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Gross profit came to USD 15.4 million, dropping 36.4% from USD 24.2 million in the third quarter of 2008 and 6.3% from USD 16.4 million in the second quarter of 2009.
Advertising sales gross margin was 49.9%, lower than 67.4% in the period last year and 53.3% in the previous quarter.
Operating profit arrived at USD 7.3 million, falling 57.8% from USD 17.3 million in the third quarter of 2008 and 0.7% from USD 7.4 million in the second quarter of 2009. The quarter-on-quarter decline in operating profit was mainly attributable to the increase in sales costs.
Sale and marketing expenses hit USD 6.4 million, rising 18.9% from USD 5.3 million in Q3 2008 but sliding 5% from USD 6.7 million in Q2 2009. The quarter-on-quarter decrease in sales and marketing expenses proved the company's efforts in cost control.
General and administrative expenses reached USD 1.6 million, climbing 8.5% from USD 1.5 million in Q3 2008 but slumping 22.8% from USD 2.1 million in Q2 2009.
Net income attributable to shareholders of the company touched USD 7.2 million, diving 60.2% from USD 18.1 million in Q3 2008 but inching up 1.6% from USD 7.1 million in Q2 2009. Basic and diluted earnings per share both stood at USD 0.1, keeping unchangeable from USD 0.1 in the previous quarter. Excluding share-based compensation expenses and amortization of intangible assets, non-GAAP net income attributable to shareholders of the company reached USD 9.1 million, outnumbering the company's previous guidance.
By September 30, 2009, VisionChina saw its employees increase to 535, compared with 524 at the end of June 2009. Digital TV advertising network coverage widened to 18 cities. Cash and cash equivalents totaled USD 112.7 million, less than USD 108.4 million at the end of the second quarter.
Notably, the company sped up its expansion in recent days. It won a three-year exclusive contract in Hangzhou, announced the acquisition of DMG at a price of USD 160 million, gained the advertisement dealership of mobile TV in Xiamen, and established partnerships with three public transportation companies in Guangzhou.
Source: news.ccidnet.com (October 30, 2009)
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