Marbridge Daily

<- March 20, 2012 ->

Focus Media Q4 2011 Profit Up 21% YoY

Focus Media PR, 3/19/12

Chinese digital media and Internet advertising operator Focus Media (Nasdaq: FMCN) has announced its unaudited financial results for the fourth quarter and full year ended December 31, 2011. Net revenue for Q4 2011 was USD 256.4 mln, up 17.8% QoQ and up 60.6% YoY. Net revenue for full year 2011 was USD 792.6 mln, up 53.5% compared to full year 2010.

Net income attributable to Focus Media for Q4 2011 was USD 75.4 mln, up 21.1% QoQ and up 59.8% YoY. Net income attributable to Focus Media for full year 2011 was USD 200.9 mln, up 9.0% compared to full year 2010.

Aggregate net revenue from the LCD display network, in-store network, poster frame network and movie theater network for Q4 2011 was USD 238.8 mln, which exceeded by approximately 12% the mid-point of Focus Media's guidance range of USD 212-214 mln. This represented an increase of 22% from USD 196.1 mln for Q3 2011 and an increase of 63% from USD 146.8 mln for Q4 2010.

Non-GAAP net income attributable to Focus Media for Q4 2011 was USD 96.0 mln, exceeding the mid-point of the company's guidance range of USD 88-90 mln by 8% and up 16% from non-GAAP net income attributable to Focus Media of USD 82.7 mln for Q3 2011 and up 64% from USD 58.5 mln for Q4 2010.

Advertising net revenue from the LCD display network was USD 137.4 mln for Q4 2011, up 14% from USD 120.6 mln for Q3 2011 and up 49% from USD 92.1 mln for Q4 2010.

Advertising net revenue from the poster frame network was USD 64.5 mln for Q4 2011, up 38% from USD 46.6 mln for Q3 2011 and up 63% from USD 39.6 mln for Q4 2010.

Advertising net revenue from the in-store network was USD 16.1 mln for Q4 2011, up 1% from USD 15.9 mln for Q3 2011 and up 64% from USD 9.8 mln for Q4 2010.

Advertising net revenue from the movie theater network was USD 20.8 mln for Q4 2011, up 60% from USD 13.0 mln for Q3 2011 and up 300% from USD 5.2 mln for Q4 2010.

Advertising net revenue from the traditional outdoor billboard network was USD 17.6 mln for Q4 2011, up 21% from USD 14.6 mln forQ3 2011 and up 35% from USD 13.0 mln for Q4 2010.

As of December 31, 2011, Focus Media had a total of 155,751 LCD screens; of which, 122,115 were LCD screens, and 33,636 were LCD 2.0 picture screens.

Aggregate net revenue from the LCD display network, in-store network, poster frame network and movie theater network was USD 737.0 mln, up 55% from USD 475.4 million in full year 2010.

As of March 19, 2012, the company has cumulatively spent USD 456 mln in share repurchases out of the share repurchase program totaling USD 650 mln.

Net revenue from the traditional outdoor billboard network was USD 55.6 mln, up 36% from USD 40.9 mln for full year 2010.

Net revenues for the core business (inclusive of the LCD display network, the in-store network, the poster frame network and the movie theater network) are expected to be in the range of USD 177-179 mln, the mid-point of which would represent YoY growth of 31% and QoQ decline of 25% due to seasonality as a result of the lunar new year holidays during the quarter. Net revenues for the non-core business (the traditional outdoor billboard network) are expected to be in the range of USD 13-15 mln. Focus Media's non-GAAP net income is expected to be in the range of USD 58-60 mln. Focus Media estimates the weighted average fully diluted ADS count for the quarter at USD 135 mln, assuming no further share repurchases during the quarter.

To view Focus Media's full fiscal report please click here.

 
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