China Digital TV Holding Co., Ltd. (STV), a provider of conditional access systems to China's digital television market, on Tuesday trimmed its forecast for second-quarter net revenues and smart card shipment volume, citing lower-than-planned smart card sales in several provinces in China.
For the second quarter, China Digital TV currently expects net revenues in the range of $22.4 million to $23.8 million, lower than previous forecast of $25.44 million to $26.41 million.
Smart card shipment volume is now projected in the range of 3.7 million to 3.8 million units, compared to previous forecast of 4.4 million to 4.6 million units.
Chairman and Chief Executive Officer Jianhua Zhu said, "As cable network consolidation has been largely completed, we observed that smart card purchasing decisions in recent months have become more centralized at the provincial level. Particularly in the second quarter, a number of municipalities in several provinces, for example Henan and Zhejiang, delayed purchasing activities while awaiting alignment from the provincial-level operator."
"While these factors affected our shipment in the second quarter, we believe that the unmet demand for smart cards in these provinces would be fulfilled at a later stage. However, at present, it is hard for us to predict a timeline," the company added.
Going forward, the company expects to continue improving operational efficiency and financial management to support long-term growth.
China Digital TV expects to release its second-quarter financial results in mid-to-late August 2012.
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