On a consolidated basis, our operating cash flow was positive and we expect that cash flow for the company will continue to be positive for the foreseeable future. We ended the quarter with 11.7 million of cash, additionally we received approximately $800,000 of cash in January 2012 from a tax refund and expect to receive an additional 2.3 million in cash during the first half of fiscal year 2013 from the delivery of the Film Production segment’s episodic series.
We also continue to believe our stock price is undervalued considering our strong balance sheet and cash flow. During the quarter, we had an opportunity to repurchase a large block of approximately 2.1 million shares. We believe the repurchase of shares was a good use of our capital considering the depressed value of our stock. Year-to-date we have repurchased approximately 3 million shares or $3.5 million worth of stock.
We plan to continue to look for other opportunities to allocate our capital in a manner that will generate a return for shareholders. New Frontier Media is well-positioned to improve its performance in the future and we believe the execution of our strategies will result in improved shareholders return over the long-term.
Now I’ll turn it over to Grant for the results.Grant Williams Thank you, Michael. I’ll start the financial review this morning by discussing the third quarter operating performance by business segment, and then briefly discuss the liquidity position of the company before opening up the call for questions. For the Transactional TV segment, revenue in the third quarter declined to $8.4 million as compared to $8.8 million in the same prior year quarter. Domestic VOD revenue declined by approximately $0.4 million, due to lower revenue from the largest cable operator in the U.S. and we believe this decline was due to continued weakness in consumer discretionary spending and competition from other alternative products such as lower cost and free internet websites. Domestic pay-per-view revenue was also slightly lower due to a decline in revenue from the second largest satellite provider in the U.S. due to increased competition on that customer’s platform. International VOD and pay-per-view revenue were flat. Cost of sales for the segment increased by $0.8 million due to a one-time $0.5 million increase in expenses associated with the assumption of certain customer transport costs and $0.3 million in additional costs incurred to support the distribution of new domestic content packages. Read the rest of this transcript for free on seekingalpha.com