to 59%.
To view China Digital TV's full earnings report, please click here.
Keywords: guidance sales volume profit television China Digital TV Holding conditional access smart card Q3 2010 revenue fiscal report
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