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Tiger Media Reports Unaudited Financial Results For The First Nine Months Of 2012

Tiger Media, Inc. (“Tiger Media”) (NYSE MKT:IDI) (NYSE MKT:IDI.WS), formerly known as SearchMedia Holdings Limited, one of China's leading nationwide multi-platform media companies, today reported unaudited financial results for the nine months ended September 30, 2012.

Financial Highlights for the Nine Months ended September 30, 2012

  • Revenue decreased 40% year-on-year from $45.5 million to $27.3 million.
  • Operating profit increased from $2.2 million to $7.2 million year-on-year.
  • Net profit increased from $1.1 million to $6.0 million year-on-year mainly attributable to one time gain on disposal of subsidiaries and gain from extinguishment of acquisition consideration.
  • Acquisition consideration payable reduced from $23.2 million at year end 2011 to $5.7 million at September 30, 2012.
  • The Company closed on two private placements pursuant to which the Company sold an aggregate of 7.0 million shares of the Company’s common stock at a price of $1.00 per share.
  • The Company’s Convertible Note Holders converted $3.1 million in convertible notes into common shares at a price of $1.00 per share.
  • After giving effect to the approximately $2.1 million of proceeds received from the warrant price reduction and exchange completed on December 26, 2012, shareholders’ equity would be $5.6 million and cash would increase to $9.4 million.

Unaudited Financial Results for the Nine Months ended September 30, 2012

Revenue decreased 40% to $27.3 million in the first nine months of 2012 from $45.5 million for the same period last year primarily due to the divestiture of Zhejiang Continental, Shenyang Jingli and Qingdao Kaixiang, the streamlining of Ad-Icon Shanghai’s non-profitable elevator business and the termination of our VIE structure.

Gross profit decreased year-on-year from $10.6 million in the same period last year to $3.1 million as a result of a decrease in revenue during the period, divestiture of Shenyang Jingli, Zhejiang Continental, Qingdao Kaixiang, and streamlining of the Ad-Icon Shanghai elevator business while still incurring contracted advertising space lease costs. Gross margin decreased to 11.4% from 23.3% in the same period last year due to higher concession costs, higher network expansion cost, higher percentage of agency business in advertising revenue, and recent subsidiaries separation and elevator business streamlining.

Stock quotes in this article: IDI 

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