China Digital TV Holding Co., Ltd. (STV) Q1 2011 Earnings Call May 16, 2011 8:00 PM ET Executives Josh Gartner – Brunswick Group LLC, IR Dong Li – President Nan Hao – Head, Investor Relations Zhenwen Liang – Chief Financial Officer Analysts Mike Olson – Piper Jaffray Philip Wan – Morgan Stanley PresentationOperator
Good evening and thank you for standing by for China Digital TV’s first quarter 2011 earnings conference call. At this time, all participants are in listen-only mode. After management’s prepared remarks, there will be a question-and-answer session. Today’s conference is being recorded. If you have any objections you may disconnect at this time. I would now like to turn the meeting over to your host for today’s conference, Mr. Josh Gartner. Josh Gartner – Brunswick Group Hello everyone and welcome to China Digital TV’s first quarter 2011 earnings conference call. The company’s earnings results were released earlier today, and are available on the company’s IR website at ir.chinadtv.cn, as well as on newswire services. Today, you will hear from Mr. Dong Li, China Digital TV’s president, who will give an overview of the quarter, followed by the Company’s head of investor relations, Mr. Nan Hao, who will discuss the financial results. After their prepared remarks, they will be joined by China Digital TV’s chief financial officer, Mr. Zhenwen Liang, to answer your questions. Before we continue, please note that the discussion today will contain certain forward-looking statements made under the “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 results may be materially different from the views expressed today.
China Digital TV Holding (STV) rose on Wednesday after the company declared a special cash dividend of 50 cents a share on its ordinary shares. Each of China Digital's American Depositary Shares (ADS) represents one ordinary share. Shareholders of record as of the close of business on April 14 will be eligible to receive the dividend, which should be paid on or around May 9. This is the fifth time the company has declared a dividend since its IPO in 2007. "China Digital TV is always looking to provide excellent value to our shareholders and we believe that a special dividend is a prudent use of cash at this time," said Chairman and CEO Jianhua Zhu in a statement. "Our balance sheet and revenue remain strong enough to support our continued focus on R&D and other long-term objectives."