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VisionChina Income Falls 60% YoY, Flat QoQ
Mass transit digital advertiser VisionChina Media Inc. (Nasdaq:VISN) recorded net income of $7.2 million in the third quarter of 2009, a 60.2% fall from the third quarter of 2008 and a slight increase from $7.1 million in the previous quarter, the company announced October 30. Total revenues were $30.8 million, down 14.3% annually and unchanged from the second quarter of 2009.
Advertising spending remained cautious in the third quarter, but the company's discussions with clients suggest increased demand for 2010, said VisionChina Chief Financial Officer Scott Chen.
During the three-month period, the company sold an average of 6.86 advertising minutes per broadcast hour, compared to 9.33 minutes in the third quarter of 2008 and 6.40 minutes in the previous quarter. Total broadcasting duration hit 34,778 hours, compared with 31,834 in the year-ago period and 34,399 in the second quarter of 2009.
VisionChina's bus and subway networks covered a total of 18 cities with 84,560 displays by September 30, 2009; the company added Xiamen, Fujian province to its network on October 1.
VisionChina reiterated its full-year revenue guidance of $121 million to $124 million with non-GAPP net income of between $31 million and $33 million, previously provided in the company's second quarter earnings report. VisionChina lowered its full year revenue guidance in the second quarter from previous forecasts of revenues if $141 million to $157 million and non-GAAP net income of $49 million to $69 million, after noting a slower-than-expected rebound in the advertising sector.
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