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Focus Media Gains on Cost Cuts, Revenue

SHANGHAI ( TheStreet) -- Chinese digital media group Focus Media Holding (FMCN) swung to a profit during the third quarter, driven by a significant drop in expenses and higher revenue.

For the quarter ended September 30, the company saw earnings of $112.7 million, or 76 cents per diluted share, compared with a loss of $127.6 million, or 99 cents per diluted share, in the same period a year ago. Earnings were well ahead of analyst estimates of 33 cents a share.

Total operating expenses were down 32.6% to $46.7 million from $69.3 million.

Revenue rose 39.8% to $137.4 million from $98.3 million during the quarter as the company saw strong gains in its LCD display network revenue.

"In the third quarter of 2010, we managed to achieve record high combined LCD display network and in-store network revenue," chairman and CEO Jason Jiang said, "exceeding the last best performing quarter in the history of the company, the third quarter of 2008."

LCD display network revenue, including the movie theater network, was up 48% to $82.9 million from $56 million as the total number of installed base of LCD displays in the company's network nationwide was 149,913, compared with 142,305 as of June 30, 2010.

"In the third quarter of 2010, the Company achieved aggregate net revenue year on year growth in our LCD display, in-store and poster frame business of 45%, and quarter on quarter growth of 14%," CFO Kit Low said.
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