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.
Turning to our media network development, in addition to our strategic restructuring of media resources in our exclusive network cities, we further developed the new strategic initiatives to accelerate our media network expansion in the Tier-3 and Tier-4 cities, they are seeing rapid development and increasing market demand.On top of our 20 current cities, secured either by exclusive agency agreements or joint venture contracts, we added 41 cities in our non-exclusive mobile television networks in 2011. This expansion of our nationwide media network and deeper penetration into Tier-3 and Tier-4 cities greatly enhanced our ability to support multinational and domestic brand in the product promotion and sales in those regions. Every minute of advertising sold in these new cities generate gross profit and overall operational efficiency has increased greatly. The successful implementation of our media network extensive strategy has further solidified VisionChina Media’s undisputed market-leading position in China. As CCTV’s only strategic partner in the outdoor TV media space, VisionChina Media’s strategic operation with CCTV has a continued into third year and a more comprehensive diversified cooperation framework has been embraced by both sides. In addition to taking part in CCTV’s annual advertising fly time auction, VisionChina Media has the only extension of traditional TV with nationwide scale with Shenzhen to broadcast almost all of the important TV programs and news events from all 30 CCTV channels, including a spring festival gala, touching the heart of China, the March 22, general production day programs among other. Moreover VisionChina Media was authorized to broadcast public service advertisements to CCTV, VisionChina Media’s determination power, public credibility and social value have all been greatly enhanced through the broadcasting of this program that important to Chinese audiences, CTR, CMMS, and third party research organizations continue to conduct various independent analysis of our media platform and have further affirmed VisionChina Media’s unique status as an integrated all media platform with proven rates recall and conversion rates. Read the rest of this transcript for free on seekingalpha.com