Phoenix Satellite Television Holdings Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported total revenues of RMB 239,072,000 against RMB 171,738,000 for the same period last year. Income from operations was RMB 27,191,000 against loss from operations of RMB 24,243,000 for the same period last year. Net income before tax was RMB 38,238,000 against net loss before tax of RMB 23,550,000 for the same period last year. Net income attributable to the company was RMB 32,933,000 against net loss attributable to the company of RMB 26,235,000 for the same period last year. Net income attributable to ordinary shareholders was RMB 32,933,000 against net loss attributable to ordinary shareholders of RMB 588,838,000 for the same period last year. Basic and diluted income per ordinary share was RMB 0.05 against basic and diluted loss per ordinary share of RMB 1.61 for the same period last year. Adjusted net income attributable to the company for the first quarter of 2012, which excludes share-based compensation expenses, increased by 66.6% to RMB 36.3 million from RMB 21.8 million in the first quarter of 2011. Adjusted net income per diluted ADS was RMB 0.45 in the first quarter of 2012, representing an increase of 36.8% from RMB 0.33 in the first quarter of 2011. The company provided revenue guidance for the second quarter of 2012. For the second quarter of 2012, the company expects its total revenues to be between RMB 282 million and RMB 292 million, representing year-over-year growth of approximately 24% to 28%. Net advertising revenues are expected to be between RMB 166 million and RMB 171 million, representing year-over-year growth of approximately 46% to 50%. Paid service revenues are expected to be between RMB 116 million and RMB 121 million, representing year-over-year growth of approximately 2% to 6%.