BEIJING, Dec. 27, 2016 /PRNewswire/ -- VisionChina Media
Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN),
China's largest out-of-home
digital television advertising network on mass transportation
systems and the leading provider of urban mass transit Wi-Fi, today
announced its unaudited financial results for the third quarter and
nine months ended September 30,
2016.
Mr. Limin Li, VisionChina Media's
Chairman and Chief Executive Officer, commented, "In 2016, we
remained focused on strengthening our leadership position in
China's urban mass transit Wi-Fi
market. The sale of our subway mobile TV advertising business is an
important, strategic step for VisionChina Media. Moreover, we
believe the transaction provides significant flexibility to satisfy
our working capital needs and enables us to continue our focus on
capturing market share in the fast growing Wi-Fi business."
"We are pleased to see the number of registered users on our
Wi-Fi network reach 15 million as of September 30, 2016. Looking ahead, we remain
committed to improving user experiences and providing a high
quality free mass transit Wi-Fi service for China's urban commuters," Mr. Li
continued.
Updates on the Sale of Subway Mobile TV Advertising
Business
- On September 14, 2016, the
Company announced it has completed the sale of its 49% equity
interest in VisionChina New Culture Media Co., Ltd. ("New
Culture"), the operating entity of the Company's subway mobile TV
advertising business, to Ledman Optoelectronic Co., Ltd. ("Ledman")
("Share Consideration"). With the close of the sale, the Company
has received the transaction proceeds of RMB61.0 million in cash and RMB321.2 million in the form of 17,085,100 shares
of Ledman, valued at RMB18.8 per
share and representing 4.88% of total outstanding shares of Ledman.
The Company achieved a net investment gain of approximately
$49.3 million which was recorded as
additional paid-in capital.
According to the profit
compensation agreement with Ledman, in the event that the
consolidated net profits attributable to the shareholders
(excluding extraordinary items) of New Culture in any of the fiscal
years 2016, 2017 and 2018 are less than the profit target for such
fiscal year - RMB60 million,
RMB80 million and RMB100 million, respectively, the Company will
compensate Ledman for the deficiency by returning a certain amount
of the Share Consideration to Ledman. In the event that the Share
Consideration is not sufficient to compensate for such deficiency,
VisionChina Subsidiaries are required to pay compensation in cash.
The compensation amount will be calculated based on a
pre-determined formula and subject to an aggregate cap in an amount
equal to the amount of the total consideration. New Culture's
unaudited net profits attributable to shareholders (excluding
extraordinary items) in the first nine months of 2016 was
$3.9 million (approximately
RMB54.0 million), which represented
approximately 90% of the profit target of fiscal year 2016.
- In October 2016, the Company
entered into an equity transfer agreement with De Heng He Tai
Investment Company Limited to sell its 5% equity interests in New
Culture for an aggregate consideration of RMB39.0 million. Upon the close of the
transaction, the Company has received the transaction proceeds
of RMB39.0 million in cash. The Company holds 46% equity
interest in New Culture after the transaction, and therefore will
not consolidate New Culture's financial results from October 2016.
Other Events
The Company announced today that Mr. Stanley Wang, VisionChina Media's Chief
Financial Officer, has resigned effective immediately to pursue
other opportunities. The Company has initiated an executive search
for Mr. Wang's replacement and appointed Mr. Johnson Chou, VisionChina Media's financial
controller to assume Mr. Wang's responsibilities.
"I would like to thank Mr. Wang for his significant
contributions to VisionChina Media and leadership in various
successful financing transactions. We wish him well in his future
endeavors. In the meantime, I have full confidence in the ability
of Mr. Johnson Chou and the rest of
our management team to continue the development of our business,"
added Mr. Li.
Mr. Johnson Chou joined
VisionChina Media in September 2016
and has extensive knowledge of U.S. GAAP and accounting-related
rules and regulations applicable to U.S.-listed companies. Prior to
joining VisionChina Media, Mr. Chou was a financial controller at
SF Express and an audit manager at Baker Tilly Shenzhen. Mr. Chou
has been involved in a number of initial public offerings and
audits of U.S.-listed Chinese companies and managed the finance
department of overseas companies. He is a member of the China
Institute of Certified Public Accountants (CICPA).
Third Quarter 2016 Results
Total broadcasting hours in the third quarter of 2016 were
27,788 hours, compared with 32,340 hours in the third quarter of
2015.
In the third quarter of 2016, the Company sold a total of
102,523 advertising minutes in its network, compared with 207,532
advertising minutes in the third quarter of 2015.
The Company sold an average of 3.69 advertising minutes per
broadcasting hour in the third quarter of 2016, compared with 6.42
advertising minutes per broadcasting hour in the third quarter of
2015.
During the third quarter of 2016, 144 advertisers purchased
advertising time on the Company's advertising network, either
directly or through advertising agents, compared with 257
advertisers in the third quarter of 2015.
VisionChina Media's total revenues from continuing operations[1]
were $12.8 million in the third
quarter of 2016, an increase of 8.5% from $11.8 million in the third quarter of 2015, and
an increase of 3.5% from $12.4
million in the second quarter of 2016.
Cost of revenues from continuing operations were $11.6 million in the third quarter of 2016, a
decrease of 6.1% from $12.3 million
in the third quarter of 2015 and an increase of 5.3% from
$11.0 million in the second quarter
of 2016.
Gross profit from continuing operations in the third quarter of
2016 was $1.2 million, compared with
gross loss of $0.5 million in the
third quarter of 2015 and a decrease of 11.2% from $1.4 million in the second quarter of 2016.
Gross profit margin from continuing operations was 9.4% in the
third quarter of 2016, compared with gross loss margin of 4.6% in
the third quarter of 2015 and gross profit margin of 11.0% in the
second quarter of 2016.
Selling and marketing expenses from continuing operations were
$2.4 million in the third quarter of
2016, a decrease of 13.0% from $2.8
million in the third quarter of 2015 and a decrease of 13.3%
from $2.8 million in the second
quarter of 2016. Selling and marketing expenses from continuing
operations accounted for 19.1% of the Company's total revenues from
continuing operations in the third quarter of 2016, compared with
23.9% in the third quarter of 2015 and 22.8% in the second quarter
of 2016.
General and administrative expenses from continuing operations
were $1.6 million in the third
quarter of 2016, a decrease of 31.8% from $2.3 million in the third quarter of 2015 and an
increase of 52.6% from $1.1 million
in the second quarter of 2016.
Research and development expenses from continuing operations
were $0.3 million in the third
quarter of 2016, compared with $0.4
million in the third quarter of 2015 and $0.3 million in the second quarter of 2016.
Operating loss from continuing operations was $2.8 million in the third quarter of 2016,
compared with operating loss of $7.0
million in the third quarter of 2015 and operating loss of
$2.7 million in the second quarter of
2016.
The Company recorded net interest expense from continuing
operations of $1.0 million in the
third quarter of 2016, compared with $1.4
million in the third quarter of 2015 and $1.2 million in the second quarter of 2016.
The Company recorded income tax benefit of $3.3 million in the third quarter of 2016,
including current income tax expenses of $4.9 million, offset by income tax benefit of
$8.2 million, which was mainly due to
deferred tax assets recognized in connection to deferred net
investment gain from the Ledman transaction.
Net loss from continuing operations was $0.4 million in the third quarter of 2016,
compared with net loss of $7.6
million in the third quarter of 2015 and net loss of
$3.6 million in the second quarter of
2016.
Net profit from discontinued operations, net of income tax and
portion attributable to minority interest was $3.6 million, compared with $2.6 million in the third quarter of 2015 and
$2.2 million in the second quarter of
2016.
Net profit attributable to VisionChina Media shareholders (GAAP)
was $3.2 million in the third quarter
of 2016, compared with net loss of $5.0
million in the third quarter of 2015 and net loss of
$1.4 million in the second quarter of
2016.
Basic and diluted net income per ADS (GAAP) were $0.63 and $0.19,
respectively, in the third quarter of 2016, compared with basic and
diluted net loss per ADS of $0.98 in
the third quarter of 2015, and basic and diluted net loss per ADS
of $0.27 in the second quarter of
2016.
The Company's non-GAAP financial measure, net profit
attributable to VisionChina Media shareholders excluding
share-based compensation expenses ("non-GAAP net profit"), was
$3.2 million in the third quarter of
2016, compared with a non-GAAP net loss of $5.0 million in the third quarter of 2015 and
non-GAAP net loss of $1.4 million in
the second quarter of 2016.
As of September 30, 2016, the
Company, including continued operations and discontinued
operations, had cash and cash equivalents of $17.2 million, compared with $35.4 million as of June
30, 2016 and $8.5 million as
of December 31, 2015. Net cash used
in operating activities was $13.5
million in the third quarter of 2016, compared with net cash
provided by operating activities of $2.4
million in the third quarter of 2015 and net cash used in
operating activities of $0.1 million
in the second quarter of 2016.
Nine Months 2016 Results
VisionChina Media's total revenues from continuing operations
were $33.1 million in the first nine
months of 2016, an increase of 3.5% from $32.0 million in the first nine months of
2015.
Cost of revenues from continuing operations was $30.7 million in the first nine months of 2016, a
decrease of 12.3% from $35.0 in the
first nine months of 2015.
Gross profit from continuing operations in the first nine months
of 2016 was $2.4 million, compared
with gross loss of $3.0 million in
the first nine months of 2015. Gross profit margin was 7.3% in the
first nine months of 2016.
Selling and marketing expenses from continuing operations were
$7.9 million in the first nine months
of 2016, a decrease of 4.0% from $8.2
million in the first nine months of 2015. Selling and
marketing expenses accounted for 23.7% and 25.6% of the Company's
total revenues in the first nine months of 2016 and 2015,
respectively.
General and administrative expenses from continuing operations
were $3.9 million in the first nine
months of 2016, a decrease of 20.1% from $4.9 million in the first nine months of 2015.
General and administrative expenses accounted for 11.8% and 15.3%
of the Company's total revenues in the first nine months of 2016
and 2015, respectively.
Research and development expenses from continuing operations
were $0.9 million and $1.0 million in the first nine months of 2016 and
2015, respectively.
Operating loss from continuing operations was $9.7 million in the first nine months of 2016,
compared with operating loss from continuing operations of
$17.4 million in the first nine
months of 2015.
The Company recorded net interest expense from continuing
operations of $3.4 million in the
first nine months of 2016, a decrease from $4.3 million in the first nine months of
2015.
Net loss from continuing operations was $7.3 million in the first nine months of 2016,
compared with net loss from continuing operations of $20.9 million in the first nine months of
2015.
Net profit from discontinued operations, net of income tax and
portion attributable to noncontrolling interest was $8.1 million in the first nine months of 2016,
compared with $6.4 million in the
first nine months of 2015.
Net profit attributable to VisionChina Media shareholders (GAAP)
was $0.8 million in the first nine
months of 2016, compared with net loss of $14.5 million in the first nine months of
2015.
Basic and diluted net income per ADS (GAAP) were $0.16 and $0.06,
respectively, in the first nine months of 2016, compared with basic
and diluted net loss per ADS (GAAP) of $2.84 in the first nine months of 2015.
The Company's non-GAAP financial measure, net profit
attributable to VisionChina Media shareholders excluding
share-based compensation expenses, was $0.8
million in the first nine months of 2016, compared with a
non-GAAP net loss of $14.5 million in
the first nine months of 2015.
Conference Call
VisionChina Media's management will hold an earnings conference
call at 8:00 p.m. U.S. Eastern Time
on December 27, 2016 (9:00 a.m. Beijing/Hong Kong Time on December 28, 2016).
Dial-in details for the earnings conference call are as
follows:
U.S. Toll Free: +1-888-346-8982
Hong Kong Toll: +852-3018-4992
International Toll: +1-412-902-4272
Participants should call in at least 5 minutes before the
scheduled start time and ask to be connected to the "VisionChina
Media call."
A replay of the conference call may be accessed by phone at the
following numbers until January 3,
2017.
U.S. Toll Free: +1-877-344-7529
International Toll: +1-412-317-0088
Replay Access Code: 10098016
Additionally, a live and archived webcast of this conference
call will be available on the Investor Relations section of
VisionChina Media's website at http://www.visionchina.cn.
About VisionChina Media Inc.
VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home
advertising network on mass transportation systems, including buses
and subways. As of September 30,
2016, VisionChina Media's advertising network included
approximately 58,365 digital television displays on mass
transportation systems in 14 of China's economically prosperous cities,
including Beijing, Guangzhou and Shenzhen, as secured by exclusive agency
agreements or joint venture contract. VisionChina Media has the
ability to deliver real-time, location-specific broadcasting,
including news, stock quotes, weather and traffic reports, and
other entertainment programming.
In addition, VisionChina Media, through its consolidated
affiliate Qianhai Mobile, has secured exclusive concession rights
for bus Wi-Fi services in 25 cities across China, including Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately 80,000 buses.
Currently, Qianhai Mobile provides free Wi-Fi Internet services on
over 35,000 buses under the brand name "VIFI," spanning over 12
million commuters and providing over 6 million Wi-Fi service
sessions per day.
For more information, please visit
http://www.visionchina.cn.
Use of Non-GAAP Financial Measures
In addition to VisionChina Media's consolidated financial
results under GAAP, the Company also provides non-GAAP financial
measures, including net income/(loss) excluding non-cash
share-based compensation expenses and contingent loss in connection
with a litigation. The Company believes that the non-GAAP financial
measures provide investors with another method for assessing
VisionChina Media's operating results in a manner that is focused
on the performance of its ongoing operations. Readers are cautioned
not to view non-GAAP results on a stand-alone basis or as a
substitute for results under GAAP, or as being comparable to
results reported or forecasted by other companies. The Company
believes that both management and investors benefit from referring
to these non-GAAP financial measures in assessing the performance
of VisionChina Media's liquidity and when planning and forecasting
future periods. The Company computes its non-GAAP financial
measures using the same consistent method from quarter to
quarter.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
Among other things, the quotations from management in this press
release contain forward-looking statements. Such statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Further information regarding these and other risks is included in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form F-1 and
its annual report on Form 20-F. The Company does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
For investor and media inquiries, please
contact:
In China:
Ms. Shuning Yi
Investor Relations Department
VisionChina Media Inc.
Tel: +86 134-2090-9426
E-mail: shuning.yi@visionchina.cn
Mr. Ross Warner
The Piacente Group, Inc.
Tel: +86 (10) 6535-0149
E-mail: visionchina@tpg-ir.com
In the United
States:
Mr. Alan
Wang
The Piacente Group, Inc.
Tel: +1 212-481-2050
E-mail: visionchina@tpg-ir.com
|
[1]
|
The Company's
continuing operations include our national mobile digital
television broadcasting network on buses and our urban mass transit
Wi-Fi network. The Company's discontinued operation represents our
advertising business on our national subway digital television
network.
|
|
VISIONCHINA MEDIA
INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Amounts in
thousand U.S. dollars)
|
|
|
|
|
|
|
|
September 30,
2016
|
|
June 30,
2016
|
|
December 31,
2015
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Note
1)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
14,978
|
|
34,556
|
|
8,542
|
|
Restricted
cash
|
1,080
|
|
3,130
|
|
3,520
|
|
Accounts receivable,
net
|
27,566
|
|
24,890
|
|
14,020
|
|
Amounts due from
related parties
|
3,787
|
|
1,352
|
|
1,684
|
|
Prepaid expenses and
other current assets
|
14,819
|
|
14,747
|
|
16,241
|
|
Deffered tax
assets
|
8,154
|
|
-
|
|
-
|
|
Assets held for sale
- current
|
23,413
|
|
14,610
|
|
16,625
|
|
Short term
investment-held to maturity
|
14,994
|
|
-
|
|
-
|
|
Total current
assets
|
108,791
|
|
93,285
|
|
60,632
|
|
Non-current
Assets:
|
|
|
|
|
|
|
Fixed assets,
net
|
14,797
|
|
15,485
|
|
16,820
|
|
Intangible
assets
|
320
|
|
336
|
|
288
|
|
Investments under
equity method
|
6,359
|
|
6,605
|
|
6,875
|
|
Other
investments
|
50,294
|
|
2,127
|
|
2,177
|
|
Long-term prepayments
and deposits
|
2,090
|
|
2,692
|
|
3,875
|
|
Restricted
cash
|
-
|
|
-
|
|
308
|
|
Total non-current
assets
|
73,860
|
|
27,245
|
|
30,343
|
|
TOTAL
ASSETS
|
182,651
|
|
120,530
|
|
90,975
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Short-term bank
loans
|
8,996
|
|
11,289
|
|
9,244
|
|
Accounts
payable
|
12,510
|
|
13,755
|
|
12,776
|
|
Amounts due to
related parties
|
2,365
|
|
2,645
|
|
1,974
|
|
Convertible
note-maturity within one year
|
58,000
|
|
58,000
|
|
55,890
|
|
Derivative
instrument-embedded conversion option
|
-
|
|
-
|
|
3,961
|
|
Accrued expenses and
other current liabilities
|
37,055
|
|
37,213
|
|
32,859
|
|
Income tax
payable
|
4,854
|
|
-
|
|
-
|
|
Liabilities held for
sale - current
|
7,853
|
|
5,339
|
|
2,140
|
|
TOTAL
LIABILITIES
|
131,633
|
|
128,241
|
|
118,844
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Common
shares
|
10
|
|
10
|
|
10
|
|
Additional paid-in
capital
|
414,138
|
|
365,266
|
|
350,769
|
|
Accumulated
deficit
|
(417,695)
|
|
(420,994)
|
|
(418,584)
|
|
Accumulated other
comprehensive income
|
35,521
|
|
35,650
|
|
36,874
|
|
Total VisionChina
Media Inc. shareholders' equity
|
31,974
|
|
(20,068)
|
|
(30,931)
|
|
Noncontrolling
interest
|
19,044
|
|
12,357
|
|
3,062
|
|
Total
deficit
|
51,018
|
|
(7,711)
|
|
(27,869)
|
|
TOTAL LIABILITIES
AND EQUITY
|
182,651
|
|
120,530
|
|
90,975
|
|
|
|
|
|
|
|
Note 1:
Information extracted from the audited consolidated financial
statements included in the Company's 2015 annual report on Form
20-F
filed with the Securities and Exchange Commission on September 20,
2016 and rounded to thousand of U.S. dollars.
|
|
VISIONCHINA MEDIA
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Amounts in
thousand U.S. Dollars, except number of shares and per share
data)
|
|
For three months
ended
|
|
September 30,
2016
|
|
June 30,
2016
|
|
September 30,
2015
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Advertising
service revenue
|
10,818
|
|
8,345
|
|
11,503
|
|
Other
revenue
|
1,973
|
|
4,017
|
|
287
|
|
Total
revenues
|
12,791
|
|
12,362
|
|
11,790
|
|
Cost of
revenues:
|
|
|
|
|
|
|
Advertising
service cost
|
(9,216)
|
|
(8,447)
|
|
(10,496)
|
|
Other
cost
|
(2,368)
|
|
(2,556)
|
|
(1,840)
|
|
Total cost of
revenues
|
(11,584)
|
|
(11,003)
|
|
(12,336)
|
|
Gross
profit/(loss)
|
1,207
|
|
1,359
|
|
(546)
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling and
marketing expenses
|
(2,447)
|
|
(2,824)
|
|
(2,812)
|
|
General and
administrative expenses
|
(1,602)
|
|
(1,050)
|
|
(2,349)
|
|
Research and
development expenses
|
(251)
|
|
(338)
|
|
(405)
|
|
Total operating
expenses
|
(4,300)
|
|
(4,212)
|
|
(5,566)
|
|
Share of
(loss)/profit from equity method investees
|
(445)
|
|
41
|
|
(49)
|
|
Government
grant
|
717
|
|
160
|
|
12
|
|
Impairment loss of a
cost method investee
|
-
|
|
-
|
|
(808)
|
|
Operating
loss
|
(2,821)
|
|
(2,652)
|
|
(6,957)
|
|
Interest
income
|
225
|
|
16
|
|
44
|
|
Interest
expense
|
(1,261)
|
|
(1,242)
|
|
(1,459)
|
|
Other
expenses
|
-
|
|
214
|
|
(34)
|
|
Fair value change
through profit and loss
|
(365)
|
|
-
|
|
63
|
|
Net loss from
continuing operations before income taxes
|
(4,222)
|
|
(3,664)
|
|
(8,343)
|
|
Income tax
benefit
|
3,299
|
|
-
|
|
-
|
|
Net loss from
continuing operations after income taxes
|
(923)
|
|
(3,664)
|
|
(8,343)
|
|
Net loss from
continuing opeartions attributable to noncontrolling
interest
|
544
|
|
57
|
|
698
|
|
Net profit/(loss)
from continuing operations
|
(379)
|
|
(3,607)
|
|
(7,645)
|
|
Net profit from
discontinued operations, net of income tax and portion attributable
to
noncontrolling interest
|
3,585
|
|
2,238
|
|
2,639
|
|
Net profit/(loss)
attributable to VisionChina Media Inc. shareholders
|
3,206
|
|
(1,369)
|
|
(5,006)
|
|
|
|
|
|
|
|
Net loss per share
from continuing operation:
|
|
|
|
|
|
|
Basic
|
(0.004)
|
|
(0.04)
|
|
(0.07)
|
|
Diluted
|
(0.001)
|
|
(0.04)
|
|
(0.07)
|
|
|
|
|
|
|
|
Net income per
share from discontinued operation:
|
|
|
|
|
|
|
Basic
|
0.04
|
|
0.02
|
|
0.03
|
|
Diluted
|
0.01
|
|
0.02
|
|
0.03
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
Basic
|
0.03
|
|
(0.01)
|
|
(0.05)
|
|
Diluted
|
0.01
|
|
(0.01)
|
|
(0.05)
|
|
|
|
|
|
|
|
Net loss per
ADS from continuing operations(1):
|
|
|
|
|
|
|
Basic
|
(0.07)
|
|
(0.70)
|
|
(1.50)
|
|
Diluted
|
(0.02)
|
|
(0.70)
|
|
(1.50)
|
|
|
|
|
|
|
|
Net income
per ADS from discontinued operations:
|
|
|
|
|
|
|
Basic
|
0.70
|
|
0.44
|
|
0.52
|
|
Diluted
|
0.21
|
|
0.44
|
|
0.52
|
|
|
|
|
|
|
|
Net loss per
ADS :
|
|
|
|
|
|
|
Basic
|
0.63
|
|
(0.27)
|
|
(0.98)
|
|
Diluted
|
0.19
|
|
(0.27)
|
|
(0.98)
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computation of net loss per
share:
|
|
|
|
|
|
|
Basic
|
102,353,956
|
|
102,353,956
|
|
102,121,144
|
|
Diluted
|
334,353,956
|
|
102,353,956
|
|
102,121,144
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in computation of net loss per
ADS:
|
|
|
|
|
|
|
Basic
|
5,117,698
|
|
5,117,698
|
|
5,106,057
|
|
Diluted
|
16,717,698
|
|
5,117,698
|
|
5,106,057
|
|
|
|
|
|
|
|
Share-based
compensation expenses during the related periods included
in:
|
|
|
|
|
|
|
Cost of
revenues
|
-
|
|
-
|
|
(10)
|
|
Selling and
marketing expenses
|
-
|
|
-
|
|
(1)
|
|
General and
administrative expenses
|
-
|
|
-
|
|
(31)
|
|
Total
|
-
|
|
-
|
|
(42)
|
|
|
|
|
|
|
|
Reconciliation
from GAAP net profit/(loss)attributable to VisionChina Media
Inc.
shareholders to Adjusted Non-GAAP net profit/(loss)attributable to
VisionChina
Media Inc. shareholders:
|
|
|
|
|
|
|
Net
profit/(loss)attributable to VisionChina Media Inc. shareholders
(GAAP)
|
3,206
|
|
(1,369)
|
|
(5,006)
|
|
Add back
share-based compensation expenses
|
-
|
|
-
|
|
42
|
|
Net
profit/(loss)attributable to VisionChina Media Inc. shareholders
(Non-GAAP)
|
3,206
|
|
(1,369)
|
|
(4,964)
|
|
|
|
|
|
|
|
Note 1: ADS
amounts adjusted for a change in the ratio of the Company's
American Depositary Shares ("ADSs") to common shares ("Shares")
from 1:1 to 1:20 ("Ratio
Change"), effective as of December 12, 2012.
|
|
VISIONCHINA MEDIA
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Amounts in
thousand U.S. Dollars, except number of shares and per share
data)
|
|
For nine months
ended
|
|
September 30,
2016
|
|
September 30,
2015
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
Revenues:
|
|
|
|
|
Advertising
service revenue
|
23,872
|
|
30,588
|
|
Other
revenue
|
9,245
|
|
1,406
|
|
Total
revenues
|
33,117
|
|
31,994
|
|
Cost of
revenues:
|
|
|
|
|
Advertising
service cost
|
(23,090)
|
|
(30,685)
|
|
Other
cost
|
(7,625)
|
|
(4,344)
|
|
Total cost of
revenues
|
(30,715)
|
|
(35,029)
|
|
Gross
profit
|
2,402
|
|
(3,035)
|
|
Operating
expenses:
|
|
|
|
|
Selling and
marketing expenses
|
(7,859)
|
|
(8,185)
|
|
General and
administrative expenses
|
(3,919)
|
|
(4,902)
|
|
Research and
development expenses
|
(926)
|
|
(965)
|
|
Total operating
expenses
|
(12,704)
|
|
(14,052)
|
|
Share of
(loss)/profit from equity method investees
|
(326)
|
|
359
|
|
Government
grant
|
972
|
|
54
|
|
Dividend
income
|
-
|
|
45
|
|
Impairment loss of a
cost method investee
|
-
|
|
(808)
|
|
Operating
loss
|
(9,656)
|
|
(17,437)
|
|
Interest
income
|
262
|
|
96
|
|
Interest
expense
|
(3,684)
|
|
(4,348)
|
|
Other
expenses
|
192
|
|
263
|
|
Fair value change
through profit and loss
|
1,485
|
|
184
|
|
Net loss from
continuing operations before income taxes
|
(11,401)
|
|
(21,242)
|
|
Income tax
expenses
|
3,299
|
|
-
|
|
Net loss from
continuing operations after income taxes
|
(8,102)
|
|
(21,242)
|
|
Net loss from
continuing opeartions attributable to noncontrolling
interest
|
779
|
|
315
|
|
Net loss from
continuing operations
|
(7,323)
|
|
(20,927)
|
|
Net profit from
discontinued operations, net of income tax and portion attributable
to
noncontrolling interest
|
8,119
|
|
6,414
|
|
Net profit/(loss)
attributable to VisionChina Media Inc. shareholders
|
796
|
|
(14,513)
|
|
|
|
|
|
Net loss per share
from continuing operation:
|
|
|
|
|
Basic
|
(0.07)
|
|
(0.20)
|
|
Diluted
|
(0.03)
|
|
(0.20)
|
|
|
|
|
|
Net income per
share from discontinued operation:
|
|
|
|
|
Basic
|
0.08
|
|
0.06
|
|
Diluted
|
0.03
|
|
0.06
|
|
|
|
|
|
Net
income/(loss)per share:
|
|
|
|
|
Basic
|
0.01
|
|
(0.14)
|
|
Diluted
|
0.00
|
|
(0.14)
|
|
|
|
|
|
Net loss per
ADS from continuing operations(1):
|
|
|
|
|
Basic
|
(1.43)
|
|
(4.10)
|
|
Diluted
|
(0.52)
|
|
(4.10)
|
|
|
|
|
|
Net income per ADS
from discontinued operations:
|
|
|
|
|
Basic
|
1.59
|
|
1.26
|
|
Diluted
|
0.57
|
|
1.26
|
|
|
|
|
|
Net
income/(loss)per ADS :
|
|
|
|
|
Basic
|
0.16
|
|
(2.84)
|
|
Diluted
|
0.06
|
|
(2.84)
|
|
|
|
|
|
Weighted average
number of shares used in computation of net loss per
share:
|
|
|
|
|
Basic
|
102,353,956
|
|
102,121,144
|
|
Diluted
|
283,354,956
|
|
102,121,144
|
|
|
|
|
|
Weighted average
number of ADS used in computation of net loss per
ADS:
|
|
|
|
|
Basic
|
5,117,698
|
|
5,106,057
|
|
Diluted
|
14,167,748
|
|
5,106,057
|
|
|
|
|
|
Share-based
compensation expenses during the related periods included
in:
|
|
|
|
|
Cost of
revenues
|
-
|
|
(11)
|
|
Selling and
marketing expenses
|
-
|
|
(1)
|
|
General and
administrative expenses
|
-
|
|
(31)
|
|
Total
|
-
|
|
(43)
|
|
|
|
|
|
Reconciliation
from GAAP net profit/(loss)attributable to VisionChina Media
Inc.
shareholders to Adjusted Non-GAAP net profit/(loss)attributable to
VisionChina
Media Inc. shareholders:
|
|
|
|
|
Netprofit/(loss)attributable to
VisionChina Media Inc. shareholders (GAAP)
|
796
|
|
(14,513)
|
|
Add back
share-based compensation expenses
|
-
|
|
43
|
|
Net profit/(loss)
attributable to VisionChina Media Inc. shareholders
(Non-GAAP)
|
796
|
|
(14,470)
|
|
|
|
|
|
Note 1: ADS
amounts adjusted for a change in the ratio of the Company's
American Depositary Shares ("ADSs") to common shares ("Shares")
from 1:1 to 1:20 ("Ratio Change"), effective as of December 12,
2012.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/visionchina-announces-third-quarter-and-nine-months-2016-financial-results-300383715.html
SOURCE VisionChina Media Inc.
