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VisionChina Media Q3 revenues $12.8 million

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Staff Writer | December 28, 2016
VisionChina Media, China's out-of-home digital television advertising network on mass transportation systems and the provider of urban mass transit Wi-Fi, announced its unaudited financial results for the third quarter and nine months ended September 30, 2016.
VisionChina Media
VisionChina Media<   An increase of 8.5%
Total broadcasting hours in the third quarter of 2016 were 27,788 hours, compared with 32,340 hours in the third quarter of 2015.

In the third quarter of 2016, the company sold a total of 102,523 advertising minutes in its network, compared with 207,532 advertising minutes in the third quarter of 2015.

The company sold an average of 3.69 advertising minutes per broadcasting hour in the third quarter of 2016, compared with 6.42 advertising minutes per broadcasting hour in the third quarter of 2015.

During the third quarter of 2016, 144 advertisers purchased advertising time on the company's advertising network, either directly or through advertising agents, compared with 257 advertisers in the third quarter of 2015.

VisionChina Media's total revenues from continuing operations were $12.8 million in the third quarter of 2016, an increase of 8.5% from $11.8 million in the third quarter of 2015, and an increase of 3.5% from $12.4 million in the second quarter of 2016.

Cost of revenues from continuing operations were $11.6 million in the third quarter of 2016, a decrease of 6.1% from $12.3 million in the third quarter of 2015 and an increase of 5.3% from $11.0 million in the second quarter of 2016.

Gross profit from continuing operations in the third quarter of 2016 was $1.2 million, compared with gross loss of $0.5 million in the third quarter of 2015 and a decrease of 11.2% from $1.4 million in the second quarter of 2016.

Gross profit margin from continuing operations was 9.4% in the third quarter of 2016, compared with gross loss margin of 4.6% in the third quarter of 2015 and gross profit margin of 11.0% in the second quarter of 2016.

Selling and marketing expenses from continuing operations were $2.4 million in the third quarter of 2016, a decrease of 13.0% from $2.8 million in the third quarter of 2015 and a decrease of 13.3% from $2.8 million in the second quarter of 2016. Selling and marketing expenses from continuing operations accounted for 19.1% of the company's total revenues from continuing operations in the third quarter of 2016, compared with 23.9% in the third quarter of 2015 and 22.8% in the second quarter of 2016.

General and administrative expenses from continuing operations were $1.6 million in the third quarter of 2016, a decrease of 31.8% from $2.3 million in the third quarter of 2015 and an increase of 52.6% from $1.1 million in the second quarter of 2016.

Research and development expenses from continuing operations were $0.3 million in the third quarter of 2016, compared with $0.4 million in the third quarter of 2015 and $0.3 million in the second quarter of 2016.

Operating loss from continuing operations was $2.8 million in the third quarter of 2016, compared with operating loss of $7.0 million in the third quarter of 2015 and operating loss of $2.7 million in the second quarter of 2016.

The company recorded net interest expense from continuing operations of $1.0 million in the third quarter of 2016, compared with $1.4 million in the third quarter of 2015 and $1.2 million in the second quarter of 2016.

The company recorded income tax benefit of $3.3 million in the third quarter of 2016, including current income tax expenses of $4.9 million, offset by income tax benefit of $8.2 million, which was mainly due to deferred tax assets recognized in connection to deferred net investment gain from the Ledman transaction.

Net loss from continuing operations was $0.4 million in the third quarter of 2016, compared with net loss of $7.6 million in the third quarter of 2015 and net loss of $3.6 million in the second quarter of 2016.

Net profit from discontinued operations, net of income tax and portion attributable to minority interest was $3.6 million, compared with $2.6 million in the third quarter of 2015 and $2.2 million in the second quarter of 2016.

Net profit attributable to VisionChina Media shareholders (GAAP) was $3.2 million in the third quarter of 2016, compared with net loss of $5.0 million in the third quarter of 2015 and net loss of $1.4 million in the second quarter of 2016.

Basic and diluted net income per ADS (GAAP) were $0.63 and $0.19, respectively, in the third quarter of 2016, compared with basic and diluted net loss per ADS of $0.98 in the third quarter of 2015, and basic and diluted net loss per ADS of $0.27 in the second quarter of 2016.

The company's non-GAAP financial measure, net profit attributable to VisionChina Media shareholders excluding share-based compensation expenses ("non-GAAP net profit"), was $3.2 million in the third quarter of 2016, compared with a non-GAAP net loss of $5.0 million in the third quarter of 2015 and non-GAAP net loss of $1.4 million in the second quarter of 2016.

As of September 30, 2016, the company, including continued operations and discontinued operations, had cash and cash equivalents of $17.2 million, compared with $35.4 million as of June 30, 2016 and $8.5 million as of December 31, 2015. Net cash used in operating activities was $13.5 million in the third quarter of 2016, compared with net cash provided by operating activities of $2.4 million in the third quarter of 2015 and net cash used in operating activities of $0.1 million in the second quarter of 2016.


 

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