Please note that today’s discussion will contain forward-looking statements made under Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today.
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 the 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 Li [Interpreted] Thank you, Colin. Hello everyone, and thank for joining us today. We’re thrilled by the growth momentum of the successful second quarter. Within VisionChina Media once again delivered strong results in the third quarter of 2011 with revenues meeting company’s guidance and breaking our record for revenue generated in a single quarter. Total revenues in the third quarter of 2011 were $50.2 million, a 32.4% increase year-over-year and an 11.6% increase quarter-over-quarter. Additionally in the third quarter, we realized non-GAAP profitability of $3.7 million. Moreover it is worth mentioning that without any major pricing fluctuations VisionChina Media’s utilization rate during the third quarter surpassed our historical peak of the same period in 2008 with a record high of 10.64 minutes per broadcast hour. This 59% year-over-year increase and 23% quarter-over-quarter increase in utilization demonstrates that VisionChina Media’s nationwide out-of-home digital mobile television network with proven reach, recall and conversion rate is gaining more and more recognition and acceptance among advertisers in China. In terms of media network development, we have begun to see the results of a strategic year on media platform restart optimization initiatives. Capital resource management and effective negotiations have resulted in the restructuring of contractors with several partners, radio and broadcasting bureaus, and subway and bus companies. The result has been the successful lowering of the media cost of our network. Optimization of our media network means that every minute of advertising sold now generates gross profit guaranteeing the achievements of pre-determined annual target.