U.S. Eastern Time at 16 o'clock on the September 27th (Beijing time at 4 o'clock on the 28 September) News, Focus Media (Nasdaq: FMCN) announced today that as of June 30 in the second quarter of 2007 unaudited financial statements . The report shows that Focus Media revenue for the second quarter of the total 113.3 million U.S. dollars, up 126.3%, 97.5% previous quarter; in accordance with GAAP, net income for the second quarter of 37.7 million U.S. dollars, up 126.2% , up 131.5% sequentially.
Main results:
- Focus Media revenue for the second quarter of the total 113.3 million U.S. dollars, up 126.3%, 97.5% previous quarter.
- Focus Media Net income for the second quarter of 37.7 million U.S. dollars, up 126.2 percent, 131.5 percent growth the previous quarter. Focus Media second quarter fully diluted earnings per ADS was 0.32 U.S. dollars. Excluding non-cash share-based compensation expenses and amortization of intangible assets resulting from acquisitions (not in accordance with GAAP), Focus Media Net income for the second quarter of 45.3 million U.S. dollars, fully diluted earnings per ADS 0.38 U.S. dollars.
- As for the advertisers products growing digital media, Focus Media will be three different categories according to the report of advertising revenue, are: (1) digital outdoor advertising, including commercial building network (network A network of commercial buildings Other commercial premises network, outdoor LED network and movie theater advertising network), store network, apartment elevator print media network; (2) Mobile advertising; (3) Internet advertising.
- Focus Media Digital Outdoor Advertising second-quarter revenue of 76.9 million U.S. dollars, which come from the commercial location network, including outdoor LED network (iStreet Network) and movie theater advertising network, advertising service revenue was 51.1 million U.S. dollars, up 67.8 % increase 61.4% sequentially; from the store network advertising service revenue for the 7.2 million U.S. dollars, up 10.8%, up 9.1% sequentially. Network from the apartment elevator print media advertising revenues for the 18.5 million U.S. dollars, up 89.7%, 46.4% previous quarter.
- Focus Media, mobile advertising revenues for the second quarter of 10.9 million U.S. dollars, up 253.8%, 81.1% previous quarter.
- Focus Media Internet advertising revenues for the second quarter of 25.2 million U.S. dollars. Focus Media Internet advertising revenue primarily from the first quarter of 2007, acquired Allyes.
Financial Analysis:
Focus Media revenue for the second quarter of the total 113.3 million U.S. dollars, compared with last year's 50.1 million U.S. dollars increased 126.3 percent, 57.3 million U.S. dollars the previous quarter growth of 97.5%.
Focus Media's digital outdoor advertising second quarter revenue of 76.9 million U.S. dollars, compared with last year's 46.8 million U.S. dollars increased 64.4%, 51 million U.S. dollars the previous quarter growth of 50.8%. From the second quarter of Focus Media commercial location network, advertising service revenue was 51.1 million U.S. dollars, in the digital outdoor advertising revenue accounted for 66.4%; from the store network advertising service revenue was 7.2 million dollars, revenue in the digital outdoor advertising accounted for 9.4%. Network from the apartment elevator print media advertising revenues for the 18.5 million U.S. dollars, in the digital outdoor advertising revenue accounted for 24.1%.
As the growing media products, and customer demand continues to grow, Focus Media started in accordance with the needs of large advertisers to provide customized media solutions. Focus Media also given to commercial buildings in the city network to extend the cycle time to 12 minutes. Affected, Focus Media reported in the previous financial network provided 30-second commercial advertising time slots of the volume and the average time per 30-second ad revenue is no longer representative. So this year, Focus Media will no longer provide such data.
As of June 30, 2007, Focus Media commercial location network installation
The total quantity of liquid crystal screen 89 687, of which 85,010 are directly owned by the company's network of regional distributors is 4677. As of June 30, 2007, Focus Media in 1205 installed a large supermarket LCD screen, higher than as of March 31 of 1196. As of June 30, 2007, Focus Media at 734 supermarkets and 2,056 convenience stores to install the LCD screen. As of June 30, 2007, Focus Media store network in the total quantity of liquid crystal screen 41 322 as of March 31 to 40 736. As of June 30, 2007, Focus Media Advertising Framework available for the total number of 161,435, as of March 31 was 124,542. As of August 30, 2007, Focus Media has installed 6,796 digital 2.0 framework, mainly located in Beijing, Shanghai, Guangzhou and Shenzhen.
The second quarter of Focus Media Focus Media Wireless from advertising revenues for the 10.9 million U.S. dollars, compared with last year's 3.1 million U.S. dollars increased 253.8 percent, six million U.S. dollars the previous quarter growth of 81.1%.
Focus Media second quarter from Allyes revenues of 25.2 million U.S. dollars. In Focus Media Internet advertising revenue, digital marketing, digital marketing technology and digital performance media accounted for 90.0%, respectively, 3.4% and 6.6% proportion.
Focus Media second quarter gross margin was 61.8 million U.S. dollars, compared with last year's 28.5 million U.S. dollars increased 117.2 percent, 31.8 million U.S. dollars the previous quarter growth of 94.8%. Second quarter of 2007, Focus Media's digital outdoor advertising gross margin was 63.1%. In Focus Media Digital outdoor advertising business, commercial network gross margin was 65.0%, store network gross margin was 28.4%, flat apartment elevator network gross margin was 71.6%. Focus Media mobile advertising gross margin was 58.0%. Focus Media Internet advertising gross margin was 27.1%. Focus Media second quarter gross margin was 54.6%, 56.9% lower than the same period last year, mainly due to lower profit margins to join the Internet advertising business.
Focus Media operating expenses for the second quarter of 23.7 million U.S. dollars, which included the acquisition of the 800,000 U.S. dollars generated by amortization of intangible assets and 460 million non-cash stock compensation expense. Focus Media operating expenses in the second quarter of the total revenue accounted for 20.9%, 30.2% the previous quarter. Focus Media General and administrative expenses of the second quarter to 11.6 million U.S. dollars, the proportion of total revenue 10.3%, which included 2.6 million U.S. dollars in stock-based compensation; sales and marketing expenses for the 13.2 million U.S. dollars, the total operating percentage of revenue was 11.6%, which included 2 million U.S. dollars in stock compensation expense. Focus Media second quarter operating margin was 33.7%, 25.2% the previous quarter. Excluding non-cash share-based compensation expenses and amortization of intangible assets (not in accordance with GAAP), Focus Media's second quarter operating margin was 40.4%.
Focus Media Net income for the second quarter of 37.7 million U.S. dollars, up 126.2 percent, 131.5 percent growth the previous quarter. Focus Media second quarter fully diluted earnings per ADS was 0.32 U.S. dollars. Excluding non-cash share-based compensation expenses and amortization of intangible assets resulting from acquisitions (not in accordance with GAAP), Focus Media Net income for the second quarter of 45.3 million U.S. dollars, fully diluted earnings per ADS 0.38 U.S. dollars.
Outlook:
Focus Media expects third quarter 2007 total revenues of 132 million U.S. dollars to 135 million U.S. dollars; not included in share-based compensation expenses and amortization of intangible assets resulting from acquisitions (not in accordance with GAAP), Focus Media expects third-quarter Net income was 52 million U.S. dollars to 54 million U.S. dollars, fully diluted earnings per ADS 0.41 dollars to 0.43 U.S. dollars. As the Internet advertising business growing faster than expected, Focus Media will be in 2007 revenue estimate from 390 million U.S. dollars to 400 million U.S. dollars, raised 440 million U.S. dollars to 4.5 billion.
Conference Call:
After the earnings release, Focus Media will be Eastern Time at 21 o'clock on the September 27th (Beijing time at 9 o'clock on the 28 September) conference call. Focus Media will be the management will attend the meeting, results and highlights and to answer questions raised by investors and analysts. Focus Media to listen to the conference call, U.S. investors can call toll-free number +1-866-700-7477, Hong Kong investors may call +852-3002-1672, international investors can call +1-617-213 -8 840, the password is "81045580."
U.S. Eastern Time on September 27 to October 4 between the U.S. investors can call toll-free number +1-888-286-8010, international investors may dial +1-617-801-6888, to listen to Focus Media conference call recording, the password is "34979673." In addition, investors can access the Focus Media web site ir.focusmedia.cn, listen to the teleconference webcast and recording.
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