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

About Tiger Media

Tiger Media is a leading nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China. Tiger Media operates a network of high-impact billboards and one of China’s largest networks of in-elevator advertisement panels in 50 cities throughout China. Tiger Media’s core outdoor billboard and in-elevator platforms are complemented by its transit advertising platform, which together enable it to provide multi-platform, “one-stop shop” services for its local, national and international advertising clients. Learn more at

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts, including statements about Tiger Media’s beliefs and expectations, may constitute forward-looking statements as that term is defined by the United States 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. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations.

Potential risks and uncertainties include, but are not limited to: whether the costs savings from the remaining earnout obligations of Wuxi will free up more Company resources for more promising opportunities; whether we will create significant shareholder value through large, long term proprietary concessions with prominent partners; whether the additional concessions in our pipeline will come to fruition and be beneficial; whether the additional concessions will allow the Company to become a larger and more profitable company resulting in improved cash flow and cost savings; and the risks that there are uncertainties and matters beyond the control of management, and other risks outlined in the Company’s filings with the U.S. Securities and Exchange Commission. Tiger Media cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Tiger Media does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Tiger Media, Inc.

Condensed Statements Of Operations

In USD'000
For Nine Months Ended September 30
2012 2011
Unaudited Unaudited
Advertising service revenues $ 27,283 $ 45,530
Cost of revenues (24,181) (34,938)
Gross profit 3,102 10,592
Sales and marketing expenses (2,025) (3,793)
General and administrative expenses (5,028) (4,576)
Gain on disposal of subsidiaries 8,087 -
Gain from extinguishment of acquisition

consideration payable
3,025 -
Profit from operations 7,161 2,223
Interest income (145) 12
Non-operating income 77 67
Loss on abandonment of lease (522) -
Loss on disposals of fixed assets (376) -
Foreign currency exchange loss, net 1 (4)
Profit before tax 6,196 2,298
Income tax expense (200) (1,233)
Net profit after tax 5,996 1,065
Minority interest 1 -
Profit attributable to shareholders $ 5,997 $ 1,065

Tiger Media, Inc.

Condensed Balance Sheets

In USD'000
September 30, December 31,
2012 2011
Unaudited Audited
Cash and cash equivalents $ 7,277 $ 4,630
Restricted bank deposit 71 1
Accounts receivable, net 9,850 15,822
Other current assets 9,022 12,406
Total current assets 26,220 32,859
Property and equipment, net 107 633
Deposits for PPE - 31
Goodwill 13,560 16,926
Total assets $ 39,887 $ 50,449
Accounts payable $ 13,137 $ 14,167
Short-term borrowings - -
Acquisition consideration payable 5,681 23,238
Income taxes payable 9,371 9,524
Other current liabilities 7,225 16,973
Total current liabilities 35,414 63,902
Total liabilities $ 35,414 $ 63,902
Minority interest 979 -

Common Shares - $0.0001 par value1,000,000,000 shares authorized, 28,479,264 shares

issued and outstanding
$ 3 $ 2
Additional paid-in capital 134,297 123,288
Accumulated other comprehensive loss (1,131) (1,071)
Accumulated deficit (129,675) (135,672)
Total shareholders’ equity 3,494 (13,453)
Total liabilities and shareholders' equity $ 39,887 $ 50,449

Tiger Media, Inc.

Condensed Statements Of Cash Flows

In USD'000
For Nine Months Ended September 30,
2012   2011
Unaudited Unaudited
Net cash provided by / (used in) operating activities $ (4,813) $ 1,296
Net cash used in investing activities (1,475) (545)
Net cash provided by financing activities 9,239 11
Foreign currency translation adjustment (304) (386)
Net increase / (decrease) in cash and cash equivalents 2,647 376
Cash and cash equivalents at beginning of year 4,630 7,554
Cash and cash equivalents at end of year $ 7,277 $ 7,930


Tiger Media, Inc.

Reconciliation Of Net Income To Non-GAAP Adjusted Net Income

In USD'000
For Nine Months Ended September 30,
2012   2011
Unaudited Unaudited
Net income $ 5,996 $ 1,065
Gain on disposal of subsidiaries (8,087)
Gain from extinguishment of acquisition

consideration payable
Share-based compensation 408 147
Loss on abandonment of lease 522
Loss on disposals of fixed assets 376
Adjusted non-GAAP net income / (loss) $ (3,810) $ 1,212

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