VisionChina Media Press Releases, 7/24/08
Chinese mass-transit digital advertising operator VisionChina Media (Nasdaq: VISN) has announced its financial results for Q2 2008, with total revenues reaching USD 20.3 mln, up 332.4% year-on-year and 48.8% quarter-on-quarter.
Net income for the quarter came to USD 8.5 mln, up 3,039.7% YoY and 56.7% QoQ.
Advertising service revenue for the quarter grew 405.4% year-over-year and 52.4% quarter-over-quarter to USD 20.2 mln.
Average advertising service revenues per broadcasting hour grew 34.0% quarter-on-quarter to USD 661 per broadcasting hour.
As of June 30, 2008, the company had installed 60,160 digital displays on buses, subways trains and subway platforms, compared with 48,719 at the end of the first quarter of 2008.
The company estimates Q3 2008 revenues will range from USD 34.0 mln to USD 36.0 mln. VisionChina Media has also increased its full-year estimates of results of operations and expects that total revenues for full year 2008 will range from USD 101.0 mln to USD 105.0 mln.
To see VisionChina's full earnings report, please click here.