BEIJING, March 3, 2016 /PRNewswire/ -- China Digital TV
Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the
"Company"), the leading provider of cloud-based application
platforms and conditional access ("CA") systems which enable
China's digital cable television
market to offer and secure diversified content services, today
announced its unaudited financial results for the fourth quarter
and full year ended December 31,
2015.
"Supported by positive seasonality and a larger-than-expected
uptick in international shipments of smart cards, we were very
pleased to have beaten our guidance for both revenues and shipments
during the fourth quarter," stated Mr. Jianhua Zhu, China Digital TV's chief executive
officer. "Despite this achievement, 2015 was a tough year for the
Company, as we continued to face secular headwinds associated with
the overall market maturity of the smart card sector. As the
Chinese cable industry continues its transition to further embrace
the Internet and offer over-the-top ("OTT") services, we see
uncertainties in the short-term, and great opportunities over the
mid- to long-term. Our progress in building our cyber cloud
ecosystem demonstrates the synergies between our traditional and
emerging businesses. By leveraging our strong partnerships and
expertise in the cable industry, we were able to amass 1.7 million
registered users on our cyber cloud platform across all geographies
by the end of 2015, and further expand into Sichuan province. Looking ahead in 2016, we
will focus on both optimizing the cloud gaming operations for
television to continue expanding and diversifying our user base,
and analyzing user behavior on the platform to attract additional
TV gamers and prepare for monetization. By continuing to build upon
our strengths and abilities to capitalize on opportunities across
China's evolving cable and
Internet TV landscape, we are confident we can weather the current
volatility and develop next-generation content services for our
expanding base of users."
Ms. Yue Qian, China Digital TV's acting chief financial officer,
commented, "Though the traditional smart card business continues to
plateau, it remains a valuable asset that provides us solid cash
flow and profit margins. We are committed to improving this
business and will continue to leverage our leadership position in
the cable TV market as we focus on developing and promoting our
emerging cyber cloud ecosystem in China."
Fourth Quarter 2015
Results[1]
In the fourth quarter of 2015, China Digital TV's smart card
shipments decreased by 31.3% to 3.54 million from 5.15 million in
the prior year period. The decrease was primarily due to the
general market decline of the mature CA business.
China Digital TV's net revenues decreased by 38.9% to
US$17.9 million from US$29.2 million in the prior year period. The
decrease was primarily due to a decrease in revenues from the sales
of smart cards caused by the general market decline of the mature
CA business and decline in average selling price ("ASP") of smart
cards.
Revenues from the Company's top five customers accounted for
34.5% of total revenues, compared to 26.5% in the prior year
period, primarily attributable to the consolidation of certain
cable operators in the market.
|
Revenue
Breakdown
|
|
|
For the three
months ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2015
|
|
2015
|
|
2014
|
|
|
(in thousands of
U.S. dollars)
|
|
Products:
|
|
|
|
|
|
|
|
|
|
|
Smart
cards
|
|
$
|
12,753
|
|
$
|
9,035
|
|
$
|
22,145
|
|
Other
products
|
|
|
1,743
|
|
|
318
|
|
|
2,354
|
|
Subtotal
|
|
|
14,496
|
|
|
9,353
|
|
|
24,499
|
|
Services:
|
|
|
|
|
|
|
|
|
|
|
Head-end system
integration
|
|
|
1,675
|
|
|
460
|
|
|
3,210
|
|
Head-end system
development
|
|
|
1,587
|
|
|
169
|
|
|
737
|
|
Licensing
income
|
|
|
145
|
|
|
282
|
|
|
1,155
|
|
Royalty
income
|
|
|
35
|
|
|
216
|
|
|
152
|
|
Other
services
|
|
|
193
|
|
|
195
|
|
|
11
|
|
Subtotal
|
|
|
3,635
|
|
|
1,322
|
|
|
5,265
|
|
Total
revenues
|
|
$
|
18,131
|
|
$
|
10,675
|
|
$
|
29,764
|
Revenues from smart cards decreased by 42.4% to
US$12.8 million in the fourth quarter
of 2015 from US$22.1 million in the
prior year period. The decrease was mainly due to a decrease in
shipment volumes of smart cards, as well as a decline in ASPs.
Sales of smart cards accounted for 70.3% of total revenues in the
fourth quarter of 2015, compared to 74.4% in the prior year
period.
Revenues from other products decreased by 26.0% to
US$1.7 million in the fourth quarter
of 2015 from US$2.4 million in the
prior year period. The decrease was mainly attributable to a
decline in sales of network broadcasting platforms ("NBP"). Sales
of other products accounted for 9.6% of total revenues in the
fourth quarter of 2015, compared to 7.9% in the prior year
period.
Revenues from services decreased by 31.0% to
US$3.6 million in the fourth quarter
of 2015 from US$5.3 million in the
prior year period. The decrease was primarily due to the decline in
revenues from head-end system integration, as well as licensing
income, which was partially offset by an increase in revenues from
head-end system development. Revenues from services accounted for
20.1% of total revenues in the fourth quarter of 2015, compared to
17.7% in the prior year period.
Cost of revenues from smart cards and other products
decreased by 29.4% to US$2.9 million
in the fourth quarter of 2015 from US$4.1
million in the prior year period. The decrease was mainly
due to a decline in cost of revenues from smart cards resulting
from decreased shipment volumes of smart cards. Cost of revenues
from smart cards and other products accounted for 29.3% and 20.5%,
respectively, of total cost of revenues in the fourth quarter of
2015, compared to 60.8% and 12.2% in the prior year period.
Cost of revenues from services increased by 92.8% to
US$2.9 million in the fourth quarter
of 2015 from US$1.5 million in the
prior year period. The increase was mainly due to the increases in
costs associated with head-end system integration and development.
Cost of revenues from services accounted for 50.2% of total cost of
revenues, compared to 27.0% in the prior year period.
Gross profit in the fourth quarter of 2015 decreased by
49.0% to US$12.1 million from
US$23.6 million in the prior year
period. Gross margin, which is equal to gross profit divided
by net revenues, was 67.6% in the fourth quarter of 2015, compared
to 80.9% in the prior year period. The decline in gross margin was
primarily due to the decreased portion of total revenues accounted
for by net revenues from smart cards, which have a higher gross
margin than other products and services.
In the fourth quarter of 2015, the ASP of smart cards decreased
by 16.2% year over year, while the unit cost of smart cards
decreased by 27.4% year over year.
Operating expenses in the fourth quarter of 2015
decreased by 20.8% to US$9.3 million
from US$11.8 million in the prior
year period.
- Research and development expenses in the fourth quarter
of 2015 decreased by 16.7% to US$3.7
million from US$4.4 million in
the prior year period. The decline was mainly due to a decrease in
personnel related expenses resulting from lower headcount, and
project development expenses.
- Selling and marketing expenses in the fourth quarter of
2015 decreased by 7.3% to US$3.0
million from US$3.2 million in
the prior year period. The decline was mainly due to a decrease in
marketing activities relating to the Company's CA business.
- General and administrative expenses in the fourth
quarter of 2015 decreased by 35.4% to US$2.7
million from US$4.2 million in
the prior year period. The decline was mainly due to a decrease in
professional fees.
Income from operations in the fourth quarter of
2015 decreased by 77.0% to US$2.7
million from US$11.9 million
in the prior year period.
Income tax expenses in the fourth quarter of 2015
decreased by 56.8% to US$1.6 million
from US$3.6 million in the prior year
period. The decline was mainly due to a decrease in taxable
income.
Net income attributable to holders of
ordinary shares in the fourth quarter of 2015 decreased by
79.0% to US$2.3 million from
US$10.9 million in the prior year
period.
Non-GAAP net
income[2]
attributable to holders of ordinary shares in the fourth
quarter of 2015 was US$2.3 million,
compared to US$11.1 million in the
prior year
period[3].
Balance Sheet
As of December 31, 2015, China
Digital TV had cash and cash equivalents and restricted cash
totaling US$70.2 million.
Full Year 2015 Results
In 2015, China Digital TV's smart card shipments decreased by
30.2% to 10.88 million from 15.60 million in the prior year.
China Digital TV's net revenues decreased by 35.2% to
US$52.9 million from US$81.5 million in the prior year. The decrease
was primarily due to a decrease in revenues from the sales of smart
cards caused by the general market decline of the mature CA
business, as well as a decline in the ASP of smart cards.
Revenues from the Company's top five customers accounted for
33.9% of total revenues, compared to 26.9% in the prior year,
primarily attributable to the consolidation of certain cable
operators in the market.
|
Revenue
Breakdown
|
|
|
|
For the
twelve months ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
(in thousands of
U.S. dollars)
|
|
Products:
|
|
|
|
|
|
|
|
|
Smart
cards
|
|
|
$
|
43,533
|
|
$
|
67,108
|
|
Other
products
|
|
|
|
2,865
|
|
|
6,412
|
|
Subtotal
|
|
|
|
46,398
|
|
|
73,520
|
|
Services:
|
|
|
|
|
|
|
|
|
Head-end system
integration
|
|
|
|
3,235
|
|
|
4,591
|
|
Head-end system
development
|
|
|
|
2,419
|
|
|
1,566
|
|
Licensing
income
|
|
|
|
725
|
|
|
2,516
|
|
Royalty
income
|
|
|
|
518
|
|
|
585
|
|
Other
services
|
|
|
|
407
|
|
|
165
|
|
Subtotal
|
|
|
|
7,304
|
|
|
9,423
|
|
Total
revenues
|
|
|
$
|
53,702
|
|
$
|
82,943
|
Revenues from smart cards decreased by 35.1% to
US$43.5 million in 2015 from
US$67.1 million in the prior year.
The decrease was mainly due to a decline in shipment volumes of
smart cards. Sales of smart cards as a percentage of total revenues
remained stable at 81.1% in 2015, compared to the prior year.
Revenues from other products decreased by 55.3% to
US$2.9 million in 2015 from
US$6.4 million in the prior year. The
decrease was mainly attributable to a decline in the sales of
surface mounted chips and NBPs. Sales of other products accounted
for 5.3% of total revenues in 2015, compared to 7.7% in the prior
year.
Revenues from services decreased by 22.5% to
US$7.3 million in 2015, compared to
US$9.4 million in the prior year. The
decrease was primarily due to the decrease in revenues from
licensing income and head-end system integration, which was
partially offset by an increase in revenues from head-end system
development. Revenues from services accounted for 13.6% of total
revenues in 2015, compared to 11.4% in the prior year.
Cost of revenues from smart cards and other products
decreased by 34.1% to US$9.1 million
in 2015 from US$13.8 million in the
prior year. The decrease was mainly due to a decline in cost of
revenues from smart cards, which corresponds to decreased shipment
volumes. Cost of revenues from smart cards and other products
accounted for 48.2% and 12.0%, respectively, of total cost of
revenues in 2015, compared to 60.8% and 15.1% in the prior
year.
Cost of revenues from services increased by 37.4% to
US$6.0 million in 2015 from
US$4.4 million in the prior year. The
increase was mainly due to an increase in cost of revenues from
head-end system integration. Cost of revenues from services
accounted for 39.8% of total cost of revenues, compared to 24.1% in
the prior year.
Gross profit in 2015 decreased by 40.4% to US$37.7 million from US$63.3 million in the prior year. Gross
margin, which is equal to gross profit divided by net revenues,
was 71.3% in 2015, compared to 77.6% in the prior year. The decline
in gross margin was primarily due to a decrease in the gross margin
of other products, which was attributable to the decline in sales
of comparatively high-margin surface mounted chips and NBPs.
In 2015, the ASP of smart cards decreased by 7.1% year over
year, while the unit cost of smart cards decreased by 5.5% year
over year.
Operating expenses in 2015 decreased by 15.5% to
US$35.6 million from US$42.1 million in the prior year.
- Research and development expenses in 2015 decreased by
11.4% to US$15.3 million from
US$17.3 million in the prior year.
The decline was mainly due to a decrease in personnel related
expenses resulting from lower headcount.
- Selling and marketing expenses in 2015 decreased by
16.2% to US$11.6 million from
US$13.9 million in the prior year.
The decline was mainly due to a decrease in marketing
expenses.
- General and administrative expenses in 2015
decreased by 20.9% to US$8.7 million
from US$10.9 million in the prior
year. The decline was mainly due to a decrease in professional
fees.
Income from operations in 2015 decreased by 89.9%
to US$2.1 million from US$21.2 million in the prior year.
Net income attributable to holders of ordinary
shares in 2015 decreased by 92.7% to US$1.5 million from US$20.9 million in the prior year.
U.S. Federal Income Taxation
Based on the Company's analysis of the value of the Company's
assets and income for the taxable year ended December 31, 2015, the Company believes that it
was not a passive foreign investment company ("PFIC") for the
taxable year ended December 31, 2015.
There can be no assurance that the Company will not be a PFIC for
the taxable year ending December 31,
2016 or future taxable years, as PFIC status is tested each
year and depends on the Company's assets and income in such year.
In addition, based on an analysis of the value of the Company's
assets as of the end of prior years, the Company was a PFIC during
the taxable years ended December 31,
2009 through 2013 and not a PFIC during the taxable year
ended December 31, 2014 for U.S.
federal income tax purposes. Certain holders of the Company's ADSs
or ordinary shares that are subject to U.S. federal income tax and
that held ADSs or ordinary shares during any year in which the
Company was treated as a PFIC will be subject to special rules that
may have materially adverse consequences. Further details about the
PFIC rules are available in the Company's annual reports on Form
20-F for the fiscal year ended December 31,
2014. U.S. holders (as defined in the Form 20-F) of the
Company's ADSs should generally be able to make a mark-to-market
election under the PFIC rules. U.S. holders of the Company's ADSs
are advised to consult their own tax advisors regarding the
application of the PFIC rules to their particular circumstances,
including the consequences of making a mark-to-market election.
Business Outlook
Based on information available as of March 3, 2016, China Digital TV expects smart
card shipment volumes in the first quarter of 2016 to be in the
range of 2.7 million to 3.0 million. Net revenues in the first
quarter of 2016 are expected to be in the range of US$12.1 million to US$13.3 million.
Conference Call Information
China Digital TV's management will host an earnings conference
call at 7:00 p.m. on Thursday, March 3, 2016, U.S. Eastern Time
(8:00 a.m. on Friday, March 4, 2016, Beijing/Hong Kong Time).
Conference Call Dial-in Information:
|
United States Toll
Free:
|
+1-888-346-8982
|
|
International:
|
+1-412-902-4272
|
|
Hong Kong:
|
800-905945
|
|
China Toll
Free:
|
4001-201203
|
|
Conference
Name:
|
China Digital TV
Holding Co. Ltd. call.
|
A replay of the call will be available for one week between
9:00 p.m. on March 3, 2016 and 9:00
a.m. on March 10, 2016, U.S.
Eastern Time.
Replay Dial-in Information:
|
United
States:
|
+1-877-344-7529
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
10081586
|
Additionally, a live and archived webcast of this call will be
available on the Investor Relations section of China Digital TV's
corporate website at http://ir.chinadtv.cn.
About China Digital TV
Founded in 2004, China Digital TV enables television network
operators to manage, extend and diversify content services across
households and public areas in China. China Digital TV is the leading
provider of cloud-based application platforms and network
broadcasting platform ("NBP") services to Chinese cable operators,
helping them to effectively bring mobile gaming apps and other
entertainment options to household television sets, and extend
cable programming outside the home to any mobile device. China
Digital TV is also the leading provider of Conditional Access
("CA") systems in China's digital
television market. CA systems enable television network operators
to secure the delivery of content to their subscribers. The Company
has existing cooperation with nearly all of China's cable television operators.
For more information please visit the Investor Relations section
of China Digital TV's website at http://ir.chinadtv.cn.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Such forward-looking statements
are made under the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "may," "should" and
similar expressions. Such forward-looking statements include,
without limitation, statements regarding the outlook for the first
quarter of 2016 and comments by management in this announcement
about trends in the CA systems, digital television, cable
television and related industries in the PRC and China Digital TV's
strategic and operational plans and future market positions. China
Digital TV may also make forward-looking statements in its periodic
reports filed with the Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about China Digital TV's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from
projections contained or implied in any forward-looking statement,
including but not limited to the following: competition in the CA
systems, digital television, cable television and related
industries in the PRC and the impact of such competition on prices,
our ability to implement our business strategies, changes in
technology, the progress of the television digitalization in the
PRC, the structure of the cable television industry or television
viewer preferences, changes in PRC laws, regulations or policies
with respect to the CA systems, digital television, cable
television and related industries, including the extent of non-PRC
companies' participation in such industries, and changes in
political, economic, legal and social conditions in the PRC,
including the government's policies with respect to economic
growth, foreign exchange and foreign investment.
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 Securities and Exchange Commission.
China Digital TV does not assume any obligation to update any
forward-looking statements, which apply only as of the date of this
press release.
For investor and media inquiries, please contact:
China Digital TV Holding Co., Ltd.
Nan Hao
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn
ICR, Inc.
Charles Eveslage
Tel: +1 (646) 328-1950
Email: stv@icrinc.com
|
[1]Unless otherwise
stated, all financial statement measures stated in this press
release are based on generally accepted accounting principles in
the United States ("U.S. GAAP").
[2]Non-GAAP net
income (loss) is defined as net income (loss) excluding certain
non-cash expenses, such as share-based compensation expenses,
amortization of acquired intangible assets from business
acquisitions and equity method investments.
[3]For more information on these non-GAAP financial measures,
please see the tables captioned "Reconciliations of non-GAAP
measures" set forth at the end of this release.
|
|
China Digital TV
Holding Co., Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive
Income/(Loss)
(in thousands of U.S. dollars, except share and per share
data)
|
|
|
|
|
|
|
For the three
months ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
14,496
|
|
$
|
9,353
|
|
$
|
24,499
|
|
Services
|
|
|
3,635
|
|
|
1,322
|
|
|
5,265
|
|
Total
revenues
|
|
|
18,131
|
|
|
10,675
|
|
|
29,764
|
|
Business and sales
related taxes
|
|
|
(281)
|
|
|
(128)
|
|
|
(537)
|
|
Net
revenues
|
|
|
17,850
|
|
|
10,547
|
|
|
29,227
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
(2,884)
|
|
|
(2,088)
|
|
|
(4,083)
|
|
Services
|
|
|
(2,906)
|
|
|
(1,098)
|
|
|
(1,507)
|
|
Total cost of
revenues
|
|
|
(5,790)
|
|
|
(3,186)
|
|
|
(5,590)
|
|
Gross
profit
|
|
|
12,060
|
|
|
7,361
|
|
|
23,637
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
(3,691)
|
|
|
(3,904)
|
|
|
(4,430)
|
|
Selling and marketing
expenses
|
|
|
(2,954)
|
|
|
(2,609)
|
|
|
(3,188)
|
|
General and
administrative expenses
|
|
|
(2,694)
|
|
|
(1,897)
|
|
|
(4,169)
|
|
Total operating
expenses
|
|
|
(9,339)
|
|
|
(8,410)
|
|
|
(11,787)
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
|
|
2,721
|
|
|
(1,049)
|
|
|
11,850
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
306
|
|
|
287
|
|
|
151
|
|
Other
income
|
|
|
1,012
|
|
|
248
|
|
|
1,930
|
|
Income/(loss)
before income taxes
|
|
|
4,039
|
|
|
(514)
|
|
|
13,931
|
|
Income tax
expenses/(benefits)
|
|
|
|
|
|
|
|
|
|
|
Income
tax-current
|
|
|
(1,104)
|
|
|
(734)
|
|
|
(1,545)
|
|
Income
tax-deferred
|
|
|
(451)
|
|
|
57
|
|
|
(2,054)
|
|
Net income/(loss)
before net income from equity method investments
|
|
|
2,484
|
|
|
(1,191)
|
|
|
10,332
|
|
Net(loss)/income from
equity method investments, net of
income taxes (including dilution
gain from equity method investment of nil, US$184 and nil,
respectively)
|
|
|
(140)
|
|
|
337
|
|
|
(70)
|
|
Net
income/(loss)
|
|
|
2,344
|
|
|
(854)
|
|
|
10,262
|
|
Net(income)/loss
attributable to noncontrolling interest
|
|
(46)
|
|
|
378
|
|
|
675
|
|
Net income/(loss)
attributable to holders of ordinary shares
|
|
$
|
2,298
|
|
$
|
(476)
|
|
$
|
10,937
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per share attributable to holders of ordinary shares
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
$
|
(0.01)
|
|
$
|
0.18
|
|
Diluted
|
|
$
|
0.04
|
|
$
|
(0.01)
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
$
|
2,344
|
|
$
|
(854)
|
|
$
|
10,262
|
|
Other comprehensive
loss, net of tax
Foreign currency
translation adjustment
|
|
|
(1,892)
|
|
|
(2,212)
|
|
|
(1,050)
|
|
Comprehensive
income/(loss)
|
|
|
452
|
|
|
(3,066)
|
|
|
9,212
|
|
Comprehensive
(income)/loss attributable to noncontrolling interest
|
|
|
(42)
|
|
|
395
|
|
|
684
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income/(loss) attributable to holders of ordinary shares
|
|
$
|
410
|
|
$
|
(2,671)
|
|
$
|
9,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating net income per ordinary share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
60,156,157
|
|
|
60,137,813
|
|
|
59,592,861
|
|
Diluted
|
|
|
61,126,154
|
|
|
60,137,813
|
|
|
62,221,519
|
|
China Digital TV
Holding Co., Ltd.
Unaudited Condensed Consolidated Balance Sheets
(in thousands of U.S. dollars)
|
|
|
|
|
|
ASSETS
|
December
31,
|
|
December
31,
|
|
2015
|
2014
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
70,138
|
|
$
|
62,042
|
|
Restricted
cash
|
|
34
|
|
|
78
|
|
Notes
receivable
|
|
4,851
|
|
|
5,417
|
|
Accounts receivable,
net
|
|
38,211
|
|
|
47,977
|
|
Inventories,
net
|
|
4,857
|
|
|
4,966
|
|
Prepaid expenses and
other current assets
|
|
3,782
|
|
|
8,964
|
|
Deferred
costs-current
|
|
-
|
|
|
710
|
|
Deferred tax assets -
current
|
|
3,015
|
|
|
2,387
|
|
Total current
assets
|
|
124,888
|
|
|
132,541
|
|
Long-term
receivable
|
|
-
|
|
|
45
|
|
Property and
equipment, net
|
|
680
|
|
|
880
|
|
Intangible assets,
net
|
|
348
|
|
|
440
|
|
Goodwill
|
|
1,343
|
|
|
1,402
|
|
Equity method
investments
|
|
3,055
|
|
|
2,502
|
|
Deferred costs -
non-current
|
|
-
|
|
|
516
|
|
Deferred tax assets -
non-current
|
|
436
|
|
|
785
|
|
Total
assets
|
|
130,750
|
|
|
139,111
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
1,665
|
|
|
2,298
|
|
Notes
payable
|
|
-
|
|
|
86
|
|
Accrued expenses and
other current liabilities
|
|
11,806
|
|
|
17,652
|
|
Deferred revenue -
current
|
|
3,635
|
|
|
4,572
|
|
Income tax
payable
|
|
2,401
|
|
|
3,465
|
|
Deferred tax
liabilities - current
|
|
5,334
|
|
|
3,727
|
|
Government subsidies
- current
|
|
819
|
|
|
167
|
|
Total current
liabilities
|
|
25,660
|
|
|
31,967
|
|
Deferred revenue -
non-current
|
|
173
|
|
|
617
|
|
Government subsidies
- non-current
|
|
3,024
|
|
|
4,390
|
|
Deferred income
taxes-non-current
|
|
87
|
|
|
110
|
|
Total
liabilities
|
|
28,944
|
|
|
37,084
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
China Digital TV
Holding Co., Ltd. shareholders'
equity:
|
|
Ordinary
shares
|
|
30
|
|
|
30
|
|
Additional paid-in
capital and statutory reserve
|
|
56,349
|
|
|
53,616
|
|
Retained
earnings
|
|
23,451
|
|
|
22,307
|
|
Accumulated other
comprehensive income
|
|
21,650
|
|
|
25,509
|
|
Total China
Digital TV Holding Co., Ltd.
shareholders'
equity
|
|
101,480
|
|
|
101,462
|
|
Noncontrolling
interest
|
|
326
|
|
|
565
|
|
Total
equity
|
|
101,806
|
|
|
102,027
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
130,750
|
|
$
|
139,111
|
|
China Digital TV
Holding Co., Ltd.
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
(in thousands of
U.S. dollars, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
|
$
|
46,398
|
|
$
|
73,520
|
|
Services
|
|
|
|
|
|
7,304
|
|
|
9,423
|
|
Total
revenues
|
|
|
|
|
|
53,702
|
|
|
82,943
|
|
Business and
sales related taxes
|
|
|
|
|
|
(838)
|
|
|
(1,410)
|
|
Net
revenues
|
|
|
|
|
|
52,864
|
|
|
81,533
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
|
|
(9,123)
|
|
|
(13,845)
|
|
Services
|
|
|
|
|
|
(6,024)
|
|
|
(4,384)
|
|
Total Cost of
Revenues
|
|
|
|
|
|
(15,147)
|
|
|
(18,229)
|
|
Gross
Profit
|
|
|
|
|
|
37,717
|
|
|
63,304
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
|
|
|
(15,304)
|
|
|
(17,276)
|
|
Selling and
marketing expenses
|
|
|
|
|
|
(11,627)
|
|
|
(13,877)
|
|
General and
administrative expenses
|
|
|
|
|
|
(8,653)
|
|
|
(10,935)
|
|
Total operating
expenses
|
|
|
|
|
|
(35,584)
|
|
|
(42,088)
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
|
|
|
2,133
|
|
|
21,216
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
1,126
|
|
|
1,312
|
|
Other
income
|
|
|
|
|
|
1,810
|
|
|
3,069
|
|
Income before
income taxes
|
|
|
|
|
|
5,069
|
|
|
25,597
|
|
Income tax
(expenses)/benefits
|
|
|
|
|
|
|
|
|
|
|
Income
tax-current
|
|
|
|
|
|
(3,401)
|
|
|
(10,638)
|
|
Income
tax-deferred
|
|
|
|
|
|
(1,177)
|
|
|
4,265
|
|
Net income before
net income from
equity method investments
|
|
|
|
|
|
491
|
|
|
19,224
|
|
Net
income/(loss) from equity method
investments, net of income taxes (including
dilution gain from equity method investment
of US$184 and nil, respectively)
|
|
|
|
|
|
137
|
|
|
(59)
|
|
Net
income
|
|
|
|
|
|
628
|
|
|
19,165
|
|
Net loss attributable
to noncontrolling
interest
|
|
|
|
|
|
900
|
|
|
1,725
|
|
Net income
attributable to holders
of ordinary shares
|
|
|
|
|
$
|
1,528
|
|
$
|
20,890
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share attributable
to holders of ordinary shares
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
0.03
|
|
$
|
0.35
|
|
Diluted
|
|
|
|
|
$
|
0.02
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
$
|
628
|
|
$
|
19,165
|
|
Other comprehensive
loss, net of tax
Foreign currency translation adjustment
|
|
|
|
|
|
(3,892)
|
|
|
(3,441)
|
|
Comprehensive
(loss)/income
|
|
|
|
|
|
(3,264)
|
|
|
15,724
|
|
Comprehensive loss
attributable to
noncontrolling interest
|
|
|
|
|
|
933
|
|
|
1,735
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
(loss)/income attributable
to holders of ordinary shares
|
|
|
|
|
$
|
(2,331)
|
|
$
|
17,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in
calculating net income per ordinary share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
59,968,346
|
|
|
59,369,708
|
|
Diluted
|
|
|
|
|
|
62,133,669
|
|
|
61,716,779
|
Reconciliation of Non-GAAP Measures
Non-GAAP net income (loss) attributable to holders of ordinary
shares excludes certain non-cash expenses, such as share-based
compensation expenses, amortization of intangible assets acquired
from business acquisitions and equity method investments. The
Company believes that the non-GAAP net income (loss) provides
meaningful supplemental information regarding the Company's
performance by excluding certain non-cash expenses that may not be
indicative of its operating performance from a cash flow
perspective. The Company believes that both management and
investors benefit from referring to this additional information in
assessing the Company's performance and when planning and
forecasting future periods.
|
For the three
months ended
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
2015
|
2015
|
2014
|
|
|
(in U.S. dollars,
in thousands)
|
|
Net income/(loss)
attributable to China Digital TV Holding Co., Ltd shareholders -
GAAP
|
|
$
|
2,298
|
|
$
|
(476)
|
|
$
|
10,937
|
|
Share-based
compensation expenses
|
|
|
16
|
|
|
26
|
|
|
78
|
|
Amortization of
intangible assets from business acquisitions and equity method
investments
|
|
|
12
|
|
|
12
|
|
|
52
|
|
Net income/(loss)
attributable to China Digital TV Holding Co., Ltd shareholders -
Non-GAAP
|
|
$
|
2,326
|
|
$
|
(438)
|
|
$
|
11,067
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-digital-tv-announces-unaudited-fourth-quarter-and-full-year-2015-results-300230397.html
SOURCE China Digital TV Holding Co., Ltd.