Charm does not assume any obligation to update any forward-looking statements except as required under applicable law. Also, please note that some of the information to be discussed includes non-GAAP financial measures as defined in Regulation G. The most directly comparable U.S. GAAP financial measures and information reconciling these non-GAAP financial measures, the Charm’s financial results prepared in accordance with U.S. GAAP are included in Charm’s earnings release, which has been posted on the company’s IR website at ir.charmgroup.cn. As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on Charm’s Investor Relations website.
I will now turn the call over to Charm Communications Founder, Chairman and CEO, Mr. Dang.
He Dang – Founder, Chairman, and Chief Executive Officer
(Foreign Language)Hello and welcome to our third quarter 2011 earnings conference call. (Foreign Language) First, I am very happy to announce that we continued to execute on our strategies and delivered strong top and bottom line results despite the somewhat turbulent macro environment in the third quarter. We were able to rely on our enhanced integrated communication capabilities as well as our strong client base to sustain our growth momentum and achieve 45% growth in total revenue year-over-year. (Foreign Language) Advertising agency businesses for traditional media continues to deliver stable growth. Our internet advertising agency business delivered an impressive fivefold increase in agency revenues compared to the third quarter last year and currently makes up over 20% of our total advertising agency revenues compared to 13% in the second quarter of 2011 and 5% in full year 2010. (Foreign Language) Looking at the overall advertising market, we continue to see strong demand from advertisers, which is part of a larger consumer spending trend in China in which Chinese consumers are improving their lifestyles and their earning power increases. Advertisers are placing greatest strategic emphasis on developing grant equity in order to compete for customers. At the same time, advertisers are becoming more sophisticated with their immediate placement and more diligent with their budget while focusing on the return on investment.
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