|
VisionChina Posts Q2 Loss of $93m
Mass transit digital advertiser VisionChina Media Inc. (Nasdaq:VISN) recorded a net loss of $93.16 million in the second quarter of 2010, compared with net income of $7.05 million in the year-ago period and a net loss of $11.61 million in the previous quarter, the company reported July 27. The loss per share for the quarter was $1.15, according to the report. The company attributed the loss in part to an $89.13 million write-down in goodwill related to several of the company's 2008 acquisitions.
Total revenues for the quarter were above previously provided guidance with $31.81 million, up 3.3% annually and 36% sequentially, said the report. The company recorded 47,928 broadcasting hours for the quarter, up from 34,399 in the second quarter of 2009 and 47,400 hours in the previous quarter, said the report. The company sold a total of 303,812 advertising minutes in the quarter, compared with 222,063 minutes in the second quarter of 2009 and 237,563 minutes in the first quarter of 2010, while the number of advertisers increased both annually and sequentially to 614.
The company expects revenues of between $36.7 million and $39.7 million in the third quarter of this year.
|
