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SMALL BUSINESS
AirMedia Announces Unaudited Second Quarter 2009 Financial Results
Second Quarter 2009 Financial and Business Highlights
-- Total revenues increased by 23.7% year-over-year to US$36.8 million.
-- Net loss attributable to AirMedia Group Inc.'s shareholders was
US$7.0 million. Basic and diluted loss per ADS were both US$0.11.
-- Adjusted net loss (non-GAAP), which is net loss attributable to
AirMedia Group Inc.'s shareholders excluding share-based compensation
expenses and amortization of acquired intangible assets was
US$5.4 million. Adjusted basic and diluted net loss per ADS (non-GAAP)
were both US$0.08.
"Despite the weak economic environment in the first quarter of 2009 during
which time most orders for the second quarter were placed, we still achieved a
23.7% year-over-year and 12.3% quarter-over-quarter growth of total revenues
in the second quarter of 2009. We believe it indicated that the worst impact
of the economic slowdown was over," said
Mr. Guo continued, "Economic statistics for the first half of 2009
indicated that
Financial Results
Revenues
Total revenues by product line (numbers in US$ 000's except for
percentages):
Quarter Quarter
Ended % of Ended % of
June 30 Total March 31 Total
2009 Revenues 2009 Revenues
Digital frames 16,474 44.7% 12,049 36.8%
Digital TV screens in airports 9,117 24.8% 12,233 37.3%
Digital TV screens on airplanes 3,932 10.7% 2,826 8.6%
Traditional media in airports 5,680 15.4% 3,994 12.2%
Other displays 1,616 4.4% 1,684 5.1%
Total revenues 36,819 100.0% 32,786 100.0%
Net revenues 36,295 31,702
Quarter % of Y/Y Q/Q
Ended June Total Growth Growth
30, 2008 Revenues rate rate
Digital frames 10,960 36.8% 50.3% 36.7%
Digital TV screens in airports 13,143 44.1% -30.6% -25.5%
Digital TV screens on airplanes 4,636 15.6% -15.2% 39.1%
Traditional media in airports 104 0.3% 5361.5% 42.2%
Other displays 931 3.2% 73.6% -4.0%
Total revenues 29,774 100.0% 23.7% 12.3%
Net revenues 28,489 27.4% 14.5%
Total revenues for the second quarter of 2009 reached
Revenues from digital frames in airports
Revenues from digital frames in airports for the second quarter of 2009
increased by 50.3% year-over-year and by 36.7% quarter-over-quarter to
The number of time slots sold for the second quarter of 2009 increased by 374.0% year-over-year and by 67.6% quarter-over-quarter to 5,683 time slots. The year-over-year and quarter-over-quarter increases were due to continued sales efforts and growing acceptance of AirMedia's digital frames. AirMedia's digital frames were operated in 28 airports in the second quarter of 2009, up from 16 airports at the end of the second quarter of 2008, and up from 25 airports at the end of the first quarter of 2009. The number of time slots available for sale for the second quarter of 2009 increased by 150.7% year-over-year and by 9.6% quarter-over-quarter to 26,277 time slots. The year-over-year increase was primarily due to an increase in the number of airports in AirMedia's digital frame network. The quarter-over-quarter increase was primarily due to the commencement of operations of digital frames in three additional airports during the second quarter of 2009 and the full-quarter operations of the digital frames in three airports, which AirMedia commenced to operate in the middle of the previous quarter. The utilization rate of digital frames for the second quarter of 2009 increased by 10.2 percentage points year-over-year and 7.5 percentage points quarter-over-quarter to 21.6%, primarily due to the increase in the number of time slots sold.
The ASP of digital frames for the second quarter of 2009 decreased by
68.3% year-over-year and by 19.1% quarter-over-quarter to
Revenues from digital TV screens in airports
Revenues from digital TV screens in airports for the second quarter of
2009 decreased by 30.6% year-over-year and by 25.5% quarter-over-quarter to
The number of time slots sold for the second quarter of 2009 decreased by 26.7% year-over-year and by 29.7% quarter-over-quarter to 5,856 time slots. The year-over-year decrease was due to the weak economic environment in the first quarter of 2009, during which time most orders for the second quarter were placed. The quarter-over-quarter decrease was because advertisers shifted their budget allocations from digital TV screens in airports to digital frames in airports as a result of higher discounts offered for digital frames. The number of time slots available for sale for the second quarter of 2009 increased by 1.5% year-over-year and decreased by 1.4% quarter-over-quarter to 25,350 time slots. The utilization rate for the second quarter of 2009 decreased by 8.9 percentage points year-over-year and by 9.3 percentage points quarter-over-quarter to 23.1% primarily due to the decrease in the number of time slots sold.
The ASP of digital TV screens in airports for the second quarter of 2009
decreased by 5.3% year-over-year, primarily due to higher discounts offered,
and increased by 6.1% quarter-over-quarter to
Revenues from digital TV screens on airplanes
Revenues from digital TV screens on airplanes for the second quarter of
2009 decreased by 15.2% year-over-year and increased by 39.1%
quarter-over-quarter to
The number of time slots sold for the second quarter of 2009 decreased by 20.1% year-over-year due to the weak economic environment in the first quarter of 2009, during which time most orders for the second quarter were placed, and increased by 14.0% quarter-over-quarter to 187 time slots. The number of time slots available for sale for the second quarter of 2009 remained the same year-over-year and decreased by 13.3% quarter-over-quarter to 468 time slots. The quarter-over-quarter decrease in time slots available for sale was primarily due to East Star Airlines' suspension of business in the middle of March. The utilization rate for the second quarter of 2009 decreased by 10.0 percentage points year-over-year and increased by 9.6 percentage points quarter-over-quarter to 40.0%. The quarter-over-quarter increase was primarily due to the increase in the number of time slots sold and the decrease in the number of time slots available for sale.
The ASP of digital TV screens on airplanes for the second quarter of 2009
increased by 6.2% year-over-year and by 22.3% quarter-over-quarter to
Revenues from traditional media in airports
Please note that part of the prior comparative figure of "Other Displays" has been reclassified to "Traditional Media in Airport" to conform to the current presentation.
Revenues from traditional media in airports for the second quarter of 2009
primarily included revenues from traditional media in Beijing Capital
International Airport,
The number of locations sold for the second quarter of 2009 increased by
29.9% quarter-over-quarter to 313 locations due to the incremental sales of
traditional media in
The ASP of traditional media for the second quarter of 2009 increased by
9.5% quarter-over-quarter to
Please refer to "Summary of Selected Operating Data" for more operating data.
Business tax and other sales tax for the second quarter of 2009 was
Net revenues for the second quarter of 2009 reached
Cost of Revenues
Cost of revenues for the second quarter of 2009 was
AirMedia incurs concession fees to airports for placing and operating
digital TV screens, digital frames, traditional media in airports and other
displays, and to airlines for placing programs on their digital TV screens.
Most of the concession fees are fixed with an annual escalation. The total
concession fee under each concession rights contract is charged to the
consolidated statements of operations on a straight-line basis over the
agreement periods, which are generally between three and five years.
Concession fees for the second quarter of 2009 were
Gross Profit/Loss
Gross loss for the second quarter of 2009 was
Gross loss as a percentage of net revenues for the second quarter of 2009 was negative 1.3%, compared to gross income as a percentage of net revenues of 38.6% in the same period one year ago and 18.3% in the previous quarter. The year-over-year and quarter-over-quarter decreases in gross profit as a percentage of net revenues were primarily due to the increase in concession fees.
Operating Expenses
Operating expenses (numbers in US$ 000's except for percentages):
Quarter Quarter
Ended % of Ended % of
June 30 Net March 31 Net
2009 Revenues 2009 Revenues
Selling and marketing expenses 2,741 7.5% 2,970 9.4%
General and administrative expenses 5,178 14.3% 5,111 16.1%
Total operating expenses 7,919 21.8% 8,081 25.5%
Total operating expenses excluding
share-based compensation expenses
and amortization of acquired
intangible assets (a non-GAAP
measure) 6,303 17.4% 6,253 19.7%
Quarter % of Y/Y Q/Q
Ended June Net Growth Growth
30, 2008 Revenues rate rate
Selling and marketing expenses 2,110 7.4% 29.9% -7.7%
General and administrative expenses 2,849 10.0% 81.7% 1.3%
Total operating expenses 4,959 17.4% 59.7% -2.0%
Total operating expenses excluding
share-based compensation expenses
and amortization of acquired
intangible assets (a non-GAAP
measure) 3,769 13.2% 67.2% 0.8%
Total operating expenses for the second quarter of 2009 were
Total operating expenses for the second quarter of 2009 included
share-based compensation expenses of
Please refer to the attached table for a reconciliation of operating expenses under U.S. GAAP to adjusted operating expenses (non-GAAP).
Selling and marketing expenses for the second quarter of 2009 were
General and administrative expenses for the second quarter of 2009 were
Income/Loss from Operations
Loss from operations for the second quarter of 2009 was
Adjusted loss from operations (non-GAAP) for the second quarter of 2009,
which excluded share-based compensation expenses and amortization of acquired
intangible assets, was
Please refer to the attached table for a reconciliation of income/loss from operations under U.S. GAAP to adjusted income/loss from operations (non-GAAP).
Income Tax Benefit
Income tax benefit for the second quarter of 2009 was
Net Income/Loss
Net loss attributable to AirMedia Group Inc.'s shareholders for the second
quarter of 2009 was
Adjusted net loss (non-GAAP) for the second quarter of 2009, which is net
income attributable to AirMedia Group Inc.'s shareholders excluding
share-based compensation expenses and amortization of acquired intangible
assets, was
Please refer to the attached table for a reconciliation of net income and basic and diluted net income per ADS under U.S. GAAP to adjusted net income and basic and diluted adjusted net income per ADS (non-GAAP).
Cash, Restricted Cash and Short-term Investments
AirMedia continued to maintain a strong balance sheet. Excluding
restricted cash of
ADS Repurchases
On
Other Recent Developments
AirMedia have installed three mega-size LED screens, each measuring 76
square meters (or 818.38 square feet), above all of the domestic security
check areas in Guangzhou Baiyun International Airport and started to operate
them in
In
On
In June and
In
In
In the second quarter of 2009, AirMedia started to operate TV-attached
digital frames in an additional three airports located in
Business Outlook
AirMedia currently expects that its total revenues for the third quarter
of 2009 will be in an amount ranging from
AirMedia currently expects that concession fees will be at least
The above forecast reflects AirMedia's current and preliminary view and is therefore subject to change. Please refer to our Safe Harbor Statement for the factors which could cause actual results to differ materially from those contained in any forward-looking statement.
Summary of Selected Operating Data
Quarter Quarter Quarter
Ended June Ended March Ended June
30, 2009 31, 2009 30, 2008
Digital TV screens in airports
Number of airports in operation 40 41 41
Number of time slots available
for sale (1) 25,350 25,714 24,982
Number of time slots sold (3) 5,856 8,334 7,993
Utilization rate (4) 23.1% 32.4% 32.0%
Average advertising revenue per
time slot sold (5) US$1,557 US$1,468 US$1,644
Digital TV screens on airplanes
Number of airlines in operation 9 10 9
Number of time slots available
for sale (1) 468 540 468
Number of time slots sold (3) 187 164 234
Utilization rate (4) 40.0% 30.4% 50.0%
Average advertising revenue per
time slot sold (5) US$21,026 US$17,199 US$19,799
Digital frames in airports
Number of airports in operation 28 25 16
Number of time slots available
for sale (2) 26,277 23,971 10,483
Number of time slots sold (3) 5,683 3,390 1,199
Utilization rate (4) 21.6% 14.1% 11.4%
Average advertising revenue per
time slot sold (5) US$2,899 US$3,585 US$9,138
Traditional Media in airports
Numbers of locations available for
sale (6) 1,100 594 N/A
Numbers of locations sold (7) 313 241 N/A
Utilization rate (8) 28.5% 40.6% N/A
Average advertising revenue per
location (9) US$18,162 US$16,581 N/A
Y/Y Growth Rate Q/Q Growth Rate
Digital TV screens in airports
Number of airports in operation -2.4% -2.4%
Number of time slots available
for sale (1) 1.5% -1.4%
Number of time slots sold (3) -26.7% -29.7%
Utilization rate (4) -8.9% -9.3%
Average advertising revenue per
time slot sold (5) -5.3% 6.1%
Digital TV screens on airplanes
Number of airlines in operation 0.0% -10.0%
Number of time slots available
for sale (1) 0.0% -13.3%
Number of time slots sold (3) -20.1% 14.0%
Utilization rate (4) -10.0% 9.6%
Average advertising revenue per
time slot sold (5) 6.2% 22.3%
Digital frames in airports
Number of airports in operation 75.0% 12.0%
Number of time slots available
for sale (2) 150.7% 9.6%
Number of time slots sold (3) 374.0% 67.6%
Utilization rate (4) 10.2% 7.5%
Average advertising revenue per
time slot sold (5) -68.3% -19.1%
Traditional Media in airports
Numbers of locations available for
sale (6) N/A 85.2%
Numbers of locations sold (7) N/A 29.9%
Utilization rate (8) N/A -12.1%
Average advertising revenue per
location (9) N/A 9.5%
Notes:
(1) We define a time slot as a 30-second equivalent advertising time unit
for digital TV screens in airports and digital TV screens on airplanes,
which is shown during each advertising cycle on a weekly basis in a
given airport or on a monthly basis on the routes of a given airline,
respectively. Our airport advertising programs are shown repeatedly on
a daily basis during a given week in one-hour cycles and each hour of
programming includes 25 minutes of advertising content, which allows
us to sell a maximum of 50 time slots per week. The number of time
slots available for our digital TV screens in airports during the
period presented is calculated by multiplying the time slots per week
per airport by the number of weeks during the period presented when we
had operations in each airport and then calculating the sum of all the
time slots available for each of our network airports. The length of
our in-flight programs typically ranges from approximately 45 minutes
to an hour per flight, approximately five to 13 minutes of which
consist of advertising content. The number of time slots available for
our digital TV screens on airplanes during the period presented is
calculated by multiplying the time slots per airline per month by the
number of months during the period presented when we had operations on
each airline and then calculating the sum of all the time slots for
each of our network airlines.
(2) We define a time slot as a 12-second equivalent advertising time unit
for digital frames in airports, which is shown during each advertising
cycle on a weekly basis in a given airport. Our airport advertising
programs are shown repeatedly on a daily basis during a given week in
10-minute cycles, which allows us to sell a maximum of 50 time slots
per week. The number of time slots available for our digital frames in
airports during the period presented is calculated by multiplying the
time slots per week per airport by the number of weeks during the
period presented when we had operations in each airport and then
calculating the sum of all the time slots available for each of our
network airports.
(3) Number of time slots sold refers to the number of 30-second equivalent
advertising time units for digital TV screens in airports and digital
TV screens on airplanes or 12-second equivalent advertising time units
for digital frames in airports sold during the period presented.
(4) Utilization rate refers to total time slots sold as a percentage of
total time slots available for sale during the relevant period.
(5) Average advertising revenue per time slot sold for digital TV screens
in airports, digital TV screens on airplanes and digital frames in
airports is calculated by dividing our revenues derived from digital
TV screens in airports, digital TV screens on airplanes and digital
frames in airports by its own number of time slots sold, respectively.
(6) We define the number of locations available for sale in traditional
media as the sum of (i) the number of light boxes and billboards in
Beijing, Shenzhen, Wenzhou and certain other airports (light boxes and
billboards), and (ii) the number of gate bridges in 10 airports (gate
bridges).
(7) The number of locations sold is defined as the sum of (i) the number
of light boxes and billboards sold and (ii) the number of gate bridges
sold. To calculate the number of light boxes and billboards sold in a
given airport, we first calculate the "utilization rates of light
boxes and billboards" in such airport by dividing the "total value of
light boxes and billboards sold" in such airport by the "total value
of light boxes and billboards" in such airport. The "total value of
light boxes and billboards sold" in a given airport is calculated as
the daily listing prices of each light boxes and billboards sold
multiplied by their respective number of days sold during the period
presented. The "total value of light boxes and billboards" in a given
airport is calculated as the sum of quarterly listing prices of all
the light boxes and billboards during the period presented. The number
of light boxes and billboards sold in a given airport is then
calculated as the number of light boxes and billboards available for
sale in such airport multiplied by the utilization rates of light
boxes and billboards in such airport. The number of gate bridges sold
in a given airport is counted based on the contracts.
(8) Utilization rate refers to total locations sold as a percentage of
total locations available for sale during the period presented.
(9) Average advertising revenue per location sold is calculated by
dividing the revenues derived from all the locations sold by the
number of locations sold during the period presented.
Earnings Conference Call Details
AirMedia will hold a conference call to discuss the second quarter 2009
earnings at
Conference Call Dial-in Information
U.S.: +1 866 713 8563
U.K.: +44 207 365 8426
Hong Kong: +852 3002 1672
International: +1 617 597 5311
Pass code: AMCN
A replay of the call will be available for 1 week between
Replay Dial-in Information
U.S.: +1 888 286 8010
International: +1 617 801 6888
Pass code: 63530248
Additionally, a live and archived webcast of this call will be available on the Investor Relations section of AirMedia's corporate website at http://ir.airmedia.net.cn .
Use of Non-GAAP Financial Measures
AirMedia's management uses non-GAAP financial measures to gain an understanding of AirMedia's comparative operating performance and future prospects. AirMedia's non-GAAP financial measures exclude certain special items, including (1) share-based compensation expenses, and (2) amortization of acquired intangible assets. Non-GAAP financial measures are used by AirMedia's management in their financial and operating decision-making, because management believes they reflect AirMedia's ongoing business and operating performance in a manner that allows meaningful period-to-period comparisons. AirMedia's management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating AirMedia's operating performance in the same manner as management does, if they so choose. Specifically, AirMedia believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain charges that we believe are not indicative of our core operating results.
The non-GAAP financial measures have limitations. They do not include all items of income and expense that affect AirMedia's income from operations. Specifically, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to AirMedia. Management compensates for these limitations by also considering AirMedia's financial results as determined in accordance with GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with US GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of GAAP Income/(Loss) and EPS and non-GAAP Adjusted Income/(Loss) and EPS" set forth at the end of this release.
About AirMedia Group Inc.
AirMedia Group Inc. (Nasdaq: AMCN) is a leading operator of out-of-home
advertising platforms in
In addition, AirMedia has obtained exclusive contractual concession rights
until the end of 2014 to develop and operate outdoor advertising platforms at
Sinopec's service stations located throughout
For more information about AirMedia, please visit http://www.airmedia.net.cn .
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expect," "anticipate," "future,"
"intend," "plan," "believe," "estimate," "confident" and similar statements.
Among other things, the Business Outlook section and the quotations from
management in this announcement, as well as AirMedia Group Inc.'s strategic
and operational plans, contain forward-looking statements. AirMedia may also
make written or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., 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
AirMedia's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number
of important factors could cause actual results to differ materially from
those contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to: if advertisers or the viewing
public do not accept, or lose interest in, our air travel advertising network,
we may be unable to generate sufficient cash flow from our operating
activities and our prospects and results of operations could be negatively
affected; we derive substantially all of our revenues from the provision of
air travel advertising services, and recent slowdown in the air travel
advertising industry in
AirMedia Group Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars in thousands)
June 30, December 31,
2009 2008
as adjusted(1)
ASSETS:
Current Assets:
Cash 93,838 161,534
Restricted cash 25,552 --
Short-term investments 25,095 --
Accounts receivable, net 46,715 38,386
Prepaid concession fees 35,140 32,706
Other current assets 9,969 7,830
Deferred tax assets - current 578 380
Total current assets 236,887 240,836
Prepayment for business acquisition 7,757 --
Acquired intangible assets, net 8,011 9,027
Property and equipment, net 69,296 62,443
Long-term deposits 19,365 14,724
Long-term investments 1,179 1,099
Deferred tax assets - non-current 2,282 1,762
Total Assets 344,777 329,891
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities:
Accounts payable 15,515 15,696
Notes payable 23,032 --
Accrued expenses and other current
liabilities 6,285 5,664
Deferred revenue 8,827 2,929
Income tax payable 20 852
Amounts due to related parties 408 408
Total current liabilities 54,087 25,549
Deferred tax liability - non-current 2,383 2,659
Total liabilities 56,470 28,208
Shareholders' equity
Ordinary shares 131 134
Additional paid-in capital 264,181 268,881
Statutory reserve 5,593 5,593
Accumulated earning 7,825 16,070
Accumulated other comprehensive
income 9,791 10,054
Total AirMedia Group Inc.
shareholders' equity 287,521 300,732
Noncontrolling interest 786 951
Total shareholders' equity 288,307 301,683
Total Liabilities and Shareholders'
Equity 344,777 329,891
(1) Amount in relation to noncontrolling interest, formerly named minority
interest, as of December 31, 2008 is reclassified in accordance with
FASB Statement No. 160, Noncontrolling Interest, which was adopted by
the Company on January 1, 2009.
AirMedia Group Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In U.S. dollars in thousands, except share related data)
Three Months Ended
June 30, March 31, June 30,
2009 2008 2008
as adjusted(1)
Revenues 36,819 32,786 29,774
Business tax and other sales tax (524) (1,084) (1,285)
Net revenues 36,295 31,702 28,489
Cost of revenues 36,783 25,885 17,486
Gross profit/(loss (488) 5,817 11,003
Operating expenses:
Selling and marketing * 2,741 2,970 2,110
General and administrative * 5,178 5,111 2,849
Total operating expenses 7,919 8,081 4,959
Income/(loss) from operations (8,407) (2,264) 6,044
Interest income 461 692 1,218
Other income, net 222 152 135
Income/(loss) before income taxes (7,724) (1,420) 7,397
Income tax expense/(benefit) (653) (123) (74)
Net income/(loss) before net
income/(loss) of equity accounting
investment (7,071) (1,297) 7,471
Net income/(loss) of equity
accounting investment 37 44 (137)
Net income/(loss) (7,034) (1,253) 7,334
Less: Net income/(loss)
attributable to noncontrolling
interest (39) (2) 6
Net income/(loss) attributable to
AirMedia Group Inc. shareholders (6,995) (1,251) 7,328
Net income/(loss) attributable to
AirMedia Group Inc. shareholders
per ordinary share
Basic (0.05) (0.01) 0.05
Diluted (0.05) (0.01) 0.05
Net income/(loss) attributable to
AirMedia Group Inc. shareholders
per ADS
Basic (0.11) (0.02) 0.11
Diluted (0.11) (0.02) 0.11
Weighted average ordinary shares
outstanding used in computing net
income/(loss) per ordinary share -
basic 130,564,714 132,801,682 133,454,562
Weighted average ordinary shares
outstanding used in computing net
income/(loss) per ordinary share -
diluted 130,564,714 132,801,682 139,116,185
* Share-based compensation charges
included are as follow:
Selling and marketing 233 285 260
General and administrative 777 940 861
(1) Amount in relation to noncontrolling interest, formerly named minority
interest, for the three-month period ended June 30, 2008 is
reclassified in accordance with FASB Statement No. 160, Noncontrolling
Interest, which was adopted by the Company on January 1, 2009.
AirMedia Group Inc.
RECONCILIATION OF GAAP NET INCOME (LOSS) AND EPS TO NON-GAAP ADJUSTED NET
INCOME (LOSS) AND EPS
(In U.S. dollars in thousands, except share related data)
Three Months Ended
June 30, March 31, June 30,
2009 2009 2008
GAAP net income/(loss) attributable
to AirMedia. Group Inc.
shareholders (6,995) (1,251) 7,328
Amortization of acquired intangible
assets 606 603 69
Share-based compensation 1,010 1,225 1,121
Adjusted net income/(loss) (non-
GAAP) (5,379) 577 8,518
Basic adjusted net income/(loss)
per share (non-GAAP) (0.04) 0.00 0.06
Diluted adjusted net income/(loss)
per share (non-GAAP) (0.04) 0.00 0.06
Basic adjusted net income/(loss)
per ADS (non-GAAP) (0.08) 0.01 0.13
Diluted adjusted net income/(loss)
per ADS (non-GAAP) (0.08) 0.01 0.12
Shares used in computing adjusted
basic net income/(loss) per share
(non-GAAP) 130,564,714 132,801,682 133,454,562
Shares used in computing adjusted
diluted net income/(loss) per
share (non-GAAP) 130,564,714 132,801,682 139,116,185
Note: The Non-GAAP adjusted net income per share and per ADS are computed
using Non-GAAP net adjusted income and number of shares and ADS used
in GAAP basic and diluted EPS calculation, where the number of
shares and ADS is adjusted for dilution due to share-based
compensation plan.
AirMedia Group Inc.
RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED OPERATING
EXPENSES
(In U.S. dollars in thousands, except for percentage)
Three Months Ended
June 30, March 31, June 30,
2009 2009 2008
GAAP operating expenses 7,919 8,081 4,959
Amortization of acquired intangible
assets 606 603 69
Share-based compensation 1,010 1,225 1,121
Adjusted operating expenses (non-
GAAP) 6,303 6,253 3,769
Adjusted operating expenses as a
percentage of net revenues (non-
GAAP) 17.4% 19.7% 13.2%
AirMedia Group Inc.
RECONCILIATION OF GAAP INCOME(LOSS) FROM OPERATIONS TO NON-GAAP ADJUSTED
INCOME (LOSS) FROM OPERATIONS
(In U.S. dollars in thousands, except for percentage)
Three Months Ended
June 30, March 31, June 30,
2009 2009 2008
Income/(loss) from operations (8,407) (2,264) 6,044
Amortization of acquired intangible
assets 606 603 69
Share-based compensation 1,010 1,225 1,121
Adjusted Income/(loss) from
operations (non-GAAP) (6,791) (436) 7,234
Adjusted Operating margin (non-GAAP) -18.7% -1.4% 25.4%
For further information, please contact:
AirMedia Group, Inc.
Raymond Huang
Investor Relations Director
Tel: +86-10-8460-8678
Email: ir@airmedia.net
Brunswick Group
Cynthia He
Tel: +86-10-6566-2256
Email: che@brunswickgroup.com
SOURCE AirMedia Group Inc.