BEIJING, Nov. 17, 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, as
well as a first-mover in the market of Wi-Fi services on long-haul
buses, trains and airplanes, today announced its unaudited
financial results for the third quarter ended September 30, 2015.
Third Quarter 2015 Financial Highlights
Pursuant to the agreement to sell 75% equity interest of
AirMedia Group Co., Ltd. to Longde Wenchuang Fund Management Co.,
Ltd. ("Longde Wenchuang"), which was previously announced on
June 15, 2015 (the "Transaction"),
starting from the second quarter of 2015, the financial results
associated with the Company's stand-alone digital frames, mega-size
LED screens, traditional media in airports, unipole signs and other
outdoors media, which form the Transaction, were classified as
discontinued operations. As a result, revenues in our financial
statements for the third quarter of 2015 and comparable periods in
the third quarter of 2014 and in the previous quarter reflected
revenues from continuing operations only.
- Revenues decreased by 41.7% year-over-year and 12.4%
quarter-over-quarter to US$10.4
million.
- Net revenues decreased by 41.3% year-over-year and 10.9%
quarter-over-quarter to US$10.4
million.
- Net loss attributable to AirMedia's shareholders was
US$9.7 million. Basic and diluted net
loss attributable to AirMedia's shareholders per American
Depositary Share ("ADS") were both US$0.16.
- Adjusted EBITDA from continuing operations attributable to
AirMedia's shareholders (non-GAAP), which is EBITDA from continuing
operations attributable to AirMedia's shareholders excluding
share-based compensation expenses, was a loss of US$17.5 million, compared to a loss of
US$9.5 million in the same period one
year ago.
"Our transaction with Longde Wenchuang is proceeding well. We
have received the first installment of consideration payment and
are working to fulfill the preconditions of the second
installment," commented Mr. Herman
Guo, chairman and chief executive officer of AirMedia.
"We are excited that net income from discontinued operations
attributable to AirMedia's shareholders increased 53.8%
year-over-year to US$10 million in
the third quarter of 2015. This gives us strong confidence to
achieve the earnout profit target in 2015," Mr. Richard Wu, AirMedia's chief financial officer,
commented.
Third Quarter 2015 Financial Results
Revenues
Revenues from continuing operations
Revenues from continuing operations for the third quarter of
2015 decreased by 41.7% year-over-year and 12.4%
quarter-over-quarter to US$10.4
million. The year-over-year decrease was primarily due to a
soft advertising market and the divestiture of TV-attached digital
frames and digital TV screens in airports in February 2015, as previously discussed in our
first quarter 2015 financial results. The quarter-over-quarter
decrease was primarily due to a decrease in revenues from the
remaining media business in air travel sector, which was partially
offset by an increase in revenues from the gas station media
network.
Business tax and other sales tax
Business tax and other sales tax for the third quarter of 2015
were US$65,000, compared to
US$253,000 in the same period one
year ago and US$274,000 in the
previous quarter.
Net revenues
Net revenues for the third quarter of 2015 reached US$10.4 million, representing a year-over-year
decrease of 41.3% from US$17.6
million in the same period one year ago and a
quarter-over-quarter decrease of 10.9% from US$11.6 million in the previous quarter.
Cost of Revenues
Cost of revenues for the third quarter of 2015 was US$22.9 million, which reflected a year-over-year
decrease of 9.5% from US$25.3 million
and a quarter-over-quarter decrease of 4.7% from US$24.0 million in the previous quarter. The
year-over-year decrease was primarily due to lower agency fees for
third-party advertising agencies and lower concession fees. The
quarter-over-quarter decrease was primarily due to lower concession
fees, which was partially offset by higher agency fees for
third-party advertising agencies. Cost of revenues as a percentage
of net revenues in the third quarter of 2015 was 220.9%, up from
143.3% in the same period one year ago and 206.7% in the previous
quarter.
Concession fees for the third quarter of 2015 decreased by 1.7%
year-over-year and decreased by 9.6% quarter-over-quarter to
US$18.1 million. The
quarter-over-quarter decrease was primarily due to the expiration
or suspension of certain concession rights contracts. Concession
fees as a percentage of net revenues in the third quarter of 2015
was 174.5%, increasing from 104.3% in the same period one year ago
and 172.0% 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 fast than concession fees.
Gross Profit
As a result of the above, gross profit for the third quarter of
2015 was negative US$12.5 million,
compared to gross profit of negative US$7.6
million in the same period one year ago and negative
US$12.4 million in the previous
quarter.
Gross profit as a percentage of net revenues for the third
quarter of 2015 was negative 120.9%, compared to negative 43.3% in
the same period one year ago and negative 106.7% in the previous
quarter. The year-over-year and quarter-over-quarter decreases in
gross profit as a percentage of net revenues were primarily due to
the fact that net revenues decreased faster than cost of
revenues.
Operating Expenses
Total operating expenses for the third quarter of 2015 were
US$9.7 million, which increased by
34.6% from US$7.2 million in the same
period one year ago and increased by 17.9% quarter-over-quarter
from US$8.2 million in the previous
quarter.
Share-based compensation expenses included in the total
operating expenses for the third quarter of 2015 were US$206,000, compared with US$92,000 in the same period one year ago and
US$139,000 in the previous quarter.
The year-over-year and quarter-over-quarter increases were
primarily due to an increase in the number of stock options vested
in the third quarter of 2015.
Selling and marketing expenses for the third quarter of 2015
were US$2.2 million. This reflected a
year-over-year decrease of 25.2% from US$3.0
million one year ago and a quarter-over-quarter decrease of
20.1% from US$2.8 million in the
previous quarter. The year-over-year decrease was primarily due to
lower sales commissions for the Company's direct sales force. The
quarter-over-quarter decrease was primarily due to lower sales
commissions for the Company's direct sales force and lower public
relations expenses.
General and administrative expenses for the third quarter of
2015 were US$7.4 million. This
represented a year-over-year increase of 77.2% from US$4.2 million in the same period one year ago
and a quarter-over-quarter increase of 37.5% from US$5.4 million in the previous quarter. The
year-over-year increase was primarily due to higher salary
expenses, higher bad-debt provisions, and higher professional fees,
which was partially offset by lower research and development
expenses. The quarter-over-quarter increase was primarily due to
higher professional fees and higher salary expenses.
Loss from Operations
Loss from operations for the third quarter of 2015 was
US$22.2 million, compared to loss
from operations of US$14.8 million in
the same period one year ago and loss from operations of
US$20.6 million in the previous
quarter. Loss from operations as a percentage of net revenues for
the third quarter of 2015 was negative 214.3%, compared to negative
84.1% in the same period one year ago and negative 177.3% in the
previous quarter.
Income Tax Expenses
Income tax expenses for the third quarter of 2015 were
US$72,000, compared to income tax
expenses of US$298,000 in the same
period one year ago and income tax expenses of US$2.7 million in the previous quarter.
Net Income from Discontinued Operations Attributable to
AirMedia's Shareholders
Net income from discontinued operations attributable to
AirMedia's shareholders, which reflected net income from the
product lines agreed to be sold in the Transaction, were
US$10.0 million, compared to net
income from discontinued operations attributable to AirMedia's
shareholders of US$6.5 million in the
same period one year ago and net income from discontinued
operations attributable to AirMedia's shareholders of US$1.3 million in the previous quarter.
Net Loss Attributable to
AirMedia's Shareholders
Net loss attributable to AirMedia's shareholders for the third
quarter of 2015 was US$9.7 million,
compared to net loss attributable to AirMedia's shareholders of
US$5.5 million in the same period one
year ago and net loss attributable to AirMedia's shareholders of
US$19.4 million in the previous
quarter. The basic net loss attributable to AirMedia's shareholders
per ADS for the third quarter of 2015 was US$0.16, compared to basic net loss attributable
to AirMedia's shareholders per ADS of US$0.10 in the same period one year ago and basic
net loss attributable to AirMedia's shareholders per ADS of
US$0.32 in the previous quarter. The
diluted net loss attributable to AirMedia's shareholders per ADS
for the third quarter of 2015 was US$0.16, compared to diluted net loss
attributable to AirMedia's shareholders per ADS of US$0.10 in the same period one year ago and
diluted net loss attributable to AirMedia's shareholders per ADS of
US$0.32 in the previous quarter.
Adjusted EBITDA from Continuing Operations
Attributable to AirMedia's Shareholders
Adjusted EBITDA from continuing operations 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$17.5
million, compared to adjusted EBITDA attributable to
AirMedia's shareholders (non-GAAP) of a loss of US$9.5 million in the same period one year ago
and adjusted EBITDA attributable to AirMedia's shareholders
(non-GAAP) of a loss of US$15.8
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).
Cash and cash equivalents,
Restricted Cash and Short-term Investments
Cash and cash equivalents, restricted cash and short-term
investments totaled US$127.7 million
as of September 30, 2015, compared to
US$81.1 million as of December 31, 2014. The increase in cash and cash
equivalents, restricted cash and short-term investments was due to
the receipt of RMB800 million
(US$125.9 million), the first
installment of the consideration of the Transaction with Longde
Wenchuang.
Other Recent Developments
On September 30, 2015, AirMedia
announced that it has entered into a definitive Agreement and Plan
of Merger with AirMedia Holdings Ltd. ("Parent") and AirMedia
Merger Company Limited, a wholly owned subsidiary of Parent,
pursuant to which Parent will acquire AirMedia for US$3.00 per ordinary share of the Company or
US$6.00 per American depositary
share, each representing two Shares.
Earnings Conference Call Details
AirMedia will hold a conference call to discuss the third
quarter 2015 earnings at 8:00 PM U.S.
Eastern Time on November 17, 2015
(5:00 PM U.S. Pacific Time on
November 17, 2015; 9:00 AM Beijing/Hong
Kong time on November 18,
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 6713 5090
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 November 17, 2015 and 11:59 p.m. on November 25,
2015, Eastern Time.
Replay Dial-in Information
U.S.: +1 855 452 5696
International: +61 2 8199 0299
Conference ID: 66066551
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/(expense), 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
AirMedia Group Inc. (Nasdaq: AMCN) is a leading operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers, as
well as a first-mover in the market of Wi-Fi services on long-haul
buses, trains and airplanes. AirMedia operates the largest digital
media network in China dedicated
to air travel advertising. AirMedia operates 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.
AirMedia, which is in the process of transforming into a leading
in-flight and on-train Wi-Fi operator in China, has obtained concession rights to
install and operate Wi-Fi systems on the airplanes operated by
Hainan Airlines Group and on the trains operated by several main
railway bureaus in China,
including Beijing Railway Bureau, Shanghai Railway Bureau and
Guangzhou Railway (Group) Corporation.
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)
|
|
|
|
|
|
|
September 30,
2015
|
December 31,
2014
|
|
ASSETS:
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
|
123,916
|
60,117
|
Restricted
cash
|
|
-
|
3,223
|
Short-term
investments
|
|
3,776
|
17,729
|
Accounts receivable,
net
|
|
19,260
|
23,534
|
Notes
receivable
|
|
-
|
762
|
Prepaid concession
fees
|
|
10,096
|
13,012
|
Amount due from
related parties
|
|
787
|
810
|
Other current
assets
|
|
8,887
|
7,305
|
Deferred tax assets -
current
|
|
88
|
484
|
Assets held for
sale
|
|
169,706
|
156,691
|
Total current
assets
|
|
336,516
|
283,667
|
Prepaid equipment
costs
|
|
31,159
|
45,176
|
Property and
equipment, net
|
|
50,253
|
35,381
|
Long-term
deposits
|
|
8,424
|
8,511
|
Deferred tax assets -
non-current
|
|
5,265
|
10,251
|
Long-term
investments
|
|
17,832
|
5,962
|
Acquired intangible
assets, net
|
|
2,503
|
521
|
Other non-current
assets
|
|
14,230
|
6,128
|
Total
assets
|
|
466,182
|
395,597
|
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, 2014 and September 30, 2015,
|
|
|
|
respectively)
|
|
-
|
3,000
|
Accounts payable
(including accounts payable of the
|
|
|
|
consolidated
variable interest entities without recourse to
|
|
|
|
AirMedia Group
Inc. $37,078 and $32,338 as of December 31,
|
|
|
|
2014 and
September 30, 2015, respectively)
|
|
33,930
|
39,804
|
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. $3,777 and $129,236 as of December 31,
|
|
|
|
2014 and
September 30, 2015, respectively)
|
|
130,239
|
4,863
|
Deferred revenue
(including deferred revenue of the
|
|
|
|
consolidated
variable interest entities without recourse to
|
|
|
|
AirMedia Group
Inc. $3,998 and $3,909 as of December 31
|
|
|
|
2014 and
September 30, 2015, respectively)
|
|
3,952
|
4,004
|
Income tax payable
(including income tax payable of the
|
|
|
|
consolidated
variable interest entities without recourse to
|
|
|
|
AirMedia Group
Inc. $408 and $926 as of December 31,
|
|
|
|
2014 and
September 30, 2015, respectively)
|
|
989
|
967
|
Liabilities held for
sale
|
|
69,688
|
72,700
|
Total current
liabilities
|
|
238,798
|
125,338
|
Other non-current
liabilities (including other non-current
|
|
|
|
liabilities of
the consolidated variable interest entities without
recourse
|
|
|
|
to AirMedia
Group Inc. $1,257 and $1,227 as of December 31,
|
|
|
|
2014 and
September 30, 2015, respectively)
|
|
1,227
|
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.$130 and
|
|
|
|
$101 as of December
31, 2014 and September 30, 2015, respectively)
|
|
101
|
130
|
Total
liabilities
|
|
240,126
|
126,725
|
Equity
|
|
|
|
Ordinary
shares
|
|
128
|
128
|
Additional paid-in
capital
|
|
323,042
|
323,167
|
Treasury
stock
|
|
(5,720)
|
(9,236)
|
Statutory
reserves
|
|
11,309
|
11,381
|
Accumulated
deficits
|
|
(145,315)
|
(110,519)
|
Accumulated other
comprehensive income
|
|
28,456
|
33,815
|
Total AirMedia
Group Inc.'s shareholders' equity
|
|
211,900
|
248,736
|
Noncontrolling interests
|
|
14,156
|
20,136
|
Total
equity
|
|
226,056
|
268,872
|
Total liabilities
and equity
|
|
466,182
|
395,597
|
AirMedia Group
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In U.S. dollars
in thousands, except share and ADS related data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2015
|
June 30,
2015
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
10,421
|
11,892
|
17,884
|
Business tax and
other sales tax
|
|
(65)
|
(274)
|
(253)
|
Net
revenues
|
|
10,356
|
11,618
|
17,631
|
Cost of
revenues
|
|
22,881
|
24,016
|
25,273
|
Gross
profit
|
|
(12,525)
|
(12,398)
|
(7,642)
|
Operating
expenses:
|
|
|
|
|
Selling and
marketing *
|
|
2,232
|
2,793
|
2,984
|
General and
administrative *
|
|
7,439
|
5,412
|
4,199
|
Total operating
expenses
|
|
9,671
|
8,205
|
7,183
|
Loss from
operations
|
|
(22,196)
|
(20,603)
|
(14,825)
|
Interest income,
net
|
|
132
|
76
|
216
|
Other income,
net
|
|
415
|
145
|
701
|
Loss before income
taxes
|
|
(21,649)
|
(20,382)
|
(13,908)
|
Income tax
expenses
|
|
(72)
|
(2,724)
|
(298)
|
Net loss before
net loss of equity method investments
|
|
(21,721)
|
(23,106)
|
(14,206)
|
Net income/(loss)
from continuing operations of equity method investments
|
|
232
|
(77)
|
(33)
|
Net loss from
continuing operations
|
|
(21,489)
|
(23,183)
|
(14,239)
|
Less: Net loss from
continuing operations attributable to noncontrolling
interests
|
|
(1,792)
|
(2,406)
|
(2,228)
|
Net loss from
continuing operations attributable to AirMedia Group
Inc.'s
shareholders
|
|
(19,697)
|
(20,777)
|
(12,011)
|
Net income from
discontinued operations attributable to AirMedia
Group Inc.'s
shareholders
|
|
9,954
|
1,335
|
6,472
|
Net loss
attributable to AirMedia Group Inc.'s shareholders
|
|
(9,743)
|
(19,442)
|
(5,539)
|
Net loss from
continuing operations attributable to AirMedia Group
Inc.'s
shareholders per
ordinary share
|
|
|
|
|
Basic
|
|
(0.16)
|
(0.17)
|
(0.10)
|
Diluted
|
|
(0.16)
|
(0.17)
|
(0.10)
|
Net income from
discontinued operations attributable to AirMedia Group
Inc.'s shareholders
per ordinary share
|
|
|
|
|
Basic
|
|
0.08
|
0.01
|
0.05
|
Diluted
|
|
0.08
|
0.01
|
0.05
|
Net loss attributable
to AirMedia Group Inc.'s shareholders per ordinary
share
|
|
|
|
|
Basic
|
|
(0.08)
|
(0.16)
|
(0.05)
|
Diluted
|
|
(0.08)
|
(0.16)
|
(0.05)
|
Net loss attributable
to AirMedia Group Inc.'s shareholders per ADS
|
|
|
|
|
Basic
|
|
(0.16)
|
(0.32)
|
(0.10)
|
Diluted
|
|
(0.16)
|
(0.32)
|
(0.10)
|
Weighted average
ordinary shares outstanding used in computing net
loss
from continuing
operations per ordinary share - basic
|
|
122,638,928
|
121,208,231
|
119,247,547
|
Weighted average
ordinary shares outstanding used in computing net
loss
from continuing
operations per ordinary share - diluted
|
|
122,638,928
|
121,208,231
|
119,247,547
|
Weighted average
ordinary shares outstanding used in computing net
income from
discontinued operations per ordinary share - basic
|
|
122,638,928
|
121,208,231
|
119,247,547
|
Weighted average
ordinary shares outstanding used in computing net
income from
discontinued operations per ordinary share - diluted
|
|
128,543,158
|
128,303,504
|
119,612,464
|
* Share-based
compensation charges included are as follow:
|
|
|
|
|
Selling and
marketing
|
|
-
|
-
|
-
|
General and
administrative
|
|
206
|
139
|
92
|
AirMedia Group
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
(In U.S. dollars
in thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2015
|
June 30,
2015
|
September 30,
2014
|
Net loss from
continuing operations
|
(21,489)
|
(23,183)
|
(14,239)
|
Other comprehensive
(loss)/income
|
(1,290)
|
(14)
|
2,244
|
Comprehensive loss
from continuing operations
|
(22,779)
|
(23,197)
|
(11,995)
|
Less: comprehensive
loss from continuing operations
attributable to the noncontrolling interest
|
(2,124)
|
(2,407)
|
(1,987)
|
Comprehensive loss
from continuing operations
attributable to AirMedia Group Inc.'s shareholders
|
(20,655)
|
(20,790)
|
(10,008)
|
AirMedia Group
Inc.
|
RECONCILIATION OF
GAAP NET LOSS TO ADJUSTED EBITDA
|
(In U.S. dollars
in thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2015
|
June 30,
2015
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations attributable to
AirMedia Group Inc.'s shareholders (GAAP)
|
|
(19,697)
|
(20,777)
|
(12,011)
|
Interest income,
net
|
|
(132)
|
(76)
|
(216)
|
Depreciation
|
|
1,839
|
2,005
|
2,236
|
Income tax
expenses
|
|
72
|
2,724
|
298
|
Amortization of
acquired intangible assets
|
|
169
|
171
|
72
|
EBIDTA
attributable to AirMedia Group Inc.'s
shareholders (non-GAAP)
|
|
(17,749)
|
(15,953)
|
(9,621)
|
Share-based
compensation
|
|
206
|
139
|
92
|
Adjusted EBIDTA
from continuing operations
attributable to AirMedia Group Inc.'s shareholders
(non-GAAP)
|
|
(17,543)
|
(15,814)
|
(9,529)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/airmedia-announces-unaudited-third-quarter-2015-financial-results-300180102.html
SOURCE AirMedia Group Inc.