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Xinhua Finance Media Limited ('XFMedia' or 'the Company'; Nasdaq: XFML), a leading media group in China, today announced its unaudited financial results for the second quarter ended June 30, 2008.
Second Quarter 2008 Highlights
-- Strong year over year growth with 69% increase in net revenue to US$48.9 million from US$29.0 million.
-- Strong year-over-year and sequential growth of 97% and 248% for
adjusted EBITDA.
-- Adjusted net income per diluted ADS exceeding previous guidance at
$0.10.
-- Company provides third quarter guidance and raises full year guidance.
'Despite a challenging operating environment for the quarter, we are proud to announce adjusted EPS expectations above our Q2 guidance,' said Ms. Fredy Bush, XFMedia's Chief Executive Officer.
'The Broadcast Group continues to deliver high margins, and we intend to further invest and expand the television business with a particular focus on sports. We believe this will be a significant driving force to our business over the next several years,' Ms. Bush added.
'We expect our future growth to be driven by the expansion of our media assets and distribution channels, and the integration and coordination of such efforts across our operating groups. Our television viewer demographics are very strong and combined with our existing core competence, XFMedia today is able to penetrate a significant group of households in China, providing us with a strategic entry point to build on our advertising revenue,' Ms. Bush said.
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