AirMedia Group, a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today posted its unaudited financial results for the fourth quarter and full-year ended December 31, 2011.
Herman Guo, chairman and CEO of AirMedia, said the company’s fourth quarter performance is reflective of a strong business strategy paired with a solid market presence in the air travel advertising market.
“AirMedia has demonstrated strong resilience to significant adverse market events. We emerged stronger and more competitive after overcoming each challenge. Our solid quarterly earnings are, again, a validation of the leverage business model that we have been building. With a leading market position in the air travel advertising sector, AirMedia has become the right choice for airports in China. The recent renewals of some major contracts reflect the value and synergy of our nationwide advertising network,” Guo stated in the press release.
The company reported total fourth quarter revenues of $87.8 million, a 23.7 percent increase over total fourth quarter revenues of $68.7 million reported in 2010. Net revenues for the fourth quarter of 2011 reached $85.0 million, an increase of 23.7 percent from $68.7 million reported for the comparable quarter of the year prior.
Gross profit for the fourth quarter of 2011 was $19.2 million, or 22.6 percent of net revenues, compared to gross profit of $7.0 million, or 20.9 percent of net revenues, in the previous quarter.
Total operating expenses for the fourth quarter of 2011 were $13.2 million, representing a year-over-year increase of 19.8% from $11.0 million.
The company reported income from operations for the fourth quarter of 2011 at $6.0 million, compared to income from operations of $3.3 million in the same period one year ago.
Fourth quarter 2011 net income attributable to AirMedia shareholders was $4.6 million, or $0.07 per ADS, compared to net income attributable to AirMedia shareholders of $5.1 million, or $0.08 per ADS, in the same period one year ago.
Other than restricted cash of $6.4 million, AirMedia reported total cash of $112.7 million as of December 31, 2011, compared to $106.5 million as of December 31, 2010.
Total revenues for the fiscal year 2011 were $277.8 million, a 17.5 percent increase over the $236.5 million reported in fiscal year 2010. Net revenues for fiscal year 2011 were $270.6 million, representing a year-over-year increase of 17.4 percent from $230.5 million in fiscal year 2010.
Gross profit for fiscal year 2011 was $26.2 million, or 9.7 percent of net revenues, a 19.8 percent decrease compared to $32.6 million, or 14.1 percent of net revenues, reported in fiscal year 2010.
The company reported total operating expenses for fiscal year 2011 at $41.9 million, representing a year-over-year decrease of 4.2 percent from $43.8 million in fiscal year 2010.
Loss from operations for fiscal year 2011 was $15.7 million, compared to loss from operations of $11.2 million in fiscal year 2010.
Net loss attributable to AirMedia shareholders for fiscal year 2011 was $9.6 million, or a loss of $(0.15) per ADS, compared to net loss attributable to AirMedia shareholders of $4.9 million, or a loss of $(0.07) per ADS, in fiscal year 2011.
AirMedia said it currently expects its total revenues for the first quarter of 2012 to range between $66.0 million and $68.0 million.
For more information visit www.airmedia.net.cn
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