Focus Media Reports Results
Focus Media (Nasdaq: FMCN), announced its unaudited financial results for Q2. In December 2008, Focus Media substantially sold all of the assets of its out-of-home advertising networks, including the LCD display network, poster frame network and certain in-store networks to Sina.
Net revenue for continuing operations was $82.1 million, increasing 23% from $66.7 million for the first quarter of 2009 but declining 23% from $107.2 million for the second quarter of 2008. Net income from discontinued operations was $21.5 million, a sequential increase of 79% from 12.0 million for the first quarter of 2009 and compared to net loss of $33.9 million for the second quarter of 2008.
For Q3 ending September 30, 2009, the company expects net revenues from continuing operations are expected to be between $46 million and $47 million. Net revenues from discontinued operations are expected to be between $80 million and $81.5 million.