China Digital TV Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
May 16, 2017
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China Digital TV announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net revenues decreased by 56.3% to $0.7 million from $1.5 million in the prior year period. The decline in net Revenue was primarily due to the decreased revenues from system development and system integration, which was partially offset by an increase in revenues from cloud platform operations in the first quarter of 2017. Loss from the operation of continuing operations in the first quarter of 2017 decreased by 24.5% to $1.9 million from $2.5 million in the prior year period. Net income attributable to company in the first quarter of 2017 was $0.2 million, as compared with $1.2 million in the prior year period. The decrease was primarily because the discontinued operations were disposed of in the fourth quarter of 2016. Net income from continuing operations attributable to company was $0.5 million, as compared with a net loss of $2.5 million in the prior year period. Non-GAAP net income attributable to company in the first quarter of 2017 was $0.6 million, as compared with $1.2 million in the prior year period. Income before income tax was $299,000 against loss of $2,483,000 a year ago. Diluted earnings per share from continuing operations was $0.01 against $0.04 loss per share a year ago. Diluted earnings per share was $0.00 against $0.02 per share a year ago.
China Digital TV Holding Co Ltd is a holding company mainly engaged in the provision of cloud platforms. Its cloud platforms provide cloud computing technology-based digital video delivery solutions to television and telecommunication network operators. The Company provides cloud gaming, cloud education, cloud virtual reality (VR), operational strategies and customer service systems through its cloud platforms. The Company is also engaged in the provision of products and services related to the VR technology, and technical support and services. The Company mainly conducts its businesses in the domestic market.