Focus Media: After-Hours Trading
NEW YORK (TheStreet) -- Shares of Focus Media (FMCN) rose in late trades on Monday after the China-based digital media company delivered a nearly 70% year-over-year increase in second-quarter earnings.
The company said it earned $42.8 million, or 30 cents a share, in the three months ended June 30 on revenue of $179 million, up from a comparable profit of $25.3 million, or 17 cents a share, on revenue of $122.5 million last year.
On a non-GAAP basis, excluding certain items, Focus Media reported a profit of $62.9 million, or 44 cents a share, in the latest quarter, well ahead of its own outlook of between $54 million and $56 million.
The company's business involves selling advertising within its network of LCD and poster displays, and Jason Jiang, Focus Media's chairman and CEO, gave an update on expansion plans Monday."We are on schedule to complete installation of Focus Media's interactive screens in seven cities by October," Jiang said. "We believe installation of these interactive screens is a vital revolutionary step that will transform our relationships with Chinese consumers by forming an intimate and interactive tie between the Focus media platform and Chinese consumers, providing advertisers with an interactive and measurable advertising media platform that can make a direct sales impact." The stock was last quoted at $29.02, up 6.7%, on volume of more than 20,000, according to Nasdaq.com. Based on a regular session close at $27.19, the shares were up more than 50% in the past year but they've pulled back more than 25% since hitting a 52-week high of $37.58 on May 2. Focus Media said it sees non-GAAP earnings of $68 million to $70 million in its fiscal third quarter ending in September with revenue projected between $175 million and $177 million. The company also announced the resignation of Ge Xu from a position as executive vice president of finance, effective Aug. 31, and said it had repurchased $306 million worth of its stock under its current $450 million buyback authorization as of Monday. Other stocks moving in Monday's quiet extended trading session included Perfect World (PWRD), which rose 8% to $20.10 on volume of more than 23,000 after the China-based online game developer reported a non-GAAP profit of $53.3 million for its fiscal second quarter on revenue of $120.6 million; and RealPage (RP), which was off 6% to $19.99 on light volume of less than 5,000 after the Carrolton, Texas-based provider of online software and services for the housing rental industry agreed to acquire the privately held operator of an Internet listing service for rental properties for $74.4 million in cash and stock.
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