PEKING (dpa-AFX) - VisionChina Media Inc.'s (VISN) net loss attributable to shareholders was $193.5 million in the second quarter of 2012, compared to net loss of $0.4 million in the second quarter of 2011. Net loss per share was $1.91, compared to a loss of $0.004 last year.
The net loss in the second quarter of 2012 was primarily attributable to the non-cash impairment charge of $178.8 million as the result of a write-down of goodwill and intangible assets in connection with the Company's acquisitions consummated in 2008 and 2010.
Net loss attributable to VisionChina Media shareholders, excluding share-based compensation expenses, amortization of intangible assets, provision for contingent loss in connection with litigation, impairment loss and income tax credit in connection with the impairment loss was $20.7 million in the second quarter of 2012, compared to non-GAAP net income of $0.9 million in the second quarter of 2011.
Total revenues were $28.1 million in the second quarter of 2012, representing a decrease of 37.7% from $45.0 million in the second quarter of 2011.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share on revenues of $41.32 million for the quarter. Analysts' estimates typically exclude special items.
The company estimates its advertising service revenue in the third quarter of 2012 to be between $33.0 million and $35.0 million.
Copyright RTT News/dpa-AFX