BEIJING, March 30, 2012 /PRNewswire-Asia/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems to China's expanding digital television market, today announced that the payment of a special cash dividend (the "Dividend") to its shareholders, initially scheduled to be made on or around December 30, 2011, has received regulatory approval by the foreign exchange authority in China for the repatriation of U.S. dollars. The Company will transfer the dividend payment on April 6, 2012 to its eligible shareholders, among whom American Depositary Receipt (ADR) holders will receive the dividend payment approximately seven business days after the transfer in accordance with the ADR bank distribution process. On May 20, 2011, the Company announced a special cash dividend of US$0.56 per share on the Company's ordinary shares, par value US$0.0005 per share. Shareholders of record, including holders of the Company's American Depository Shares ("ADSs"), as of the close of business on June 20, 2011, U.S. Eastern Daylight Time, are eligible to receive the Dividend. The record date for the Dividend is not affected by the new payment date. The total amount of the Dividend is US$33.421 million. This is the third time that the Company has declared dividends to its shareholders since its initial public offering and listing on the NYSE in 2007. The Company's first declaration of dividends was announced in December 2008 and paid in January 2009. The second declaration of dividends of $2.00 per ADS was announced in November 2010 with two payment installments of $1.00 per ADS each in January and May of 2011, respectively. As of December 31, 2011, China Digital TV had cash and cash equivalents and restricted cash totaling US$257.2 million. In the fourth quarter of 2011, cash flow generated from operations was approximately US$29.5 million. Safe Harbor Statements This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.
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."