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 US Securities and Exchange Commission. VisionChina Media does not assume any obligation to update any forward-looking statements except as required under applicable law.
As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on VisionChina Media’s Investor Relations website at www.visionchina.cn.
I will now turn the call over to our CEO, Mr. Li.
Limin LiHello everyone and thank you for joining us today. VisionChina saw success in line with our expectations in the first quarter of 2011. Total revenue reached $32.5 million, a 39.1% increase over the first quarter of last year and the company continued to achieve gross profit. Anticipated seasonality caused revenue to slide sequentially by 27.5%. As we celebrated our sixth year of operation in the first quarter of 2011, the company was pleased to note two favorable indications from independent parties. First the 2011 Global Advertisers Congress known as the World Expo of Global Advertising was held in China for the first time. During the event VisionChina was analyzed by a board of leading international and domestic industry experts that evaluated the company’s media influence, market value and growth potential. VisionChina was the only new media company placed in the grand prize category. The other placed in that category were China’s two leading satellite TV stations namely Hunan Satellite TV and Jiangsu Satellite TV. We are proud to have being recognized by the industry for the value of our media platform. Second, in the Autumn 2010 China Marketing & Media Study, subway and bus TV Media was ranked at the number one most influential out-of-home digital media platform, that in reach as high as 44.7%.