Tuesday, China Digital TV Holding Co., Ltd. (STV) reported its profit for the third-quarter decreased from the previous year quarter, as revenues declined largely due to drop in both smart card sales and revenues from services.
The company's third quarter net income attributable to it was US$4.9 million or US$0.08 per share, a decrease of 39.9% compared to US$8.2 million or US$0.14 per share in the corresponding period last year. Excluding charges, net income attributable to China Digital TV was US$5.5 million, compared to US$8.5 million in the prior year quarter.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter were US$12.1 million, compared to US$16.8 million in the previous year quarter. Four analysts expected revenues of $12.62 million. A decrease of 28.2%.
Revenues from smart cards and related products were US$10.6 million in the third quarter of 2009, a decrease of 29.9% from the corresponding period in 2008.
The company stated that the year-over-year and quarter-over-quarter decreases were primarily due to decreases in both shipment volume and the ASP of smart cards.
Gross profit in the third quarter of 2009 was US$8.9 million, a decrease of 35.3% from the corresponding period last year.
Looking forward, for the fourth quarter, the company expects revenues in the range of US$12.5 million to US$13.6 million. Wall Street analysts currently expect revenues of $12.62 million for the quarter.
STV closed Tuesday's regular trading at $7.05 on the NYSE. In the after hours, the stock dropped $0.65 or 9.22% to trade at $6.40.
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