Nov. 12, 2012
/PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems to
's expanding digital television market, today declared a special cash dividend of
per share on the Company's ordinary shares, par value
per share. Each of the Company's American depositary shares represents one ordinary share.
Shareholders of record as of the close of business on
November 26, 2012
, U.S. Eastern Standard Time, will be eligible to receive the dividend. This cash dividend is currently expected to be paid in two installments of
on or around
December 3, 2012
February 4, 2013
, China Digital TV's Chairman and Chief Executive Officer commented, "Our Board of Directors believes that a special cash dividend is an efficient use of cash to maximize shareholder value. Our balance sheet and cash flow will continue to allow us to invest in the development of industry-leading technologies."
In light of the foregoing dividend declaration, the Company has accrued a deferred tax liability related to the undistributed retained earnings of its subsidiaries located in the PRC that will impact the net income attributable to China Digital TV in its unaudited financial results in the three months ended
September 30, 2012
, which are expected to be announced on
November 20, 2012
This is the fourth time that the Company has declared dividends to its shareholders since its initial public offering and listing on the NYSE in 2007. Going forward, China Digital TV's board of directors will continue to evaluate the Company's dividend policy based on various factors, including those relating to shareholder value.