China Digital TV Holding Co., Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net revenues of $21.75 million against $19.32 million for the same period a year ago. Income from operations was $8.13 million against $8.23 million for the same period a year ago. Income before income tax was $9.32 million against $9.82 million for the same period a year ago. Net income attributable to company's shareholders was $6.97 million against $7.95 million for the same period a year ago. Diluted net income per share was $0.12 against $0.13 for the same period a year ago. Non-GAAP net income attributable to company's shareholders was $8.14 million against $8.51 million for the same period a year ago. Cash flow generated from operations was approximately $5.9 million. Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the first quarter of 2012 were $0.12 compared to $0.13 in the same period in 2011. The year-over-year increase in net revenues was primarily due to an increase in the sales of other products, such as multimedia home entertainment boxes, integrated chips and surface mounted device chipsets. The quarter-over-quarter decrease in net revenues was principally due to a decrease in the shipment volume of smart cards, and was partially offset by an increase in the sale of other products. Based on information available as of May 22, 2012, the company expects smart card shipments for the second quarter of 2012 to be in the range of 4.4 million to 4.6 million. Net revenues for the second quarter of 2012 are expected to be in the range of $25.44 million to $26.41 million.