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Airmedia: Loss Deepens Amid Higher Rev
Beijing-based out-of-home advertising network operator AirMedia Group Inc. (Nasdaq:AMCN) reported a net loss of $7.0 million for the second quarter of 2009, compared to a net income of $7.3 million in the year-ago period and a net loss of $1.3 million in the previous quarter. Total revenues grew 23.7% year-on-year and 12.3% sequentially to $36.8 million, of which revenues from digital frames in airports increased 50.3% year-on-year and 36.7% quarter-on-quarter to $16.5 million, while revenues from airport digital TV screens fell 30.6% annually and 25.5% sequentially to $9.1 million. The company generated $3.9 million from airplane-based digital TV screens, down 15.2% year-on-year but up 39.1% on a quarterly basis
Airmedia's concession fees for the quarter came to $28.1 million, up 146.5% compared to the year-ago period and up 47.8% from the previous quarter. The fees represent 77.3% of the quarter's net revenues, compared to 40.0% in the same period one year ago and 59.9% in the previous quarter. Meanwhile, average advertising revenue per time slot sold (ASP) in the quarter fell 68.3% year-on-year and 19.1% quarter-on-quarter to $2,899.
AirMedia expects third quarter revenues of between $37.0 million and $40.0 million, a year-on-year increase of 9.8% to 18.7%. The company predicted concession fees will be at least $29.5 million in the third quarter and $35.5 million in the fourth quarter, citing recently-entered and soon-to-enter concession rights contracts.
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