Focus Media Holding Limited (NASDAQ:FMCN), China's largest digital media group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2009. Focus Media Holding Ltd. trades on the “NASDAQ” under the stock symbol “FMCN”. For the Latest information regarding “FMCN”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Focus Media Holding Limited (NASDAQ:FMCN), China's largest digital media group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2009.
The results of the internet business have been restated in this earning release to reflect the disposal of certain subsidiaries which have been classified as discontinued operations for all periods presented.
Highlights for Fourth Quarter 2009:
- Total net revenue for fourth quarter 2009 was $144.3 million, of which
the aggregate net revenue for the LCD display network, in-store network
and poster frame network was $98.3 million, surpassing the Company's
previous guidance of $92 million and the aggregate net revenue for the
movie theatre and outdoor traditional billboard network and Internet
advertising services was $46.0 million, surpassing the Company's
previous guidance of $39 million.
- GAAP net loss attributable to Focus Media was $52.5 million or a loss
of $0.39 per fully diluted ADS, compared to net loss attributable to
Focus Media of $127.6 million for the third quarter of 2009 or a loss
of $0.99 per fully diluted ADS and net loss attributable to Focus Media
of $802.5 million for the fourth quarter of 2008 or a loss of $6.24 per fully diluted ADS.
- Non-GAAP net income attributable to Focus Media for the fourth quarter
of 2009 was $34.7 million or an income of $0.26 per ADS, compared to
non-GAAP net income attributable to Focus Media of $7.9 million for the
third quarter of 2009 or an income of $0.06 per ADS and non-GAAP net
income of $50.0 million for the fourth quarter of 2008 or an income of
$0.39 per ADS.
- Net cash flow from operations in the fourth quarter of 2009 was
$72.3 million, an increase of 96% from $ 36.8 million in the third
quarter of 2009.
Highlights for Full Year 2009:
- Total net revenue for full year 2009 was $505.0 million, declining 21%
from $642.3 million for full year 2008, substantially due to
unfavorable macro-economic condition and strategic reorganization
related to several lines of our businesses. The aggregate net revenue
for the LCD display network, in-store network and poster frame network
for full year 2009 was $338.1 million, declining 25% from
$450.6 million for full year 2008. The aggregate net revenue for the
movie theatre and outdoor traditional billboard network and Internet
advertising services was $166.9 million, declining 13% from
$191.7 million for full year 2008.
- GAAP net loss attributable to Focus Media was $208.8 million for full
year 2009 or a loss of $1.61 per fully diluted ADS, compared to net
loss attributable to Focus Media of $770.7 million for full year 2008,
or a loss of $5.98 per fully diluted ADS.
- Non-GAAP net income attributable to Focus Media for full year 2009 was
$89.4 million or an income of $0.69 per ADS, compared to non-GAAP net
income attributable to Focus Media of $221.9 million for full year 2008
or an income of $1.72 per ADS.
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Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
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