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Nasdaq-listed AirMedia's losses expand to US$7.3 mln in Q1

May. 15, 2012 (China Knowledge) - AirMedia Group Inc<AMCN>, a leading operator of out-of-home advertising platforms in China, has posted US$7.3 million-net loss attributable to shareholders for the first quarter of 2012, compared with a net loss of US$3.9 million in the same period one year ago.

Diluted loss per American Depositary Share for the first quarter of 2012 was US$0.12, compared with US$0.06 in diluted loss per ADS in the corresponding period of 2011.  

The firm's total revenues for the first quarter of this year increased 10.1% year on year from US$61.4 million to US$67.5 million. Of the total, US$31.9 million was derived from revenue in digital frames in airports and US$2.2 million in digital TV screens in airports.

Gross profit totaled US$3.3 million in the three months ended Mar. 31, 2012, compared with gross profit of US$3.7 million in the same period one year ago.

AirMedia had US$117.9 million in cash, including US$8.5 million of restricted cash, at the end of March 2012, whereas it had US$112.7 million as of Dec. 31, 2011.

The advertising platform operator also expects its total revenues to be in the range from US$68 million to US$70 million in the second quarter of 2012, representing a year-on-year increase of 16.2% to 19.6%.

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