BEIJING, May 13, 2013 /PRNewswire/ -- AirMedia Group Inc.
("AirMedia" or the "Company") (Nasdaq: AMCN), a leading operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers,
today announced its unaudited financial results for the first
quarter ended March 31, 2013.
First Quarter 2013 Financial and Business
Highlights
- Total revenues decreased by 4.4% year-over-year and by 23.3%
quarter-over-quarter to US$64.5
million. The year-over-year decrease was partially due to
China's replacement of regular
business tax with Value Added Tax ("VAT") in Beijing, one of AirMedia's key regions of
operations.
- Net revenues decreased by 3.8% year-over-year and by 23.0%
quarter-over-quarter to US$63.6
million.
- Net loss attributable to AirMedia's shareholders was
US$3.6 million, compared to net loss
attributable to AirMedia's shareholders of US$7.3 million in the same period one year ago.
Basic and diluted net loss attributable to AirMedia's shareholders
per American Depositary Share ("ADS") were both US$0.06.
- Adjusted net loss attributable to AirMedia's shareholders
(non-GAAP), which is net loss attributable to AirMedia's
shareholders excluding share-based compensation expenses,
amortization of acquired intangible assets, impairment of goodwill
and impairment of intangible assets, was US$3.1 million. Adjusted basic net loss
attributable to AirMedia's shareholders per ADS (non-GAAP), which
is adjusted net loss attributable to AirMedia's shareholders
(non-GAAP) divided by the number of ADSs outstanding, was
US$0.05. Adjusted diluted net loss
attributable to AirMedia's shareholders per ADS (non-GAAP), which
is adjusted net loss attributable to AirMedia's shareholders
(non-GAAP) divided by the number of ADSs outstanding as adjusted
for dilution after taking into account option grants under the
Company's current Share Incentive Plan, was US$0.05.
"We have been focusing on turning around our unprofitable
product lines. As we announced today in a separate press release,
our gas station media network received an investment of
RMB640 million (US$104.0 million) from Elec-Tech
International Co., Ltd. We intend to use the investment to install
LED screens in our gas stations. We are excited about the progress
we've made in further developing our gas station media network, and
we believe we are heading in the right direction to turn around
this loss-making product line. We believe LED screens, which are
larger and more eye-catching, will be a suitable media for gas
stations because they will substantially increase the advertising
capacity of our gas station media network and dramatically reduce
our operational costs in this media network," commented Mr.
Herman Guo, chairman and chief
executive officer of AirMedia.
"We made improvements in cost control in the first quarter of
2013. Cost of revenues for the first quarter of 2013 decreased by
4.3% year-over-year and by 8.1% quarter-over-quarter. While
continuing to increase our revenues, eliminating the losses from
our unprofitable product lines is equally important. The valuation
of the recent investment in our gas station media network by
Elec-Tech International Co., Ltd. affirmed the unique value and
promising prospect of our gas station media network," Mr.
Henry Ho, AirMedia's chief financial
officer, commented.
First Quarter 2013 Financial
Results
Revenues
Total revenues by product line (numbers in US$ 000's except for percentages):
|
|
Quarter
Ended March 31, 2013
|
% of
Total Revenues
|
|
Quarter
Ended December 31, 2012
|
% of
Total Revenues
|
|
Quarter
Ended March 31, 2012
|
% of
Total Revenues
|
|
Y/Y
Growth rate
|
|
Q/Q
Growth rate
|
Air
Travel Media Network
|
|
60,532
|
93.8%
|
|
76,931
|
91.3%
|
|
62,299
|
92.2%
|
|
-2.8%
|
|
-21.3%
|
Digital frames in airports
|
|
33,516
|
51.9%
|
|
40,770
|
48.4%
|
|
31,927
|
47.3%
|
|
5.0%
|
|
-17.8%
|
Digital TV screens in airports
|
|
2,752
|
4.3%
|
|
5,408
|
6.4%
|
|
2,169
|
3.2%
|
|
26.9%
|
|
-49.1%
|
Digital TV screens on airplanes
|
|
3,788
|
5.9%
|
|
7,874
|
9.4%
|
|
5,017
|
7.4%
|
|
-24.5%
|
|
-51.9%
|
Traditional media in airports
|
|
18,932
|
29.3%
|
|
20,802
|
24.7%
|
|
21,799
|
32.3%
|
|
-13.2%
|
|
-9.0%
|
Other revenues in air travel
|
|
1,544
|
2.4%
|
|
2,077
|
2.4%
|
|
1,387
|
2.0%
|
|
11.3%
|
|
-25.7%
|
Gas
Station Media Network
|
|
2,789
|
4.3%
|
|
4,760
|
5.7%
|
|
3,290
|
4.9%
|
|
-15.2%
|
|
-41.4%
|
Other
Media
|
|
1,226
|
1.9%
|
|
2,491
|
3.0%
|
|
1,955
|
2.9%
|
|
-37.3%
|
|
-50.8%
|
Total
revenues
|
|
64,547
|
100.0%
|
|
84,182
|
100.0%
|
|
67,544
|
100.0%
|
|
-4.4%
|
|
-23.3%
|
Net
revenues
|
|
63,612
|
|
|
82,647
|
|
|
66,144
|
|
|
-3.8%
|
|
-23.0%
|
Total revenues for the first quarter of 2013 reached
US$64.5 million, representing a
year-over-year decrease of 4.4% from US$67.5
million in the same period one year ago and a
quarter-over-quarter decrease of 23.3% from US$84.2 million in the previous quarter. The
year-over-year decrease was primarily due to decreases in revenues
from traditional media in airports, digital TV-screens on
airplanes, other media and gas station media network, as well as
China's replacement of regular
business tax with VAT in Beijing,
one of AirMedia's key regions of operations. The decrease was
partially offset by increases in revenues from digital frames in
airports and digital TV screens in airports. The
quarter-over-quarter decrease in total revenues was primarily due
to decreases in revenues from all of the Company's products
lines.
Revenues from digital frames in airports
Revenues from digital frames in airports for the first quarter
of 2013 increased by 5.0% year-over-year and decreased by 17.8%
quarter-over-quarter to US$33.5
million. The year-over-year increase was primarily due to
additional revenues from the rapidly growing product line of
mega-size LED screens, which added operations in additional
airports. The quarter-over-quarter decrease was primarily due to a
seasonally weak quarter in the first quarter of 2013.
Revenues from digital TV screens in airports
Revenues from digital TV screens in airports for the first
quarter of 2013 increased by 26.9% year-over-year and decreased by
49.1% quarter-over-quarter to US$2.8
million. The year-over-year increase was primarily due to
the Company's continued sales efforts. The quarter-over-quarter
decrease was primarily due to a seasonally weak quarter in the
first quarter of 2013.
Revenues from digital TV screens on airplanes
Due to disagreements over renewal fees, AirMedia decided not to
renew its concession rights contract for the digital TV screens on
Air China's planes. In 2013, in order to control its concession
cost, AirMedia changed its business cooperation model with Air
China so that instead of holding the exclusive concession rights
for Air China, AirMedia now finds potential advertisers before
purchasing placing right from Air China for specific advertising
time slots. Under this new arrangement, AirMedia does not pay extra
concession fees to Air China for unsold time slots. AirMedia
believes it is capable of convincing most of the original
advertisers that previously advertised on Air China's digital TV
screens to reallocate their advertising budgets to AirMedia's other
product lines. AirMedia expects that the amount of revenue loss
caused by not renewing its concession rights contract with Air
China would be smaller than the concession fees it would need to
pay to Air China under a renewed concession rights contract.
AirMedia believes that it would benefit from choosing not to renew
the Air China concession rights contract for the time being and
expects the non-renewal to help AirMedia control increase of
concession fees in the long term.
Revenues from digital TV screens on airplanes for the first
quarter of 2013 decreased by 24.5% year-over-year and by 51.9%
quarter-over-quarter to US$3.8
million. The year-over-year decrease was primarily due to
the decrease in revenues of digital TV screens on Air China's
airplanes as AirMedia chose not to renew the concession rights
contract with Air China. The quarter-over-quarter decrease was
primarily due to a seasonally weak quarter in the first quarter of
2013 and the decrease in revenues of digital TV screens on Air
China's airplanes as AirMedia chose not to renew the concession
rights contract with Air China.
Revenues from traditional media in
airports
Revenues from traditional media in airports for the first
quarter of 2013 decreased by 13.2% year-over-year and by 9.0%
quarter-over-quarter to US$18.9
million. The year-over-year decrease was primarily due to a
reduction in the number of locations for sale as a result of a
delay in a scheduled media format upgrade, and the expiration of
the concession rights contract of most of AirMedia's traditional
media in Shenzhen Baoan International Airport, which AirMedia chose
not to renew. AirMedia was upgrading 18 light boxes at prime
locations inside Beijing Capital International Airport to a better
advertising format, but the upgrade is behind schedule. The
quarter-over-quarter decrease was primarily due to a seasonally
weak quarter in the first quarter of 2013 and the expiration of the
concession rights contract of most of AirMedia's traditional media
in Shenzhen Baoan International Airport, which AirMedia chose not
to renew.
Revenues from the gas station media
network
Revenues from the gas station media network for the first
quarter of 2013 decreased by 15.2% year-over-year and by 41.4%
quarter-over-quarter to US$2.8
million. The year-over-year decrease was primarily due to
the fact that some advertisers expressed interest in reserving
their budgets for the LED screens that AirMedia plans to install in
its gas stations, as well as China's replacement of regular business tax
with VAT in Beijing. The
quarter-over-quarter decrease was primarily due to a seasonally
weak quarter in the first quarter of 2013.
Revenues from other media
Revenues from other media were primarily revenues from unipole
signs and other outdoors media. Revenues from other media for the
first quarter of 2013 decreased by 37.3% year-over-year and by
50.8% quarter-over-quarter to US$1.2
million. The year-over-year and quarter-over-quarter
decreases were primarily due to expiration of the contracts for
some locations in November and December
2012. AirMedia renewed some of these contracts and resumed
operations of these locations in February
2013, but these locations did not operate for the entire
first quarter of 2013.
Business tax and other sales tax
Business tax and other sales tax for the first quarter of 2013
were US$935,000, compared to
US$1.4 million in the same period one
year ago and US$1.5 million in the
previous quarter. The year-over-year decrease was due to
China's replacement of regular
business tax with the VAT in Beijing, one of AirMedia's key regions of
operations. Prior to September 1,
2012, revenues were recorded gross of business tax and
subsequent to the change, revenues are recorded net of VAT
thereafter. Revenues from most of the Company's product lines
booked in total revenues were already net revenues after deducting
VAT in the first quarter of 2013. The majority of the Company's
business tax and other sales tax, amounting to US$935,000 in the first quarter of 2013, were
other sales tax. The quarter-over-quarter decrease was primarily
due to the decrease in total revenues.
Net revenues
Net revenues for the first quarter of 2013 reached US$63.6 million, representing a year-over-year
decrease of 3.8% from US$66.1 million
in the same period one year ago and a quarter-over-quarter decrease
of 23.0% from US$82.6 million in the
previous quarter.
Cost of Revenues
Cost of revenues for the first quarter of 2013 was US$60.1 million, representing a year-over-year
decrease of 4.3% from 62.8 million in the same period one year ago
and a quarter-over-quarter decrease of 8.1% from US$65.4 million in the previous quarter. The
year-over-year and quarter-over-quarter decreases were primarily
due to lower agency fees for third-party advertising agencies,
which were partially offset by higher concession fees. Cost of
revenues as a percentage of net revenues in the first quarter of
2013 was 94.5%, down from 95.0% in the same period one year ago and
up from 79.1% in the previous quarter.
AirMedia incurs concession fees to airports for placing and
operating digital frames, digital TV screens, traditional media and
other displays in airports, to airlines for playing programs on
their digital TV screens, to Sinopec for placing outdoors media in
its gas stations and to other media resources owners for placing
unipole signs and other outdoors media.
Concession fees for the first quarter of 2013 increased by 6.2%
year-over-year and by 2.3% quarter-over-quarter to US$46.2 million. The year-over-year and
quarter-over-quarter increases were primarily due to newly signed
or renewed concession rights contracts during the period.
Concession fees as a percentage of net revenues in the first
quarter of 2013 was 72.6%, increasing from 65.7% in the same period
one year ago and from 54.6% in the previous quarter. The
year-over-year and quarter-over-quarter increases of concession
fees as a percentage of net revenues were primarily due to the fact
that net revenues decreased while concession fees increased due to
newly signed or renewed concession rights contracts.
Gross Profit
Gross profit for the first quarter of 2013 increased by 5.2%
year-over-year and decreased by 79.8% quarter-over-quarter to
US$3.5 million.
Gross profit as a percentage of net revenues for the first
quarter of 2013 was 5.5%, compared to 5.0% in the same period one
year ago and 20.9% in the previous quarter. The year-over-year
increase in gross profit as a percentage of net revenues was due to
the fact that cost of revenues decreased faster than net revenues.
The quarter-over-quarter decrease in gross profit as a percentage
of net revenues was due to the fact that net revenues decreased
faster than cost of revenues.
Operating Expenses
Operating expenses (numbers in US$
000's except for percentages):
|
Quarter
Ended March 31, 2013
|
% of
Net Revenues
|
|
Quarter
Ended December 31, 2012
|
% of
Net Revenues
|
|
Quarter
Ended March 31, 2012
|
% of
Net Revenues
|
|
Y/Y
Growth rate
|
Q/Q
Growth rate
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
4,222
|
6.6%
|
|
5,289
|
6.4%
|
|
4,083
|
6.2%
|
|
3.4%
|
-20.2%
|
General
and administrative expenses
|
4,878
|
7.7%
|
|
5,430
|
6.6%
|
|
6,128
|
9.3%
|
|
-20.4%
|
-10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
9,100
|
14.3%
|
|
10,719
|
13.0%
|
|
10,211
|
15.5%
|
|
-10.9%
|
-15.1%
|
Adjusted
operating expenses
(non-GAAP)
|
8,625
|
13.6%
|
|
9,721
|
11.8%
|
|
8,314
|
12.6%
|
|
3.7%
|
-11.3%
|
Total operating expenses for the first quarter of 2013 were
US$9.1 million, representing a
year-over-year decrease of 10.9% from US$10.2 million in the same period one year ago
and a quarter-over-quarter decrease of 15.1% from US$10.7 million in the previous quarter.
Share-based compensation expenses included in the total
operating expenses for the first quarter of 2013 were US$280,000, compared to share-based compensation
expenses of US$992,000 in the same
period one year ago and share-based compensation expenses of
US$804,000 in the previous quarter.
The year-over-year decrease in share-based compensation expenses
was primarily due to the ending of the vesting period of stock
options granted on July 10, 2009. The
quarter-over-quarter decreases in share-based compensation expenses
were primarily due to the fact that one-time share-based
compensation expenses were incurred in the fourth quarter of 2012
as a result of the extension of the expiration date for certain
stock option holders to exercise their vested stock options.
Adjusted operating expenses (non-GAAP), which excluded
share-based compensation expenses, amortization of acquired
intangible assets, impairment of goodwill, and impairment of
intangible assets, were US$8.6
million for the first quarter of 2013, representing a
year-over-year increase of 3.7% from US$8.3
million in the same period one year ago and a
quarter-over-quarter decrease of 11.3% from US$9.7 million in the previous quarter. Adjusted
operating expenses as a percentage of net revenues (non-GAAP),
which is calculated by dividing adjusted operating expenses
(non-GAAP) by net revenues, was 13.6% in the first quarter of 2013,
compared to 12.6% in the same period one year ago and 11.8% in the
previous quarter.
Please refer to the attached table captioned "Reconciliation of
GAAP Operating Expenses to Non-GAAP Adjusted Operating Expenses"
for a reconciliation of operating expenses under U.S. GAAP to
adjusted operating expenses (non-GAAP).
Selling and marketing expenses for the first quarter of 2013
were US$4.2 million. This represented
a year-over-year increase of 3.4% from US$4.1 million and a quarter-over-quarter
decrease of 20.2% from US$5.3
million. The year-over-year increase was primarily due to
higher expenses related to the Company's direct sales force and
higher travel expenses. The quarter-over-quarter decrease was
primarily due to lower sales commissions for the Company's direct
sales force.
General and administrative expenses for the first quarter of
2013 were US$4.9 million, including
share-based compensation expenses of US$280,000. This represented a year-over-year
decrease of 20.4% from US$6.1 million
in the same period one year ago and a quarter-over-quarter decrease
of 10.2% from US$5.4 million in the
previous quarter. The year-over-year decrease was primarily due to
lower amortization of acquired intangible assets, lower share-based
compensation expenses, lower professional fees, and lower salary
expenses, which were partially offset by higher bad-debt provision.
The quarter-over-quarter decrease was primarily due to lower
share-based compensation expenses and lower salary expenses, which
were partially offset by higher bad-debt provision.
Loss/Income from Operations
Loss from operations for the first quarter of 2013 was
US$5.6 million, compared to loss from
operations of US$6.9 million in the
same period one year ago and income from operations of US$6.5 million in the previous quarter. Loss from
operations as a percentage of net revenues for the first quarter of
2013 was negative 8.8%, compared to negative 10.4% in the same
period one year ago and 7.9% in the previous quarter.
Adjusted loss from operations (non-GAAP), which excluded
share-based compensation expenses, amortization of acquired
intangible assets, impairment of goodwill and impairment of
intangible assets, was US$5.1 million
for the first quarter of 2013, compared to adjusted loss from
operations (non-GAAP) of US$5.0
million in the same period one year ago and adjusted income
from operations (non-GAAP) of US$7.5
million in the previous quarter. Adjusted operating margin
(non-GAAP), which excluded the effect of share-based compensation
expenses, amortization of acquired intangible assets, impairment of
goodwill, and impairment of intangible assets, was negative 8.1%
for the first quarter of 2013, compared to negative 7.5% in the
same period one year ago and 9.1% in the previous quarter.
Please refer to the attached table captioned "Reconciliation of
GAAP Income (Loss) from Operations to Non-GAAP Adjusted Income
(Loss) from Operations" for a reconciliation of income (loss) from
operations under U.S. GAAP to adjusted income (loss) from
operations (non-GAAP).
Income Tax Benefits/Expenses
Income tax benefits for the first quarter of 2013 were
US$1.0 million, compared to income
tax expenses of US$1.9 million in the
same period one year ago and income tax expenses of US$4.2 million in the previous quarter.
Net Loss/Income Attributable
to AirMedia's Shareholders
Net loss attributable to AirMedia's shareholders for the first
quarter of 2013 was US$3.6 million,
compared to net loss attributable to AirMedia's shareholders of
US$7.3 million in the same period one
year ago and net income attributable to AirMedia's shareholders of
US$3.4 million in the previous
quarter. The basic net loss attributable to AirMedia's shareholders
per ADS for the first quarter of 2013 was US$0.06, compared to basic net loss attributable
to AirMedia's shareholders per ADS of US$0.12 in the same period one year ago and basic
net income attributable to AirMedia's shareholders per ADS of
US$0.05 in the previous quarter. The
diluted net loss attributable to AirMedia's shareholders per ADS
for the first quarter of 2013 was US$0.06, compared to diluted net loss
attributable to AirMedia's shareholders per ADS of US$0.12 in the same period one year ago and
diluted net income attributable to AirMedia's shareholders per ADS
of US$0.05 in the previous
quarter.
Adjusted net loss attributable to AirMedia's shareholders
(non-GAAP) was US$3.1 million for the
first quarter of 2013, compared to adjusted net loss attributable
to AirMedia's shareholders (non-GAAP) of US$5.4 million in the same period one year ago
and adjusted net income attributable to AirMedia's shareholders
(non-GAAP) of US$4.4 million in the
previous quarter. Adjusted basic net loss attributable to
AirMedia's shareholders per ADS (non-GAAP) was US$0.05 for the first quarter of 2013, compared
to adjusted basic net loss attributable to AirMedia's shareholders
per ADS (non-GAAP) of US$0.09 in the
same period one year ago and adjusted basic net income attributable
to AirMedia's shareholders per ADS (non-GAAP) of US$0.07 in the previous quarter. Adjusted diluted
net loss attributable to AirMedia's shareholders per ADS (non-GAAP)
was US$0.05 for the first quarter of
2013, compared to adjusted diluted net loss attributable to
AirMedia's shareholders per ADS (non-GAAP) of US$0.09 in the same period one year ago and
adjusted diluted net income attributable to AirMedia's shareholders
per ADS (non-GAAP) of US$0.07 in the
previous quarter.
Please refer to the attached table captioned "Reconciliation of
GAAP Net Income (Loss) and EPS to Non-GAAP Adjusted Net Income and
EPS" for a reconciliation of net income (loss) attributable to
AirMedia's shareholders and basic and diluted net income (loss)
attributable to AirMedia's shareholders per ADS under U.S. GAAP to
adjusted net income attributable to AirMedia's shareholders
(non-GAAP) and adjusted basic and diluted net income attributable
to AirMedia's shareholders per ADS (non-GAAP).
Cash, Restricted Cash and
Short-term Investments
Cash, restricted cash and short-term investments totaled
US$121.0 million as of March 31, 2013, compared to US$126.3 million as of December 31, 2012. The decrease in cash,
restricted cash and short-term investments from December 31, 2012 was primarily due to negative
cash flow from operations.
ADS Repurchases and Expansion of Share Repurchase
Program
On March 21, 2011, AirMedia's
board of directors authorized AirMedia to repurchase up to
US$20 million of its own outstanding
ADSs within two years from March 21,
2011. On September 24, 2012,
AirMedia's board of directors approved to increase the size of the
share repurchase program to US$40
million from US$20 million and
to extend the termination date of the share repurchase program to
March 20, 2014 from March 20, 2013. As of May
12, 2013, AirMedia had repurchased an aggregate of
5,676,385 ADSs on the open market for a total consideration of
US$15.9 million.
Other Recent Developments
On May 13, 2013, AirMedia's board
of directors approved an investment agreement between several
entities affiliated with AirMedia, including Beijing GreatView
Media Advertising Co., Ltd. ("GreatView Media"), the primary
operating entity of AirMedia's gas station media network, its
current shareholders, and Elec-Tech International Co., Ltd.
("Elec-Tech") (Shenzhen Stock Exchange code: 002005). Pursuant to
the investment agreement, Elec-Tech will invest RMB640 million (US$104.0
million) to purchase ordinary shares representing
approximately 21.27% of the equity interest of GreatView Media.
After the completion of the transaction, AirMedia will indirectly
control 61.41% of the equity interest of GreatView Media. GreatView
Media's current shareholders undertook to use the full amount of
Elec-Tech's investment to purchase LED screens from Elec-Tech or
its subsidiaries. The investment is subject to the approval of
Elec-Tech's shareholders.
On April 24, 2013, AirMedia
commenced operations of 20 sets of digital TV screens and
TV-attached digital frames at newly opened Section D of Terminal 3
of Beijing Capital International Airport.
On April 22, 2013, AirMedia
commenced operations of two mega-size LED screens at the arrival
aisle of Xi'an Xianyang International Airport ("Xi'an Airport") in
Shaanxi province. In addition to
these two mega-size LED screens, AirMedia operates another
mega-size LED screen in the departure passage of Xi'an Airport.
On April 19, 2013, AirMedia
commenced operations of 12 stand-alone digital frames at the
baggage claim areas in Sanya Fenghuang International Airport in
Hainan province.
On April 18, 2013, AirMedia
commenced operations of 12 stand-alone digital frames at the
baggage claim areas in Xi'an Airport.
On March 15, 2013, AirMedia
commenced operations of 14 stand-alone digital frames at Guangzhou
Baiyun International Airport.
Business Outlook
AirMedia currently expects its net revenues for the second
quarter of 2013 to range from US$63.0
million to US$65.0 million, representing a year-over-year
decrease of 7.5% to 4.6% from the same period in 2012 and a
quarter-over-quarter decrease of 2.4% to a quarter-over-quarter
increase of 0.7% from the previous quarter.
AirMedia currently expects its concession fees to be
approximately US$46.0 million in the
second quarter of 2013, which is relatively unchanged from the
previous quarter.
The above forecast reflects AirMedia's current and preliminary
view and is therefore subject to change. Please refer to the Safe
Harbor Statement below for the factors that could cause actual
results to differ materially from those contained in any
forward-looking statement.
Summary of Selected Operating Data
|
Quarter
Ended March
31, 2013
|
|
Quarter
Ended December 31, 2012
|
|
Quarter
Ended March
31, 2012
|
|
Y/Y
Growth Rate
|
|
Q/Q
Growth Rate
|
Digital
frames in airports
|
|
|
|
|
|
|
|
|
|
Number of airports in operation
|
33
|
|
34
|
|
34
|
|
-2.9%
|
|
-2.9%
|
Number of time slots available for sale (2)
|
31,946
|
|
33,018
|
|
32,997
|
|
-3.2%
|
|
-3.2%
|
Number of time slots sold (3)
|
12,935
|
|
14,756
|
|
12,448
|
|
3.9%
|
|
-12.3%
|
Utilization rate (4)
|
40.5%
|
|
44.7%
|
|
37.7%
|
|
2.8%
|
|
-4.2%
|
Average advertising revenue per time slot sold (5)
|
US$2,591
|
|
US$2,763
|
|
US$2,565
|
|
1.0%
|
|
-6.2%
|
|
|
|
|
|
|
|
|
|
|
Digital
TV screens in airports
|
|
|
|
|
|
|
|
|
|
Number of airports in operation
|
33
|
|
34
|
|
37
|
|
-10.8%
|
|
-2.9%
|
Number of time slots available for sale (1)
|
16,971
|
|
16,560
|
|
17,683
|
|
-4.0%
|
|
2.5%
|
Number of time slots sold (3)
|
4,829
|
|
9,088
|
|
1,663
|
|
190.4%
|
|
-46.9%
|
Utilization rate (4)
|
28.5%
|
|
54.9%
|
|
9.4%
|
|
19.1%
|
|
-26.4%
|
Average advertising revenue per time slot sold (5)
|
US$570
|
|
US$595
|
|
US$1,304
|
|
-56.3%
|
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
Digital
TV screens on airplanes
|
|
|
|
|
|
|
|
|
|
Number of airlines in operation
|
8
|
|
9
|
|
9
|
|
-11.1%
|
|
-11.1%
|
Number of time slots available for sale (1)
|
372
|
|
444
|
|
444
|
|
-16.2%
|
|
-16.2%
|
Number of time slots sold (3)
|
135
|
|
234
|
|
175
|
|
-22.9%
|
|
-42.3%
|
Utilization rate (4)
|
36.3%
|
|
52.7%
|
|
39.4%
|
|
-3.1%
|
|
-16.4%
|
Average advertising revenue per time slot sold (5)
|
US$28,059
|
|
US$33,650
|
|
US$28,669
|
|
-2.1%
|
|
-16.6%
|
|
|
|
|
|
|
|
|
|
|
Traditional Media in airports
|
|
|
|
|
|
|
|
|
|
Numbers of
locations available for sale (6)
|
908
|
|
979
|
|
914
|
|
-0.7%
|
|
-7.3%
|
Numbers of
locations sold (7)
|
546
|
|
573
|
|
680
|
|
-19.7%
|
|
-4.7%
|
Utilization rate (8)
|
60.1%
|
|
58.5%
|
|
74.4%
|
|
-14.3%
|
|
1.6%
|
Average
advertising revenue per location sold (9)
|
US$34,674
|
|
US$36,304
|
|
US$32,057
|
|
8.2%
|
|
-4.5%
|
Notes:
(1) A time slot is defined as a 30-second equivalent advertising
time unit for digital TV screens in airports and digital TV screens
on airplanes, which is shown during each advertising cycle on a
weekly basis in a given airport or on a monthly basis on the routes
of a given airline, respectively. AirMedia's airport advertising
programs are shown repeatedly on a daily basis during a given week
in one-hour cycles and each hour of programming includes 20 minutes
of advertising content, which allows the Company to sell a maximum
of 40 time slots per week. The number of time slots available for
sale for the digital TV screens in airports during the period
presented is calculated by multiplying the time slots available for
sale per week per airport by the number of weeks during the period
presented when AirMedia had operations in each airport and then
calculating the sum of all the time slots available for sale for
each of the Company's network airports. The length of AirMedia's
in-flight programs typically ranges from approximately 45 minutes
to an hour per flight, approximately five to 13 minutes of which
consist of advertising content. The number of time slots available
for sale for our digital TV screens on airplanes during the period
presented is calculated by multiplying the time slots per airline
per month by the number of months during the period presented when
AirMedia had operations on each airline and then calculating the
sum of all the time slots available for sale for each of its
network airlines.
(2) A time slot is defined as a 12-second equivalent advertising
time or 6-second equivalent advertising time units for digital
frames in airports, which is shown during each standard advertising
cycle on a weekly basis in a given airport. AirMedia's standard
airport advertising programs are shown repeatedly on a daily basis
during a given week in 10-minute cycles or 5-minute cycles, which
allows the Company to sell a maximum of 50 time slots per week. The
length of time slot and advertising program cycle of some digital
frames in several airports are different from the standard ones.
The number of time slots available for sale for the digital frames
in airports during the period presented is calculated by
multiplying the time slots per week per airport by the number of
weeks during the period presented when the Company had operations
in each airport and then calculating the sum of all the time slots
available for each of its network airports.
(3) Number of time slots sold refers to the number of 30-second
equivalent advertising time units for digital TV screens in
airports and digital TV screens on airplanes or 12-second
equivalent advertising time units or 6-second equivalent
advertising time units for digital frames in airports sold during
the period presented.
(4) Utilization rate for digital TV screens in airports, digital
TV screens on airplanes and digital frames in airports refers to
total time slots sold as a percentage of total time slots available
for sale during the relevant period.
(5) Average advertising revenue per time slot sold for digital
TV screens in airports, digital TV screens on airplanes and digital
frames in airports are calculated by dividing each of the Company's
revenues derived from digital TV screens in airports, digital TV
screens on airplanes and digital frames in airports by the
respective number of time slots sold.
(6) The number of locations available for sale in traditional
media is defined as the sum of (1) the number of light boxes and
billboards in Beijing,
Shenzhen, Wenzhou and certain
other airports (light boxes and billboards), and (2) the number of
gate bridges in certain airports (gate bridges).
(7) The number of locations sold is defined as the sum of (1)
the number of light boxes and billboards sold and (2) the number of
gate bridges sold. To calculate the number of light boxes and
billboards sold in a given airport, the "utilization rates of
light boxes and billboards" in such airport is first calculated by
dividing the "total value of light boxes and billboards sold" in
such airport by the "total value of light boxes and billboards" in
such airport. The "total value of light box and billboard
sold" in a given airport is calculated as the daily listing prices
of each light boxes and billboards sold in such airport multiplied
by their respective number of days sold during the period
presented. The "total value of light boxes and billboards" in
a given airport is calculated as the sum of quarterly listing
prices of all the light boxes and billboards in such airport during
the period presented. The number of light boxes and billboards sold
in a given airport is then calculated as the number of light boxes
and billboards available for sale in such airport multiplied by the
utilization rates of light boxes and billboards in such airport.
The number of gate bridges sold in a given airport is counted based
on numbers in the relevant contracts.
(8) Utilization rate for traditional media in airports
refers to total locations sold as a percentage of total locations
available for sale during the period presented.
(9) Average advertising revenue per location sold is
calculated by dividing the revenues derived from all the locations
sold by the number of locations sold during the period
presented.
Earnings Conference Call Details
AirMedia will hold a conference call to discuss the first
quarter 2013 earnings at 8:00 PM U.S.
Eastern Time on May 13, 2013
(5:00 PM U.S. Pacific Time on
May 13, 2013; 8:00 AM Beijing/Hong
Kong time on May 14, 2013).
AirMedia's management team will be on the call to discuss financial
results and operational highlights and answer questions.
Conference Call Dial-in Information
U.S.: +1 866 519 4004
U.K.: 08082346646
Hong Kong: +852 800 930 346
International: +1 718 354 1231
Pass code: AMCN
A replay of the call will be available for 1 week between
11:00 p.m. on May 13, 2013 and 11:59
p.m. on May 20, 2013, Eastern
Time.
Replay Dial-in Information
U.S.: +1 855 452 5696
International: +1 646 254 3697
Pass code: 68638854
Additionally, a live and archived webcast of this call will be
available on the Investor Relations section of AirMedia's corporate
website at http://ir.airmedia.net.cn
Use of Non-GAAP Financial Measures
AirMedia's management uses non-GAAP financial measures to gain
an understanding of AirMedia's comparative operating performance
and future prospects. AirMedia's non-GAAP financial measures
exclude the following non-cash items: (1) share-based compensation
expenses, (2) amortization of acquired intangible assets, (3)
impairment of goodwill, and (4) impairment of intangible
assets.
Non-GAAP financial measures are used by AirMedia's management in
their financial and operating decision-making, because management
believes they reflect AirMedia's ongoing business and operating
performance in a manner that allows meaningful period-to-period
comparisons. AirMedia's management believes that these non-GAAP
financial measures provide useful information to investors and
others in understanding and evaluating AirMedia's operating
performance in the same manner as management does, if they so
choose. Specifically, AirMedia believes the non-GAAP financial
measures provide useful information to both management and
investors by excluding certain charges that the Company believes
are not indicative of its core operating results.
The non-GAAP financial measures have limitations. They do not
include all items of income and expense that affect AirMedia's
income from operations. Specifically, these non-GAAP financial
measures are not prepared in accordance with GAAP, may not be
comparable to non-GAAP financial measures used by other companies
and, with respect to the non-GAAP financial measures that exclude
certain items under GAAP, do not reflect any benefit that such
items may confer to AirMedia. Management compensates for these
limitations by also considering AirMedia's financial results as
determined in accordance with GAAP. The presentation of this
additional information is not meant to be considered superior to,
in isolation from or as a substitute for results prepared in
accordance with US GAAP. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliation
of GAAP Net (Loss) Income and EPS and Non-GAAP Adjusted Net (Loss)
Income and EPS", "Reconciliation of GAAP Operating Expenses to
Non-GAAP Adjusted Operating Expenses" and "Reconciliation of GAAP
(Loss) Income from Operations to Non-GAAP Adjusted (Loss) Income
from Operations" set forth at the end of this release.
About AirMedia Group Inc.
AirMedia Group Inc. (Nasdaq: AMCN) is a leading operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers.
AirMedia operates the largest digital media network in China dedicated to air travel advertising.
AirMedia operates digital frames in 33 major airports and digital
TV screens in 33 major airports, including most of the 30 largest
airports in China. In addition,
AirMedia sells advertisements on the routes operated by seven
airlines, including the four largest airlines in China. In selected major airports, AirMedia
also operates traditional media platforms, such as billboards and
light boxes, and other digital media, such as mega LED screens.
In addition, AirMedia has obtained exclusive contractual
concession rights until the end of 2014 to develop and operate
outdoor advertising platforms at Sinopec's service stations located
throughout China.
For more information about AirMedia, please visit
http://www.airmedia.net.cn.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expect," "anticipate," "future," "intend," "plan,"
"believe," "estimate," "confident" and similar statements. Among
other things, the Business Outlook section and the quotations from
management in this announcement, as well as AirMedia Group Inc.'s
strategic and operational plans, contain forward-looking
statements. AirMedia may also make written or oral forward-looking
statements in its reports to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about AirMedia's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to: if advertisers or the viewing
public do not accept, or lose interest in, AirMedia's air travel
advertising network, AirMedia may be unable to generate sufficient
cash flow from its operating activities and its prospects and
results of operations could be negatively affected; AirMedia
derives most of its revenues from the provision of air travel
advertising services, and any slowdown in the air travel
advertising industry in China may
materially and adversely affect its revenues and results of
operations; AirMedia's strategy of expanding its advertising
network by building new air travel media platforms and expanding
into traditional media in airports may not succeed, and its failure
to do so could materially reduce the attractiveness of its network
and harm its business, reputation and results of operations; if
AirMedia does not succeed in its expansion into gas station and
other outdoors media advertising, its future results of operations
and growth prospects may be materially and adversely affected; if
AirMedia's customers reduce their advertising spending or are
unable to pay AirMedia in full, in part or at all for a period of
time due to an economic downturn in China and/or elsewhere or for any other
reason, AirMedia's revenues and results of operations may be
materially and adversely affected; AirMedia faces risks related to
health epidemics, which could materially and adversely affect air
travel and result in reduced demand for its advertising services or
disrupt its operations; if AirMedia is unable to retain
existing concession rights contracts or obtain new concession
rights contracts on commercially advantageous terms that allow it
to operate its advertising platforms, AirMedia may be unable to
maintain or expand its network coverage and its business and
prospects may be harmed; a significant portion of AirMedia's
revenues has been derived from the six largest airports and four
largest airlines in China, and if
any of these airports or airlines experiences a material business
disruption, AirMedia's ability to generate revenues and its results
of operations would be materially and adversely affected;
AirMedia's limited operating history makes it difficult to evaluate
its future prospects and results of operations; and other risks
outlined in AirMedia's filings with the U.S. Securities and
Exchange Commission. AirMedia does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Investor Contact:
Raymond Huang
Senior Director of Investor Relations
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@airmedia.net.cn
AirMedia Group Inc.
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
|
(In
U.S. dollars in thousands)
|
|
|
|
|
|
|
|
|
|
March
31,
2013
|
December 31,
2012
|
|
|
|
|
ASSETS:
|
|
|
|
Current
assets:
|
|
|
|
Cash
|
|
70,723
|
73,634
|
Restricted
cash
|
|
8,050
|
8,026
|
Short-term
investments
|
|
42,185
|
44,622
|
Accounts
receivable, net
|
|
106,708
|
101,222
|
Prepaid
concession fees
|
|
24,340
|
20,759
|
Amount due
from related party
|
|
873
|
1,310
|
Other
current assets
|
|
13,964
|
9,788
|
Deferred
tax assets - current
|
|
1,840
|
2,064
|
Total
current assets
|
|
268,683
|
261,425
|
Property
and equipment, net
|
|
64,976
|
45,930
|
Long-term
investments
|
|
4,326
|
4,337
|
Long-term
deposits
|
|
23,079
|
22,307
|
Deferred
tax assets - non-current
|
|
9,914
|
8,347
|
Acquired
intangible assets, net
|
|
1,331
|
1,521
|
Total
assets
|
|
372,309
|
343,867
|
LIABILITIES AND EQUITY:
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable (including accounts payable of the
|
|
|
|
consolidated variable interest entities without recourse
to
|
|
|
|
AirMedia Group Inc. $71,045 and $109,240 as of December
31,
|
|
|
|
2012 and March 31, 2013, respectively)
|
|
110,885
|
72,895
|
Accrued
expenses and other current liabilities
|
|
|
|
(including accrued expenses and other current liabilities
of
|
|
|
|
the
consolidated variable interest entities without recourse
|
|
|
|
to
AirMedia Group Inc. $8,716 and $7,342 as of December
31,
|
|
|
|
2012 and March 31, 2013, respectively)
|
|
8,656
|
10,999
|
Deferred
revenue (including deferred revenue of the
|
|
|
|
consolidated variable interest entities without recourse
to
|
|
|
|
AirMedia Group Inc. $18,596 and $15,405 as of December
31
|
|
|
|
2012 and March 31, 2013, respectively)
|
|
15,536
|
18,602
|
Income tax
payable (including income tax payable of the
|
|
|
|
consolidated variable interest entities without recourse
to
|
|
|
|
AirMedia Group Inc. $169 and $ (240) as of December
31,
|
|
|
|
2012 and March 31, 2013, respectively)
|
|
150
|
1,109
|
Amounts
due to related parties (including amounts due to
|
|
|
|
related parties of the consolidated variable interest
entities
|
|
|
|
without recourse to AirMedia Group Inc. $447 and $448
as
|
|
|
|
of
December 31, 2012 and March 31, 2013, respectively)
|
|
448
|
447
|
Total
current liabilities
|
|
135,675
|
104,052
|
Deferred
tax liability - non-current
|
|
333
|
380
|
Total
liabilities
|
|
136,008
|
104,432
|
Equity
|
|
|
|
Ordinary
shares
|
|
128
|
128
|
Additional
paid-in capital
|
|
278,932
|
278,652
|
Treasury
stock
|
|
(7,717)
|
(7,035)
|
Statutory
reserves
|
|
10,144
|
10,144
|
Accumulated deficits
|
|
(76,561)
|
(72,961)
|
Accumulated other comprehensive income
|
|
33,694
|
32,948
|
Total
AirMedia Group Inc.'s shareholders' equity
|
|
238,620
|
241,876
|
Noncontrolling interests
|
|
(2,319)
|
(2,441)
|
Total
equity
|
|
236,301
|
239,435
|
Total
liabilities and equity
|
|
372,309
|
343,867
|
AirMedia Group Inc.
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
(In
U.S. dollars in thousands, except share and ADS related
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
2013
|
December 31,
2012
|
March
31,
2012
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
64,547
|
84,182
|
67,544
|
Business
tax and other sales tax
|
|
(935)
|
(1,535)
|
(1,400)
|
Net
revenues
|
|
63,612
|
82,647
|
66,144
|
Cost of
revenues
|
|
60,119
|
65,397
|
62,823
|
Gross
profit
|
|
3,493
|
17,250
|
3,321
|
Operating
expenses:
|
|
|
|
|
Selling and marketing *
|
|
4,222
|
5,289
|
4,083
|
General and administrative *
|
|
4,878
|
5,430
|
6,128
|
Total
operating expenses
|
|
9,100
|
10,719
|
10,211
|
(Loss)
income from operations
|
|
(5,607)
|
6,531
|
(6,890)
|
Interest
income
|
|
388
|
402
|
259
|
Other
income, net
|
|
730
|
531
|
813
|
(Loss)
income before income taxes
|
|
(4,489)
|
7,464
|
(5,818)
|
Income tax
benefits (expenses)
|
|
1,043
|
(4,216)
|
(1,913)
|
Net (loss)
income before net (loss) income of equity method
investments
|
|
(3,446)
|
3,248
|
(7,731)
|
Net (loss)
income of equity method investments
|
|
(24)
|
(26)
|
103
|
Net
(loss) income
|
|
(3,470)
|
3,222
|
(7,628)
|
Less: Net
income (loss) attributable to noncontrolling
interests
|
|
130
|
(132)
|
(301)
|
Net (loss) income attributable to
AirMedia Group Inc.'s shareholders
|
|
(3,600)
|
3,354
|
(7,327)
|
Net (loss)
income attributable to AirMedia Group Inc.'s shareholders per
ordinary share
|
|
|
|
|
Basic
|
|
(0.03)
|
0.03
|
(0.06)
|
Diluted
|
|
(0.03)
|
0.03
|
(0.06)
|
Net (loss)
income attributable to AirMedia Group Inc.'s shareholders per
ADS
|
|
|
|
|
Basic
|
|
(0.06)
|
0.05
|
(0.12)
|
Diluted
|
|
(0.06)
|
0.05
|
(0.12)
|
Weighted
average ordinary shares outstanding used in computing net
(loss) income per ordinary share - basic
|
|
121,738,551
|
122,551,330
|
125,241,217
|
Weighted
average ordinary shares outstanding used in computing net
(loss) income per ordinary share - diluted
|
|
121,738,551
|
122,575,370
|
125,241,217
|
*
Share-based compensation charges included are as follow:
|
|
|
|
|
Selling and marketing
|
|
-
|
91
|
297
|
General and administrative
|
|
280
|
713
|
695
|
AirMedia Group Inc.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
|
(In
U.S. dollars in thousands, except share and ADS related
data)
|
|
|
|
|
|
Three
Months Ended
|
|
March
31,
2013
|
December 31,
2012
|
March
31,
2012
|
Net (loss)
income
|
(3,470)
|
3,222
|
(7,628)
|
Other
comprehensive income (loss)
|
739
|
2,002
|
(151)
|
Comprehensive (loss) income
|
(2,731)
|
5,224
|
(7,779)
|
Less:
comprehensive income (loss) attributable to the noncontrolling
interest
|
123
|
(205)
|
(300)
|
Comprehensive (loss) income attributable to
AirMedia Group Inc.'s shareholders
|
(2,854)
|
5,429
|
(7,479)
|
AirMedia Group Inc.
|
|
|
|
|
RECONCILIATION OF GAAP NET (LOSS) INCOME AND EPS
TO NON-GAAP ADJUSTED NET (LOSS) INCOME AND
EPS
|
(In
U.S. dollars in thousands, except share and ADS related
data)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
2013
|
December 31,
2012
|
March
31,
2012
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income attributable to AirMedia Group Inc.'s shareholders
(GAAP)
|
|
(3,600)
|
3,354
|
(7,327)
|
Amortization of acquired intangible assets
|
|
195
|
194
|
905
|
Share-based compensation
|
|
280
|
804
|
992
|
|
|
|
|
|
Adjusted net (loss) income attributable to
AirMedia Group Inc.'s shareholders (non-GAAP)
|
|
(3,125)
|
4,352
|
(5,430)
|
|
|
|
|
|
Adjusted net (loss) income attributable to
AirMedia Group Inc.'s shareholders per share
(non-GAAP)
|
|
|
|
|
Basic
|
|
(0.03)
|
0.04
|
(0.04)
|
Diluted
|
|
(0.03)
|
0.04
|
(0.04)
|
|
|
|
|
|
Adjusted net (loss) income attributable to
AirMedia Group Inc.'s shareholders per ADS
(non-GAAP)
|
|
|
|
|
Basic
|
|
(0.05)
|
0.07
|
(0.09)
|
Diluted
|
|
(0.05)
|
0.07
|
(0.09)
|
|
|
|
|
|
Shares
used in computing adjusted basic net (loss) income attributable to
AirMedia Group Inc.'s shareholders per share (non-GAAP)
|
|
121,738,551
|
122,551,330
|
125,241,217
|
Shares
used in computing adjusted diluted net (loss) income attributable
to AirMedia Group Inc.'s shareholders per share
(non-GAAP)
|
|
121,738,551
|
122,575,370
|
125,241,217
|
|
|
|
|
|
Note: 1) The Non-GAAP adjusted net (loss)
income per share and per ADS are computed using Non-GAAP adjusted
net (loss) income and number of shares and ADSs used in GAAP basic
and diluted EPS calculation, where the number of shares and ADSs is
adjusted for dilution due to the share-based compensation
plan.
|
|
|
|
|
|
AirMedia Group Inc.
|
|
|
|
|
RECONCILIATION OF GAAP OPERATING EXPENSES TO
NON-GAAP ADJUSTED OPERATING EXPENSES
|
(In
U.S. dollars in thousands, except for percentages)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
2013
|
December 31,
2012
|
March
31,
2012
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (GAAP)
|
|
9,100
|
10,719
|
10,211
|
Amortization of acquired intangible assets
|
|
195
|
194
|
905
|
Share-based compensation
|
|
280
|
804
|
992
|
|
|
|
|
|
Adjusted operating expenses
(non-GAAP)
|
|
8,625
|
9,721
|
8,314
|
|
|
|
|
|
Adjusted operating expenses as a percentage of net
revenues (non-GAAP)
|
|
13.6%
|
11.8%
|
12.6%
|
|
|
|
|
|
|
|
|
|
|
AirMedia Group Inc.
|
|
|
|
|
RECONCILIATION OF GAAP (LOSS) INCOME FROM
OPERATIONS TO NON-GAAP ADJUSTED (LOSS) INCOME FROM
OPERATIONS
|
(In
U.S. dollars in thousands, except for percentages)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
2013
|
December 31,
2012
|
March
31,
2012
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from operations
|
|
(5,607)
|
6,531
|
(6,890)
|
Amortization of acquired intangible assets
|
|
195
|
194
|
905
|
Share-based compensation
|
|
280
|
804
|
992
|
|
|
|
|
|
Adjusted (loss) income from operations
(non-GAAP)
|
|
(5,132)
|
7,529
|
(4,993)
|
|
|
|
|
|
Adjusted operating margin
(non-GAAP)
|
|
-8.1%
|
9.1%
|
-7.5%
|
SOURCE AirMedia Group Inc.