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 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) Hello everyone and thank you for joining us today. 2011 has been a year of positive growth for VisionChina Media with significant improvement across key financial and operating metrics. Total revenues generated in the fourth quarter broke the company’s record for revenues generated in the single quarter and still at US$53.4 million, an 18.9% increase year-over-year and 6.2% increase quarter-over-quarter. Average advertising revenue per broadcasting hour also reached a new historical high of US$1,217 in the fourth quarter of 2011. Additionally, in the fourth quarter we successfully realized profitability of US$4.1 million and GAAP profitability US$1.7 million. Total revenues for the full year 2011 reached US$181 million, 31% increase over the previous fiscal year. A year ago, we promised you we will control our media costs and no interest spent by more than 10% for the full year 2011 and we have delivered. We successfully limited 2011 annual media cost step up to just 5.3% much lower than the previous announced target. This was achieved through actively resource management and the restructuring of contract terms with various radio and broadcasting bureaus, and subway and bus companies. In 2012, we will continue to pursue this effective cost control strategy optimizing our media network structure with a goal of limiting of year-over-year step up in media costs for 2012 to no more than 10% based on our existing media network.