Shanghai-based digital media and advertising firm Focus Media Holding Limited announced its unaudited financial results for the third quarter ended September 30, 2010.
The company's total net revenue for the third quarter of 2010 was USD137.4 million, and GAAP net income attributable to Focus Media was USD112.7 million, compared to USD25.3 million for the second quarter of 2010, and net loss attributable to Focus Media of USD127.6 million for the third quarter of 2009. The GAAP net income for the third quarter of 2010 includes a non-recurring income of USD79.0 million resulting from the sale of Focus Media's Internet business.
Cash, cash equivalents and investments in held-to-maturity debt securities was USD499.4 million as of September 30, 2010, declining from USD588.3 million as of June 30, 2010 primarily due to cash spending in share repurchases. The company stated that it invested USD116.1 million during the third quarter of 2010 in held-to-maturity debt securities.
Advertising net revenue from the LCD display network, including the movie theatre network, was USD86.8 million for the third quarter of 2010, representing an increase of 14% from USD76.1 million for the second quarter of 2010 and an increase of 47% from USD58.9 million for the third quarter of 2009. Advertising net revenue from the company's poster frame network was USD32.2 million for the third quarter of 2010, representing an increase of 28% from USD25.2 million for the second quarter of 2010 and an increase of 46% from USD22.1 million for the third quarter of 2009.
However, advertising net revenue from the in-store network was USD9.4 million for the third quarter of 2010, representing a decrease of 14% from USD10.9 million for the second quarter of 2010 and an increase of 24% from USD7.6 million for the third quarter of 2009.