Reuters: Global Markets: Focus Media quarter four beats estimates

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Focus Media quarter four beats estimates Mar 19th 2012, 21:38 Mon Mar 19, 2012 5:38pm EDT (Reuters) - Focus Media Holding Ltd's (FMCN.O) (FMCN.SI) quarterly results handily beat estimates, partly helped by strong sales through its network of LCD displays in high-traffic areas, and the Chinese display-advertising company forecast a strong first quarter. Net income attributable to Focus Media rose to $75.4 million, or 55 cents per American Depositary Share (ADS), from $47.2 million, or 33 cents per ADS, a year ago. The company, which was recently embroiled in a shortselling controversy, earned 70 cents per ADS, excluding items. Total net revenue rose 22 percent to $256.4 million, while advertising net revenue from the LCD display network jumped 63 percent to $137.4 million. Analysts expected an adjusted profit of 61 cents an ADS, on revenue of $225.1 million, according to Thomson Reuters I/B/E/S. In November, Carson Block-led shortseller Muddy Waters alleged that Focus Media overstated its assets and overpaid for acquisitions, but the Chinese company repeatedly denied the allegations. For the first quarter, the company expects net revenue for the core business, which includes the LCD display, the in-store, the poster frame and the movie theater networks, to be between $177 million and $179 million. Net revenue for the traditional outdoor billboard network business is expected to be between $13 million and $15 million. Analysts were looking for total net revenue of $183.5 million. Shares of the company were up 4 percent at $29.01 in trading after the bell. They closed at $28.03 Monday on the Nasdaq. (Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das) Link this Share this Digg this Email Reprints

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