AirMedia Group Inc. (NASDAQ: AMCN) said it has announced its unaudited financial results for the third quarter ended September 30, 2015.
Due to its agreement to sell 75 percent equity interest of AirMedia Group Co., Ltd. to Longde Wenchuang Fund Management Co., Ltd., the financial results associated with the company´s stand-alone digital frames, mega-size LED screens, traditional media in airports, unipole signs and other outdoors media were classified as discontinued operations. As a result, revenues in the company´s financial statements for the third quarter of 2015 and comparable periods in the third quarter of 2014 and in the previous quarter reflected revenues from continuing operations only.
Revenues decreased by 41.7 percent year-over-year and 12.4 percent quarter-over-quarter to USD10.4 million.
Net revenues decreased by 41.3 percent year-over-year and 10.9 percent quarter-over-quarter to USD10.4 million.
Net loss attributable to AirMedia´s shareholders was USD9.7 million. Basic and diluted net loss attributable to AirMedia´s shareholders per American Depositary Share (“ADS”) were both USD0.16.
Adjusted EBITDA from continuing operations attributable to AirMedia´s shareholders (non-GAAP), which is EBITDA from continuing operations attributable to AirMedia´s shareholders excluding share-based compensation expenses, was a loss of USD17.5 million, compared to a loss of USD9.5 million in the same period one year ago.
Revenues from continuing operations for the third quarter of 2015 decreased by 41.7 percent year-over-year and 12.4 percent quarter-over-quarter to USD10.4 million. The year-over-year decrease was primarily due to a soft advertising market and the divestiture of TV-attached digital frames and digital TV screens in airports in February 2015, as previously discussed in our first quarter 2015 financial results. The quarter-over-quarter decrease was primarily due to a decrease in revenues from the remaining media business in air travel sector, which was partially offset by an increase in revenues from the gas station media network.
AirMedia Group is a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, as well as a first-mover in the market of Wi-Fi services on long-haul buses, trains and airplanes.