Focus Media 2007 revenue up 171%

Nasdaq-listed and Shanghai-based Focus Media Holding reported on Tuesday a 171% rise in revenue to achieve US$184.6 million from US$68 million a year ago. Also, its fourth quarter profit rose with the inclusion of Internet ad revenue and an increase in digital out-of-home ad revenue.

For the fourth quarter of 2007, Focus achieved earnings of US$43.8 million, or 34 cents a share, compared with US$30.1 million or 27 cents a share last year. Adjusted earnings were US$68 million, or 52 cents a share, above the consensus estimate of 48 cents a share on sales of US$168 million.

For the full year of 2007, the company earned US$144.4 million in income attributable to shareholders, or US$1.19 per share, compared with US$83.2 million, or 80 cents per share, in the prior year. Its total digital out-of-home advertising revenue rose US$47.7 million, or 75.4%, year over year to US$111 million. The company also logged US$59.3 million in Internet advertising revenue. The company's mobile handset advertising rose US$12.9 million to US$16.6 million.

As for this year, Focus Media estimated a full-year net income, excluding items, to reach up to US$300 million, or US$2.21 per fully diluted ADS. Approximately US$50 million will be allocated to acquisition-related intangible amortization expenses and US$50 million for capital expenditures.

For the first quarter, Focus expects revenues of US$160 million to US$165 million, and net income, excluding items, of US$44 million to US$45 million or 33 cents to 34 cents per fully diluted ADS, based on the outstanding 133 million average total ADS equivalent shares.