Good morning all sites and welcome to the AirMedia Group, Inc. Second Quarter 2015 Earnings Conference Call. [Operator Instructions] Now I'd like to hand the conference over to Mr. Raymond Huang, Senior Director of Investor Relations of the company. Thank you. You may begin.

Hello, everyone. Thank you for joining AirMedia's second quarter 2015 earnings conference call. Today Richard Wu, our CFO, will provide details on our financial results. Following his prepared remarks, the management will be available to take your questions. Before the management's presentations, please allow me to read you our Safe Harbor statement. During this conference call, representatives of the company will make certain forward-looking statements. These statements are based upon management's current views and expectations with respect to future events and are not a guarantee of future performance. Furthermore, these statements are by their nature subject to a number of risks and uncertainties that could cause actual performance and results to differ materially from those discussed in the forward-looking statements. AirMedia does not undertake any obligation to publicly update any forward-looking statements whether as a result of new information, future events, or otherwise except as required by applicable law. Please refer to AirMedia's filings with the SEC, including its Form 20-F for discussions of important factors that could affect future results. Our press release and this call include a discussion of unaudited GAAP financial information as well as some unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. The press release is available on the Investor Relations section of AirMedia's Web site at ir.airmedia.net.cn. I will now turn the call over to our CFO, Richard Wu.

Good morning and good evening everyone. Thank you everyone for joining our second quarter 2015 financial review. Before I go into the detail of our financial results, first I would like to discuss the decrease in our net income from discontinued operations. Pursuant to the agreement to sell 75% equity interest of AirMedia Group Inc., starting from the second quarter of 2015, the financial results associated with the company's standalone digital frames, mega-size LED screens, traditional media in airports, unipole signs and other outdoors media which form the transaction, were classified as discontinued operations. As a result, revenues in our financial statements for the second quarter of 2015 and comparable periods in the previous quarter of 2014 and in the previous quarter reflected revenues from continuing operations only. The year-over-year and quarter-over-quarter decrease in net income from discontinued operations attributable to AirMedia's shareholders were partially because there were income tax expenses of US$2 million for discontinued operations in the second quarter of 2015 and income tax benefits of US$4.1 million from discontinued operations in the same period one year ago, and income tax expense of US$507,000 for discontinued operations in the previous quarter. Partially due to the recognition of income tax expenses or income tax benefits, the net income from discontinued operations attributable to AirMedia Group Inc's shareholders in the second quarter of 2015 and the comparable period in the same period of 2014 and in the previous quarter, were significantly different from those on the [PRC cap] [ph]. In the past, our results of operations for the second half of each year were generally better than the first half due to seasonality. If that trend continues into the second half of 2015, we expect to achieve the 2015 profit target. Now let me pull through the details of our…

[Operator Instructions] Your first question comes from the line of Wei Fang from CLSA. Go ahead.

Just a quick question on the seasonality since right now you are reporting the business lines differently, right. For the modeling perspective, can you give us a little bit, maybe guidance on the second half of the year in terms of your continued business revenues? Thank you.

Yes. The continued operations consist mainly of Wi-Fi business and the gas station media business. The Wi-Fi business is still in the investment stage with the installation of the on-train Wi-Fi being conducted right now with the local railway bureaus. So the revenue from this product line is still minimal. And the main component of the continuing operations will be the gas station media business. This line is similar to our airport media business, still faces tough advertising environment with Chinese companies basically squeezing their advertising spending. But we expect the gas station media business to be kind of flat in top line compared to last year, while we are trying to cut operating expenses given the cost of that business is pretty much fixed through the concession fee arrangements with Sinopec's sales division. So that is a quick, basically summary of the outlook for second half of our continuing operations.

In addition to the gas station and the Wi-Fi business...

So the biggest part of your continued business is gas stations, that’s the biggest part?

Yes. In terms of revenue. Actually, we also have the digital TV on airplanes in the continuing operations.

Right. And that’s smaller than the gas station?

That’s smaller than the gas stations but larger than the Wi-Fi business.

Okay. Got it. And second question, on the net income from discontinued business after your tax rate. Last quarter you booked $4.9 million and this quarter it's $1.3 million. Is that simply because of the 25% you booked or any reason that’s significantly downsized?

Top line was decreased [definitely] [ph] for this quarter compared to the previous one. And also there is income tax negative impact on our bottom line for the discontinued operations. Operating expenses wise, it was a decrease, so we controlled that part pretty nicely. So overall, it was a reduction basically because of the income tax adjustments as well as slight top line decrease which according to our higher operating leverage situation was a direct reduction of our bottom line.

Got it. Okay. And maybe last question, do you have a time line in terms of your privatization process? When should we expect that to be completed? Thank you.

We are moving aggressively with our service providers according to, basically the relevant market practices. Right now, we do not have a definitive timeline or days for the completion of this privatization yet, but I do -- can assure you that things will move on diligently through the efforts of the management as well as our external parties and independent committee, the special committee. So, so far that basically is the latest.

[Operator Instructions] Thank you. We have no further questions at this time. I will hand back to our hosts for closing remarks.

Okay. Thank you for joining our call. I look forward to speaking with you next time. Bye.

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for your attendance. You may all now disconnect.