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China Digital TV Announces Unaudited First Quarter 2012 Results

BEIJING May 22, 2012 China March 31, 2012

Highlights for the First Quarter 201 2

  • US$21.8 million
  • China Digital TV shipped approximately 3.70 million smart cards in the first quarter of 2012, compared to 3.63 million in the same period in 2011 and 5.38 million in the fourth quarter of 2011.
  • Gross margin in the first quarter of 2012 was 77.7%, compared to 79.5% in the same period in 2011 and 81.1% in the fourth quarter of 2011.
  • US$0.12 US$0.13

Jianhua Zhu China

China China

Zhenwen Liang

First Q uarter 201 2 Results

the United States

US$21.8 million

In the first quarter of 2012, revenues from the Company’s top five customers accounted for 22.7% of total revenues, compared to 25.8% in the fourth quarter of 2011.

Revenue Breakdown

 For the three months ended

March 31,

December 31,

March 31,

2012

2011

2011

(in thousands of U.S. dollars)

Product:

Smart Cards

$

19,184

$

26,795

$

18,310

Other products

2,101

1,240

112

Subtotal

21,285

28,035

18,422

Services :

Head-end system integration

400

843

557

Head-end system development

244

191

114

Licensing income

178

243

326

Royalty income

275

175

Other service

5

4

2

Subtotal

827

1,556

1,174

Total revenues

$

22,112

$

29,591

$

19,596

Revenues from smart cards and other products US$21.3 million

Revenues from services US$0.8 million

Gross profit US$16.9 million

In the first quarter of 2012, the average selling price (the "ASP") of smart cards increased by 3.7% compared to the fourth quarter of 2011. In addition, the unit cost of smart cards increased by 12.6% compared to the fourth quarter of 2011.

Operating expenses US$8.8 million

  • Research and development expenses US$3.7 million
  • Selling and marketing expenses US$2.9 million
  • General and administrative expenses US$2.1 million

Income from operations US$8.1 million

Operating margin,

Interest income US$2.3 million

Loss from forward contracts US$0.6 million US$0.4 million November 2010

Income tax expenses US$2.2 million

Net loss attributable to n oncontrolling i nterest US$0.2 million

Net income US$7.0 million

Non-GAAP net income US$8.1 million

Balance Sheet and Cash Flow

March 31, 2012 US$261.3 million US$5.9 million

Business Outlook

May 22, 2012 US$25.44 million to US$26.41 million

Conference Call Information

8:00 p.m. Tuesday, May 22, 2012 8:00 a.m. Wednesday, May 23, 2012 Beijing

Conference Call Dial-in Information

United States Toll Free:           

+1-866-519-4004

International:                          

+1-718-354-1231

Hong Kong:                              

+852-2475-0994

China Toll Free:                        

+400-620-8038 and +800-819-0121            

Passcode: 

China Digital TV Earnings Call

Please dial-in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

1:00 a.m. May 23, 2012 12:59 a.m. May 30, 2012

Replay Information

United States:                          

+1-718-354-1232

International:                            

+61-2-8235-5000

Passcode:                                  

79782395

http://ir.chinadtv.cn

Safe Harbor Statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "may," "should" and similar expressions. Such forward-looking statements include, without limitation, statements regarding the outlook for the second quarter of 2012 and comments by management in this announcement about trends in the CA systems, digital television, cable television and related industries in the PRC and China Digital TV’s strategic and operational plans and future market positions. China Digital TV may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about China Digital TV’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from projections contained or implied in any forward-looking statement, including but not limited to the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the progress of the television digitalization in the PRC, the structure of the cable television industry or television viewer preferences, changes in PRC laws, regulations or policies with respect to the CA systems, digital television, cable television and related industries, including the extent of non-PRC companies’ participation in such industries, and changes in political, economic, legal and social conditions in the PRC, including the government’s policies with respect to economic growth, foreign exchange and foreign investment.

Further information regarding these and other risks and uncertainties is included in our annual report on Form 20-F and other documents filed with the U.S. Securities and Exchange Commission. China Digital TV does not assume any obligation to update any forward-looking statements, which apply only as of the date of this press release.  

About China Digital TV

China

http://ir.chinadtv.cn

For investor and media inquiries, please contact:

China

Nan Hao

[email protected]

Josh Gartner

[email protected]

In the US:

Cindy Zheng

[email protected]

 

China Digital TV Holding Co., Ltd.

Unaudited Consolidated Statements of Comprehensive Income


 For the three months ended

March 31,

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