BEIJING, March 9, 2015 /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 fourth
quarter and the full year ended December 31,
2014.
Fourth Quarter 2014 Financial Highlights
- Total revenues decreased by 14.1% year-over-year and increased
by 7.4% quarter-over-quarter to US$67.5
million.
- Net revenues decreased by 14.8% year-over-year and increased by
5.8% quarter-over-quarter to US$65.8
million.
- Net loss attributable to AirMedia's shareholders was
US$11.2 million. Basic and diluted
net loss attributable to AirMedia's shareholders per American
Depositary Share ("ADS") were both US$0.18.
- Adjusted EBITDA attributable to AirMedia's shareholders
(non-GAAP), which is EBITDA attributable to AirMedia's shareholders
excluding share-based compensation expenses, was a loss of
US$4.2 million.
Fiscal Year 2014 Financial Highlights
- Total revenues decreased by 7.5% year-over-year to US$255.9 million due to a soft advertising market
and AirMedia's termination of operations of certain unprofitable or
low-margin contracts.
- Net revenues decreased by 7.3% year-over-year to US$252.5 million.
- Net loss attributable to AirMedia's shareholders was
US$25.7 million. Basic and diluted
net loss attributable to AirMedia's shareholders per ADS were both
US$0.43.
- Adjusted EBITDA attributable to AirMedia's shareholders
(non-GAAP), which is EBITDA attributable to AirMedia's shareholders
excluding share-based compensation expenses, was a loss of
US$10.7 million.
"We are excited that we made significant progress on turning
around the Company. By January 13,
2015, we have divested two of our three major unprofitable
product lines. The divestiture is expected to have an immediately
positive effect on the Company's results of operation in the first
quarter of 2015. As for another unprofitable product line, our gas
station media network, we intend to perk up this product line by
adopting new technology, such as iBeacon, which enables our LED
screens to connect with car passengers. With the divestiture and
the expected improvement of operation results of the gas station
media network, we anticipate our current media business to become
profitable and provide steady cash flow to support our business
transformation," commented Mr. Herman
Guo, chairman and chief executive officer of AirMedia.
"As for our transformation into a leading in-flight and on-train
Wi-Fi operator in China, we have
obtained a leading position in Wi-Fi service on high speed trains
in China, in terms of the number
of high-speed trains on which we have concession rights to operate
on-train Wi-Fi services. Our ambition, however, goes beyond
high-speed trains. We hope that passengers on ordinary trains also
have the opportunity to use our Wi-Fi services. We will strive to
obtain more concession rights contracts and a leading position in
Wi-Fi services on ordinary trains," continued Mr. Guo. "We have
started technical test of Wi-Fi services on ordinary trains
operated by Xinjiang Railway Bureau in late January 2015. We expect to install and operate
Wi-Fi services on more high-speed trains and ordinary trains in
2015, as well as to start monetizing this unique Wi-Fi gateway and
platform."
"Our new business initiatives are still at the stage with need
for further investments. As a result of these investments, our
costs and operating expenses have been increasing in the past
several quarters, which contributed to the increase in our net
loss. However, these investments are necessary and crucial, as
Wi-Fi business stands for a huge market and the future of the
Company," Mr. Richard Wu, AirMedia's
chief financial officer, commented.
Fourth Quarter 2014 Financial Results
Revenues
Total revenues by product line (numbers in US$ 000's except for
percentages):
|
|
Quarter
Ended
December
31, 2014
|
% of Total
Revenues
|
|
Quarter
Ended September 30, 2014
|
% of Total
Revenues
|
|
Quarter
Ended
December
31,2013
|
% of Total
Revenues
|
|
Y/Y Growth
rate
|
|
Q/Q Growth
rate
|
Air Travel Media
Network
|
|
60,972
|
90.3%
|
|
57,779
|
91.9%
|
|
72,085
|
91.8%
|
|
-15.4%
|
|
5.5%
|
Digital frames in airports
|
|
37,367
|
55.3%
|
|
33,971
|
54.0%
|
|
45,444
|
57.8%
|
|
-17.8%
|
|
10.0%
|
Digital TV screens in airports
|
|
4,283
|
6.3%
|
|
3,866
|
6.1%
|
|
5,103
|
6.5%
|
|
-16.1%
|
|
10.8%
|
Digital TV screens on airplanes
|
|
3,864
|
5.7%
|
|
4,604
|
7.3%
|
|
4,611
|
5.9%
|
|
-16.2%
|
|
-16.1%
|
Traditional media in airports
|
|
13,798
|
20.4%
|
|
13,942
|
22.2%
|
|
14,197
|
18.1%
|
|
-2.8%
|
|
-1.0%
|
Other revenues in air travel
|
|
1,660
|
2.6%
|
|
1,396
|
2.3%
|
|
2,730
|
3.5%
|
|
-39.2%
|
|
18.9%
|
Gas Station Media
Network
|
|
2,897
|
4.3%
|
|
2,636
|
4.2%
|
|
4,420
|
5.6%
|
|
-34.5%
|
|
9.9%
|
Other
Media
|
|
3,668
|
5.4%
|
|
2,449
|
3.9%
|
|
2,076
|
2.6%
|
|
76.7%
|
|
49.8%
|
Total
revenues
|
|
67,537
|
100.0%
|
|
62,864
|
100.0%
|
|
78,581
|
100.0%
|
|
-14.1%
|
|
7.4%
|
Net
revenues
|
|
65,794
|
|
|
62,207
|
|
|
77,214
|
|
|
-14.8%
|
|
5.8%
|
Total revenues for the fourth quarter of 2014 reached
US$67.5 million, representing a
year-over-year decrease of 14.1% from US$78.6 million in the same period one year ago
and a quarter-over-quarter increase of 7.4% from US$62.9 million in the previous quarter. The
year-over-year decrease was primarily due to decreases in revenues
from most product lines. The quarter-over-quarter increase was
primarily due to increases in revenues from most product lines
other than digital TV screens on airplanes and traditional media in
airports.
Revenues from digital frames in airports
Revenues from digital frames in airports for the fourth quarter
of 2014 decreased by 17.8% year-over-year and increased by 10.0%
quarter-over-quarter to US$37.4
million. The year-over-year decrease was primarily due to a
soft advertising market. The quarter-over-quarter increase was
primarily due to advertisers' year-end budget flush and a
seasonally strong quarter in the fourth quarter.
Revenues from digital TV screens in airports
Revenues from digital TV screens in airports for the fourth
quarter of 2014 decreased by 16.1% year-over-year and increased by
10.8% quarter-over-quarter to US$4.3
million. The year-over-year decrease was primarily due to a
soft advertising market and a drop in demand from advertisers as a
result of competition from AirMedia's other product lines and the
fact that, with the rapid development of mobile internet, more
people now pay attention to their cell phones instead of AirMedia's
digital TV screens. The quarter-over-quarter increase was primarily
due to advertisers' year-end budget flush and a seasonally strong
quarter in the fourth quarter.
Revenues from digital TV screens on airplanes
Revenues from digital TV screens on airplanes for the fourth
quarter of 2014 decreased by 16.2% year-over-year and by 16.1%
quarter-over-quarter to US$3.9
million. The year-over-year decrease of revenues from
digital TV screens on airplanes was primarily due to a soft
advertising market and a decrease in advertisers' demand for
digital TV screens as a result of more choices of in-flight
entertainment. The quarter-over-quarter decrease of revenues from
digital TV screens on airplanes was primarily due to a decrease in
advertisers' demand for digital TV screens as a result of more
choices of in-flight entertainment.
Revenues from traditional media in airports
Revenues from traditional media in airports for the fourth
quarter of 2014 decreased by 2.8% year-over-year and by 1.0%
quarter-over-quarter to US$13.8
million. The year-over-year decrease was primarily due to a
soft advertising market. The quarter-over-quarter decrease was
primarily due to the fact that AirMedia stopped taking orders on
some media resources at premier locations as a result of expected
upgrade of media formats.
Revenues from the gas station media network
Revenues from the gas station media network for the fourth
quarter of 2014 decreased by 34.5% year-over-year and increased by
9.9% quarter-over-quarter to US$2.9
million. The year-over-year decrease was primarily due to a
soft advertising market. The quarter-over-quarter increase was
primarily due to advertisers' strong demand for AirMedia's
already-installed LED screens in gas stations, as well as
advertisers' year-end budget flush and a seasonally strong quarter
in the fourth quarter.
As of March 8, 2015, AirMedia
operated LED screens in 741 gas stations in 21 cities, compared to
562 gas stations in 15 cities as of November
16, 2014.
Revenues from other media
Revenues from other media were primarily revenues from unipole
signs and other outdoors media, as well as revenues from the
Company's new business of film distribution. Revenues from other
media for the fourth quarter of 2014 increased by 76.7%
year-over-year and by 49.8% quarter-over-quarter to US$3.7 million. The year-over-year and
quarter-over-quarter increases were primarily due to revenues from
film distribution and film investment.
Business tax and other sales tax
Business tax and other sales tax for the fourth quarter of 2014
were US$1.7 million, compared to
US$1.4 million in the same period one
year ago and US$657,000 in the
previous quarter.
Net revenues
Net revenues for the fourth quarter of 2014 reached US$65.8 million, representing a year-over-year
decrease of 14.8% from US$77.2
million in the same period one year ago and a
quarter-over-quarter increase of 5.8% from US$62.2 million in the previous quarter.
Cost of Revenues
Cost of revenues for the fourth quarter of 2014 was US$61.8 million, which reflected a year-over-year
decrease of 4.8% from US$65.0 million
and a quarter-over-quarter increase of 3.1% from US$59.9 million in the previous quarter. The
year-over-year decrease was primarily due to lower agency fees for
third-party advertising agencies in the fourth quarter of 2014,
which were partially offset by higher concession fees. The
quarter-over-quarter increase was primarily due to higher
concession fees in the fourth quarter of 2014. Cost of revenues as
a percentage of net revenues in the fourth quarter of 2014 was
94.0%, up from 84.1% in the same period one year ago and down from
96.3% 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, to other media resources owners for placing
unipole signs and other outdoors media and to railway bureaus for
operating Wi-Fi services on trains.
Concession fees for the fourth quarter of 2014 increased by 1.8%
year-over-year and by 5.4% quarter-over-quarter to US$46.5 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 fourth
quarter of 2014 was 70.6%, increasing from 59.1% in the same period
one year ago and decreasing from 70.9% in the previous quarter. The
year-over-year increase of concession fees as a percentage of net
revenues was primarily due to the fact that net revenues decreased
while concession fees increased. The quarter-over-quarter decrease
of concession fees as a percentage of net revenues was primarily
due to the fact that net revenues increased faster than concession
fees in the fourth quarter of 2014.
Gross Profit
Gross profit for the fourth quarter of 2014 decreased by 67.6%
year-over-year and increased by 74.7% quarter-over-quarter to
US$4.0 million.
Gross profit as a percentage of net revenues for the fourth
quarter of 2014 was 6.0%, compared to 15.9% in the same period one
year ago and 3.7% in the previous quarter. The year-over-year
decrease in gross profit as a percentage of net revenues was
primarily due to the fact that net revenues decreased faster than
cost of revenues. The quarter-over-quarter increase in gross profit
as a percentage of net revenues was primarily due to the fact that
net revenues increased faster than cost of revenues.
Operating Expenses
Operating expenses (numbers in US$ 000's except for
percentages):
|
Quarter
Ended
December
31, 2014
|
% of Net
Revenues
|
|
Quarter
Ended
September
30, 2014
|
% of Net
Revenues
|
|
Quarter
Ended
December
31, 2013
|
% of Net
Revenues
|
|
Y/Y Growth
rate
|
Q/Q Growth
rate
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
6,465
|
9.8%
|
|
6,022
|
9.7%
|
|
5,465
|
7.1%
|
|
18.3%
|
7.4%
|
General and
administrative expenses
|
8,192
|
12.5%
|
|
5,628
|
9.0%
|
|
8,812
|
11.4%
|
|
-7.0%
|
45.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
14,657
|
22.3%
|
|
11,650
|
18.7%
|
|
14,277
|
18.5%
|
|
2.7%
|
25.8%
|
Total operating expenses for the fourth quarter of 2014 were
US$14.7 million, which increased 2.7%
from US$14.3 million one year ago and
increased 25.8% quarter-over-quarter from US$11.7 million in the previous quarter.
Share-based compensation expenses included in the total
operating expenses for the fourth quarter of 2014 were US$91,000, compared to US$425,000 in the same period one year ago and
US$92,000 in the previous quarter.
The year-over-year decrease was primarily due to the fact most
stock options except for some newly granted ones on June 1, 2014 and August 1,
2014, had fully vested.
Selling and marketing expenses for the fourth quarter of 2014
were US$6.5 million. This represented
a year-over-year increase of 18.3% from US$5.5 million and a quarter-over-quarter
increase of 7.4% from US$6.0 million
in the previous quarter. The year-over-year and
quarter-over-quarter increases were primarily due to higher
marketing expenses.
General and administrative expenses for the fourth quarter of
2014 were US$8.2 million, including
share-based compensation expenses of US$91,000. This represented a year-over-year
decrease of 7.0% from US$8.8 million
in the same period one year ago and a quarter-over-quarter increase
of 45.6% from US$5.6 million in the
previous quarter. The year-over-year decrease was primarily due to
lower staff expenses which were partially offset by higher bad-debt
provisions and higher expenses of office and utilities. The
quarter-over-quarter increase was primarily due to higher bad-debt
provisions.
Loss/Income from Operations
Loss from operations for the fourth quarter of 2014 was
US$10.7 million, compared to loss
from operations of US$2.0 million in
the same period one year ago and loss from operations of
US$9.4 million in the previous
quarter. Loss from operations as a percentage of net revenues for
the fourth quarter of 2014 was negative 16.2%, compared to negative
2.6% in the same period one year ago and negative 15.1% in the
previous quarter.
Income Tax Expenses/Benefits
Income tax expenses for the fourth quarter of 2014 were
US$3.1 million, compared to income
tax benefits of US$1.8 million in the
same period one year ago and income tax benefits of US$597,000 in the previous quarter.
Net Loss/Income Attributable to AirMedia's
Shareholders
Net loss attributable to AirMedia's shareholders for the fourth
quarter of 2014 was US$11.2 million,
compared to net income attributable to AirMedia's shareholders of
US$1.5 million in the same period one
year ago and net loss attributable to AirMedia's shareholders of
US$5.5 million in the previous
quarter. The basic net loss attributable to AirMedia's shareholders
per ADS for the fourth quarter of 2014 was US$0.18, compared to basic net income
attributable to AirMedia's shareholders per ADS of US$0.02 in the same period one year ago and basic
net loss attributable to AirMedia's shareholders per ADS of
US$0.10 in the previous quarter. The
diluted net loss attributable to AirMedia's shareholders per ADS
for the fourth quarter of 2014 was US$0.18, compared to diluted net income
attributable to AirMedia's shareholders per ADS of US$0.02 in the same period one year ago and
diluted net loss attributable to AirMedia's shareholders per ADS of
US$0.10 in the previous quarter.
Adjusted EBITDA Attributable to AirMedia's
Shareholders
Adjusted EBITDA attributable to AirMedia's shareholders
(non-GAAP), which is EBITDA attributable to AirMedia's shareholders
excluding share-based compensation expenses, was a loss of
US$4.2 million, compared to adjusted
EBITDA attributable to AirMedia's shareholders (non-GAAP) of
US$4.7 million in the same period one
year ago and adjusted EBITDA attributable to AirMedia's
shareholders (non-GAAP) of a loss of US$2.4
million in the previous quarter.
Please refer to the attached table captioned "Reconciliation of
GAAP Net Loss to Adjusted EBITDA" for a reconciliation of net loss
under U.S. GAAP to adjusted EBITDA (non-GAAP).
Fiscal Year 2014 Financial Results
Revenues
Total revenues by product line (numbers in US$ 000's except for
percentages):
|
|
Year ended
December 31,
2014
|
% of Total
Revenues
|
|
Year ended
December 31,
2013
|
% of Total
Revenues
|
|
Y/Y
Growth
rate
|
Air Travel Media
Network
|
|
231,143
|
90.3%
|
|
256,644
|
92.8%
|
|
-9.9%
|
Digital frames in airports
|
|
138,527
|
54.1%
|
|
152,346
|
55.1%
|
|
-9.1%
|
Digital TV screens in airports
|
|
13,286
|
5.2%
|
|
14,110
|
5.1%
|
|
-5.8%
|
Digital TV screens on airplanes
|
|
16,212
|
6.3%
|
|
16,160
|
5.8%
|
|
0.3%
|
Traditional media in airports
|
|
56,723
|
22.2%
|
|
64,845
|
23.5%
|
|
-12.5%
|
Other revenues in air travel
|
|
6,395
|
2.5%
|
|
9,183
|
3.3%
|
|
-30.4%
|
Gas Station Media
Network
|
|
11,164
|
4.4%
|
|
12,726
|
4.6%
|
|
-12.3%
|
Other
Media
|
|
13,564
|
5.3%
|
|
7,146
|
2.6%
|
|
89.8%
|
Total
revenues
|
|
255,871
|
100.0%
|
|
276,516
|
100.0%
|
|
-7.5%
|
Net
revenues
|
|
252,481
|
|
|
272,266
|
|
|
-7.3%
|
Total revenues for the fiscal year 2014 were US$255.9 million, representing a year-over-year
decrease of 7.5% from US$276.5
million in fiscal year 2013. The year-over-year decrease was
primarily due to the decreases in revenues from most of product
lines other than other media, gas station media network and digital
TV screens on airplanes.
Revenues from digital frames in airports
Revenues from digital frames in airports for fiscal year 2014
decreased by 9.1% year-over-year to US$138.5
million from US$152.3 million
in fiscal year 2013 primarily due to a soft advertising market.
Revenues from digital TV screens in airports
Revenues from digital TV screens in airports for fiscal year
2014 decreased by 5.8% year-over-year to US$13.3 million due to a soft advertising market
and a drop in demand from advertisers as a result of competition
from AirMedia's other product lines and the fact that, with the
rapid development of mobile internet, more people now pay attention
to their cell phones instead of AirMedia's digital TV screens.
Revenues from digital TV screens on airplanes
Revenues from digital TV screens on airplanes for fiscal year
2014 were US$16.2 million which
remained relatively unchanged from fiscal year 2013.
Revenues from traditional media in airports
Revenues from traditional media in airports for fiscal year 2014
decreased by 12.5% year-over-year to US$56.7
million. The year-over-year decrease was due to a soft
advertising market and the fact that AirMedia decided not to
continue the billboards and painted advertisements on the gate
bridges of Terminal 3 in Beijing Airport after the relevant
concession rights expired in May and July
2013.
Revenues from the gas station media network
Revenues from the gas station media network for fiscal year 2014
were US$11.2 million, which decreased
12.3% from fiscal year 2013.
Revenues from other media
Revenues from other media for fiscal year 2014 increased by
89.8% year-over-year to US$13.6
million primarily due to revenues from film
distribution.
Business tax and other sales tax
Business tax and other sales tax for fiscal year 2014 was
US$3.4 million, representing a
year-over-year decrease of 20.2% from US$4.3
million in fiscal year 2013.
Net revenues
Net revenues for fiscal year 2014 were US$252.5 million, representing a year-over-year
decrease of 7.3% from US$272.3
million in fiscal year 2013.
Cost of Revenues
Cost of revenues for fiscal year 2014 was US$235.8 million, representing a year-over-year
decrease of 3.6% from US$244.7
million in fiscal year 2013, primarily due to a decrease in
concession fees and a decrease in agency fees for third-party
advertising agencies. Cost of revenues as a percentage of net
revenues in fiscal year 2014 increased to 93.4% from 89.9% in
fiscal year 2013. Concession fees for fiscal year 2014 were
US$175.7 million, representing a
year-over-year decrease of 2.9% from US$181.0 million in fiscal year 2013, primarily
due to a decrease in concession fees of certain unprofitable or
low-margin contracts which AirMedia didn't renew after expiration,
which was partially offset by an increase in concession fees of
some newly signed concession rights contracts. Concession fees as a
percentage of net revenues in fiscal year 2014 increased to 69.6%
from 66.5% in fiscal year 2013 primarily due to the fact that net
revenues decreased faster than concession fees in 2014.
Gross Profit
Gross profit for fiscal year 2014 was US$16.6 million, representing a year-over-year
decrease of 39.7% from US$27.6
million in fiscal year 2013.
Gross profit as a percentage of net revenues for fiscal year
2014 was 6.6%, down from 10.1% in fiscal year 2013. The decrease in
gross profit as a percentage of net revenues was primarily due to
the fact that net revenues decreased faster than cost of
revenues.
Operating Expenses
Operating expenses (numbers in US$ 000's except for
percentages):
|
Year ended
December 31,
2014
|
% of Net
Revenues
|
|
Year ended
December 31,
2013
|
% of Net
Revenues
|
|
Y/Y
Growth
rate
|
Selling and marketing
expenses
|
25,067
|
9.9%
|
|
20,069
|
7.4%
|
|
24.9%
|
General and
administrative expenses
|
26,337
|
10.4%
|
|
25,723
|
9.4%
|
|
2.4%
|
Total operating
expenses
|
51,404
|
20.3%
|
|
45,792
|
16.8%
|
|
12.3%
|
Total operating expenses for fiscal year 2014 were US$51.4 million, representing a year-over-year
increase of 12.3% from US$45.8
million in fiscal year 2013.
Share-based compensation expenses included in the total
operating expenses for fiscal year 2014 were US$1.4 million, compared to US$1.3 million in fiscal year 2013.
Selling and marketing expenses for fiscal year 2014 were
US$25.1 million, which included
US$144,000 of share-based
compensation expenses, increasing 24.9% year-over-year from
US$20.1 million in fiscal year 2013,
primarily due to higher marketing expenses and higher expenses
related to the Company's direct sales force.
General and administrative expenses for fiscal year 2014 were
US$26.3 million, which included
US$1.2 million of share-based
compensation expenses, increasing 2.4% year-over-year from
US$25.7 million in fiscal year 2013,
primarily due to higher bad-debt provisions and higher expenses of
office and equipments, which were partially offset by lower other
expenses, lower professional fees and lower staff expenses.
Loss/Income from Operations
Loss from operations for fiscal year 2014 was US$34.8 million, compared to loss from operations
of US$18.2 million in fiscal year
2013. Loss from operations as a percentage of net revenues for
fiscal year 2014 was negative 13.8%, compared to negative 6.7% in
fiscal year 2013.
Income Tax Expenses/Benefits
Income tax expenses for fiscal year 2014 were US$430,000, compared to income tax benefits of
US$1.7 million from fiscal year
2013.
Net Loss Attributable to AirMedia's
Shareholders
Net loss attributable to AirMedia's shareholders for fiscal year
2014 was US$25.7 million, compared to
net loss attributable to AirMedia's shareholders of US$10.6 million in fiscal year 2013. Basic net
loss attributable to AirMedia's shareholders per ADS for fiscal
year 2014 was US$0.43, compared to
basic net loss attributable to AirMedia's shareholders per ADS of
US$0.18 in fiscal year 2013. Diluted
net loss attributable to AirMedia's shareholders per ADS for fiscal
year 2014 was US$0.43, compared to
diluted net loss attributable to AirMedia's shareholders per ADS of
US$0.18 in fiscal year 2013.
Adjusted EBITDA Attributable to AirMedia's
Shareholders
Adjusted EBITDA attributable to AirMedia's shareholders
(non-GAAP) for fiscal year 2014, which is EBITDA attributable to
AirMedia's shareholders excluding share-based compensation
expenses, was a loss of US$10.7
million, compared to adjusted EBITDA attributable to
AirMedia's shareholders (non-GAAP) of US$9.4
million in fiscal year 2013.
Please refer to the attached table captioned "Reconciliation of
GAAP Net Loss to Adjusted EBITDA" for a reconciliation of net loss
under U.S. GAAP to adjusted EBITDA (non-GAAP).
Cash, Restricted Cash and Short-term
Investments
Cash, restricted cash and short-term investments totaled
US$99.6 million as of December 31, 2014, compared to US$113.0 million as of December 31, 2013.
Other Recent Developments
In February 2015, AirMedia renewed
its concession rights contract with JCDecaux Momentum Shanghai
Airport Advertising Co., Ltd. to continue to operate digital media
in Shanghai Pudong International Airport and Hongqiao International
Airport until February 2018.
On January 20, 2015, AirMedia
commenced operations of one mega-size LED screen above the exit of
the parking lot of Hangzhou Xiaoshan International Airport.
On January 13, 2015, AirMedia
announced that it had reached agreements with two media companies
to divest its TV-attached digital frames and airport digital TV
screens business, two unprofitable product lines, to enhance its
profitability.
On January 13, 2015, AirMedia
commenced operations of digital TV screens on the airplanes
operated by Xiamen Airlines.
On December 16, 2014, AirMedia
commenced operations of three mega-size LED screens at Terminal 2
of Beijing Capital International Airport.
Business Outlook
AirMedia currently expects its net revenues for the first
quarter of 2015 to range from US$53.0
million to US$56.0 million, representing a year-over-year
decrease of 15.9% to 11.1% from the same period in 2014 and a
quarter-over-quarter decrease of 19.4% to 14.9% from the previous
quarter. The year-over-year decrease was primarily due to
AirMedia's divestiture of its TV-attached digital frames and
digital TV screens in airports, as well as a soft advertising
market.
AirMedia currently expects its concession fees to be
approximately US$45.0 million in the
first quarter of 2015, representing a quarter-over-quarter decrease
of 3.1% 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
December 31,
2014
|
|
Quarter
Ended
September 30,
2014
|
|
Quarter
Ended
December 31,
2013
|
|
Y/Y
Growth
Rate
|
|
Q/Q
Growth
Rate
|
|
Year
Ended
December 31,
2014
|
Year
Ended
December 31,
2013
|
|
Y/Y
Growth
rate
|
Digital frames in
airports
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of airports in operation
|
28
|
|
26
|
|
31
|
|
-9.7%
|
|
7.7%
|
|
28
|
31
|
|
-9.7%
|
Number of time slots available for sale (2)
|
45,740
|
|
43,984
|
|
36,146
|
|
26.5%
|
|
4.0%
|
|
163,240
|
141,922
|
|
15.0%
|
Number of time slots sold (3)
|
13,742
|
|
12,991
|
|
16,275
|
|
-15.6%
|
|
5.8%
|
|
52,238
|
56,010
|
|
-6.7%
|
Utilization rate (4)
|
30.0%
|
|
29.5%
|
|
45.0%
|
|
-15.0%
|
|
0.5%
|
|
32.0%
|
39.5%
|
|
-7.5%
|
Average advertising revenue per time slot sold (5)
|
US$2,719
|
|
US$2,615
|
|
US$2,792
|
|
-2.6%
|
|
4.0%
|
|
US$2,652
|
US$2,720
|
|
-2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV screens
in airports
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of airports in operation
|
26
|
|
26
|
|
31
|
|
-16.1%
|
|
0.0%
|
|
31
|
31
|
|
0.0%
|
Number of time slots available for sale (1)
|
16,823
|
|
16,823
|
|
16,823
|
|
0.0%
|
|
0.0%
|
|
66,743
|
66,994
|
|
-0.4%
|
Number of time slots sold (3)
|
4,497
|
|
7,147
|
|
6,946
|
|
-35.3%
|
|
-37.1%
|
|
21,174
|
19,452
|
|
8.9%
|
Utilization rate (4)
|
26.7%
|
|
42.5%
|
|
41.3%
|
|
-14.6%
|
|
-15.8%
|
|
31.7%
|
29.0%
|
|
2.7%
|
Average advertising revenue per time slot sold (5)
|
US$952
|
|
US$541
|
|
US$735
|
|
29.5%
|
|
76.0%
|
|
US$627
|
US$725
|
|
-13.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV screens
on airplanes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of airlines in operation
|
7
|
|
7
|
|
7
|
|
0.0%
|
|
0.0%
|
|
7
|
7
|
|
0.0%
|
Number of time slots available for sale (1)
|
405
|
|
409
|
|
373
|
|
8.6%
|
|
-1.0%
|
|
1,628
|
1,486
|
|
9.6%
|
Number of time slots sold (3)
|
146
|
|
153
|
|
143
|
|
2.1%
|
|
-4.6%
|
|
558
|
527
|
|
5.9%
|
Utilization rate (4)
|
36.0%
|
|
37.4%
|
|
38.3%
|
|
-2.3%
|
|
-1.4%
|
|
34.3%
|
35.5%
|
|
-1.2%
|
Average advertising revenue per time slot sold (5)
|
US$26,466
|
|
US$30,092
|
|
US$32,245
|
|
-17.9%
|
|
-12.0%
|
|
US$29,054
|
US$30,662
|
|
-5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Media
in airports
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numbers of locations
available for sale (6)
|
995
|
|
981
|
|
1,004
|
|
-0.9%
|
|
1.4%
|
|
3,952
|
3,849
|
|
2.7%
|
Numbers of locations
sold (7)
|
452
|
|
476
|
|
632
|
|
-28.5%
|
|
-5.0%
|
|
1,972
|
2,316
|
|
-14.9%
|
Utilization rate
(8)
|
45.4%
|
|
48.5%
|
|
62.9%
|
|
-17.5%
|
|
-3.1%
|
|
49.9%
|
60.2%
|
|
-10.3%
|
Average advertising
revenue per location sold (9)
|
US$30,527
|
|
US$29,290
|
|
US$22,469
|
|
35.9%
|
|
4.2%
|
|
US$28,764
|
US$27,999
|
|
2.7%
|
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 fourth
quarter 2014 earnings at 8:00 PM U.S.
Eastern Time on March 9, 2015
(5:00 PM U.S. Pacific Time on
March 9, 2015; 8:00 AM Beijing/Hong
Kong time on March 10, 2015).
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
Hong Kong: +852 800 906 601
International: +65 6723 9381
China: +86 400 620 8038
Pass code: AMCN
A replay of the call will be available for 1 week between
11:00 p.m. on March 9, 2015 and 11:59
p.m. on March 16, 2014, Eastern
Time.
Replay Dial-in Information
U.S.: +1 855 452 5696
International: +61 2 8199 0299
Pass code: 86875733
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. EBITDA is being used as a non-GAAP
measurement in evaluating the operating performance. EBITDA
consists of net (loss)/income attributable to AirMedia Group Inc.'s
shareholders before interest income, interest expense (if any),
income tax expense/(benefit), depreciation, and amortization of
acquired intangible assets.
Adjusted EBITDA represents EBITDA adjusted for share-based
compensation. Our management believes that the use of adjusted
EBITDA eliminates items that, management believes, have less
bearing on our operating performance, thereby highlighting trends
in our core business which may not otherwise be apparent.
EBITDA is used by AirMedia's management in their financial and
operating decision-making as a non-GAAP financial measure, because
management believes it reflects AirMedia's ongoing business and
operating performance in a manner that allows meaningful
period-to-period comparisons. AirMedia's management believes that
EBITDA 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 EBITDA 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.
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 stand-alone digital frames in 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-size LED
screens.
In addition, AirMedia has obtained exclusive contractual
concession rights until the end of 2020 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,
in-flight internet services and in-air multimedia platform or 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)
|
|
|
|
|
|
|
|
December 31,
2014
|
December 31,
2013
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
|
|
67,437
|
59,652
|
|
Restricted
cash
|
|
14,395
|
10,366
|
|
Short-term
investments
|
|
17,729
|
42,949
|
|
Accounts receivable,
net
|
|
84,993
|
107,529
|
|
Notes
receivable
|
|
2,673
|
1,901
|
|
Prepaid concession
fees
|
|
31,035
|
29,307
|
|
Amount due from
related parties
|
|
3,322
|
187
|
|
Other current
assets
|
|
25,620
|
20,437
|
|
Deferred tax assets -
current
|
|
1,585
|
2,776
|
|
Held-for-sale
assets
|
|
1,087
|
-
|
|
Total current
assets
|
|
249,876
|
275,104
|
|
Prepaid property and
equipment costs
|
|
45,176
|
49,415
|
|
Property and
equipment, net
|
|
50,329
|
36,084
|
|
Long-term
deposits
|
|
20,300
|
20,497
|
|
Deferred tax assets -
non-current
|
|
13,932
|
11,755
|
|
Long-term
investments
|
|
9,049
|
7,829
|
|
Intangible assets,
net
|
|
807
|
1,446
|
|
Other non-current
assets
|
|
6,128
|
661
|
|
Total
assets
|
|
395,597
|
402,791
|
|
LIABILITIES AND
EQUITY:
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term loan
(including short-term loan of the consolidated
|
|
|
|
|
variable interest
entities without recourse to AirMedia Group Inc.
|
|
|
|
|
nil and nil as of
December 31, 2013 and December 31, 2014,
|
|
|
|
|
respectively)
|
|
3,000
|
-
|
|
Accounts payable
(including accounts payable of the
|
|
|
|
|
consolidated variable
interest entities without recourse to
|
|
|
|
|
AirMedia Group Inc.
$75,182 and $88,430 as of December 31,
|
|
|
|
|
2013 and December 31,
2014, respectively)
|
|
94,933
|
81,157
|
|
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.
$8,016 and $9,629 as of December 31,
|
|
|
|
|
2013 and December 31,
2014, respectively)
|
|
11,498
|
10,883
|
|
Deferred revenue
(including deferred revenue of the
|
|
|
|
|
consolidated variable
interest entities without recourse to
|
|
|
|
|
AirMedia Group Inc.
$17,374 and $13,517 as of December 31
|
|
|
|
|
2013 and December 31,
2014, respectively)
|
|
13,523
|
17,380
|
|
Income tax payable
(including income tax payable of the
|
|
|
|
|
consolidated variable
interest entities without recourse to
|
|
|
|
|
AirMedia Group Inc.
$455 and $963 as of December 31,
|
|
|
|
|
2013 and December 31,
2014, respectively)
|
|
1,522
|
1,667
|
|
Amounts due to related
parties (including amounts due to
|
|
|
|
|
related parties of the
consolidated variable interest entities
|
|
|
|
|
without recourse to
AirMedia Group Inc. nil and $790 as
|
|
|
|
|
of December 31, 2013
and December 31, 2014, respectively)
|
|
790
|
-
|
|
Total current
liabilities
|
|
125,266
|
111,087
|
|
Other non-current
liabilities (including other non-current
|
|
|
|
|
liabilities of the
consolidated variable interest entities without recourse
|
|
|
|
|
to AirMedia Group Inc.
nil and $1,257 as of December 31,
|
|
|
|
|
2013 and September 30,
2014, respectively)
|
|
1,257
|
-
|
|
Deferred tax liability
- non-current (including deffered tax liability-
|
|
|
|
|
non-current of the
consolidated variable interest entities variable
|
|
|
|
|
interest entities
without recourse to AirMedia Group Inc.$361 and
|
|
|
|
|
$202 as of December
31, 2013 and December 31, 2014,respectively)
|
|
202
|
361
|
|
Total
liabilities
|
|
126,725
|
111,448
|
|
Equity
|
|
|
|
|
Ordinary
shares
|
|
128
|
128
|
|
Additional paid-in
capital
|
|
323,167
|
313,912
|
|
Treasury
stock
|
|
(9,236)
|
(9,860)
|
|
Statutory
reserves
|
|
11,381
|
10,968
|
|
Accumulated
deficits
|
|
(110,519)
|
(84,411)
|
|
Accumulated other
comprehensive income
|
|
33,815
|
40,229
|
|
Total AirMedia
Group Inc.'s shareholders' equity
|
|
248,736
|
270,966
|
|
Noncontrolling
interests
|
|
20,136
|
20,377
|
|
Total
equity
|
|
268,872
|
291,343
|
|
Total liabilities
and equity
|
|
395,597
|
402,791
|
|
AirMedia Group
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In U.S. dollars
in thousands, except share and ADS related data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
2014
|
September 30,
2014
|
December 31,
2013
|
|
December 31,
2014
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
67,537
|
62,864
|
78,581
|
|
255,871
|
276,516
|
Business tax and
other sales tax
|
|
(1,743)
|
(657)
|
(1,367)
|
|
(3,390)
|
(4,250)
|
Net
revenues
|
|
65,794
|
62,207
|
77,214
|
|
252,481
|
272,266
|
Cost of
revenues
|
|
61,818
|
59,931
|
64,956
|
|
235,835
|
244,673
|
Gross
profit
|
|
3,976
|
2,276
|
12,258
|
|
16,646
|
27,593
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling and
marketing *
|
|
6,465
|
6,022
|
5,465
|
|
25,067
|
20,069
|
General and
administrative *
|
|
8,192
|
5,628
|
8,812
|
|
26,337
|
25,723
|
Total operating
expenses
|
|
14,657
|
11,650
|
14,277
|
|
51,404
|
45,792
|
Loss from
operations
|
|
(10,681)
|
(9,374)
|
(2,019)
|
|
(34,758)
|
(18,199)
|
Interest income,
net
|
|
20
|
298
|
365
|
|
1,340
|
1,213
|
Other income,
net
|
|
329
|
834
|
754
|
|
2,214
|
3,822
|
Loss before income
taxes
|
|
(10,332)
|
(8,242)
|
(900)
|
|
(31,204)
|
(13,164)
|
Income tax
(expenses)/benefits
|
|
(3,114)
|
597
|
1,805
|
|
(430)
|
1,713
|
Net (loss)/income
before net income of equity method investments
|
|
(13,446)
|
(7,645)
|
905
|
|
(31,634)
|
(11,451)
|
Net income/(loss) of
equity method investments
|
|
10
|
(36)
|
(4)
|
|
(192)
|
(69)
|
Net
(loss)/income
|
|
(13,436)
|
(7,681)
|
901
|
|
(31,826)
|
(11,520)
|
Less: Net (loss)
attributable to noncontrolling interests
|
|
(2,232)
|
(2,143)
|
(557)
|
|
(6,131)
|
(894)
|
Net (loss)/income
attributable to AirMedia Group Inc.'s shareholders
|
|
(11,204)
|
(5,538)
|
1,458
|
|
(25,695)
|
(10,626)
|
Net (loss)/income
attributable to AirMedia Group Inc.'s shareholders per ordinary
share
|
|
|
|
|
|
|
|
Basic
|
|
(0.09)
|
(0.05)
|
0.01
|
|
(0.22)
|
(0.09)
|
Diluted
|
|
(0.09)
|
(0.05)
|
0.01
|
|
(0.22)
|
(0.09)
|
Net (loss)/income
attributable to AirMedia Group Inc.'s shareholders per
ADS
|
|
|
|
|
|
|
|
Basic
|
|
(0.18)
|
(0.10)
|
0.02
|
|
(0.43)
|
(0.18)
|
Diluted
|
|
(0.18)
|
(0.10)
|
0.02
|
|
(0.43)
|
(0.18)
|
Weighted average
ordinary shares outstanding used in computing net loss per ordinary
share - basic
|
|
119,593,908
|
119,247,547
|
119,517,056
|
|
119,304,773
|
120,386,635
|
Weighted average
ordinary shares outstanding used in computing net loss per ordinary
share - diluted
|
|
119,593,908
|
119,247,547
|
119,540,735
|
|
119,304,773
|
120,386,635
|
* Share-based
compensation charges included are as follow:
|
|
|
|
|
|
|
|
Selling
and marketing
|
|
-
|
-
|
-
|
|
144
|
-
|
General and
administrative
|
|
91
|
92
|
425
|
|
1,215
|
1,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AirMedia Group
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
|
(In U.S. dollars
in thousands, except share and ADS related data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December 31,
2014
|
September 30,
2014
|
December 31,
2013
|
|
December 31,
2014
|
December 31,
2013
|
Net
(loss)/income
|
(13,436)
|
(7,681)
|
901
|
|
(31,826)
|
(11,520)
|
Other comprehensive
(loss)/income
|
(2,924)
|
3,045
|
3,075
|
|
(6,874)
|
7,582
|
Comprehensive
(loss)/income
|
(16,360)
|
(4,636)
|
3,976
|
|
(38,700)
|
(3,938)
|
Less: comprehensive
(loss) attributable to the noncontrolling interest
|
(2,465)
|
(1,898)
|
(404)
|
|
(6,591)
|
(593)
|
Comprehensive
(loss)/income attributable to AirMedia Group Inc.'s
shareholders
|
(13,895)
|
(2,738)
|
4,380
|
|
(32,109)
|
(3,345)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AirMedia Group
Inc.
|
RECONCILIATION OF
GAAP NET LOSS TO ADJUSTED EBITDA
|
(In U.S. dollars
in thousands, except share and ADS related data)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
ended
|
|
|
December 31,
2014
|
September 30,
2014
|
December 31,
2013
|
|
December 31,
2014
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to AirMedia Group Inc.'s shareholders
(GAAP)
|
(11,204)
|
(5,538)
|
1,458
|
|
(25,695)
|
(10,626)
|
Interest income,
net
|
(20)
|
(298)
|
(365)
|
|
(1,340)
|
(1,213)
|
Income tax
expense/(benefit)
|
3,114
|
(597)
|
(1,805)
|
|
430
|
(1,713)
|
Depreciation
|
3,758
|
3,876
|
4,772
|
|
13,925
|
20,899
|
Amortization of
acquired intangible assets
|
72
|
72
|
235
|
|
606
|
837
|
|
|
|
|
|
|
|
EBITDA
attributable to AirMedia Group Inc.'s shareholders
(non-GAAP)
|
(4,280)
|
(2,485)
|
4,295
|
|
(12,074)
|
8,184
|
Share-based
compensation
|
91
|
92
|
425
|
|
1,359
|
1,251
|
Adjusted EBITDA
attributable to AirMedia Group Inc.'s shareholders
(non-GAAP)
|
(4,189)
|
(2,393)
|
4,720
|
|
(10,715)
|
9,435
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/airmedia-announces-unaudited-fourth-quarter-and-fiscal-year-2014-financial-results-300047647.html
SOURCE AirMedia Group Inc.