Exhibit 99.1
AirMedia Group Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars in thousands)
As of June 30, 2016 | ||||
ASSETS: | ||||
Current assets: | ||||
Cash and cash equivalents | 218,630 | |||
Short-term investments | 3,611 | |||
Accounts receivable, net | 8,903 | |||
Prepaid concession fees | 10,708 | |||
Amount due from related parties | 3,057 | |||
Other current assets | 27,781 | |||
Deferred tax assets - current | 35 | |||
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Total current assets | 272,725 | |||
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Prepaid equipment costs | 22,146 | |||
Property and equipment, net | 43,681 | |||
Amounts due from related parties -non-current | 7,523 | |||
Long-term deposits | 5,784 | |||
Deferred tax assets -non-current | 4,107 | |||
Long-term investments | 90,168 | |||
Acquired intangible assets, net | 2,012 | |||
Othernon-current assets | 9,730 | |||
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Total assets | 457,876 | |||
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LIABILITIES AND EQUITY: | ||||
Current liabilities: | ||||
Accounts payable | 27,172 | |||
Accrued expenses and other current liabilities | 4,419 | |||
Deferred revenue | 1,589 | |||
Income tax payable | 24,891 | |||
Amounts due to related parties | 9,227 | |||
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Total current liabilities | 67,298 | |||
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Othernon-current liabilities | 873 | |||
Deferred tax liability -non-current | 72 | |||
Provision for earout commitment | 24,602 | |||
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Total liabilities | 92,845 | |||
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Equity | ||||
Ordinary shares | 128 | |||
Additionalpaid-in capital | 322,317 | |||
Treasury stock | (1,942 | ) | ||
Statutory reserves | 26,273 | |||
Accumulated deficits | (5,064 | ) | ||
Accumulated other comprehensive income | 13,443 | |||
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Total AirMedia Group Inc.’s shareholders’ equity | 355,155 | |||
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Noncontrolling interests | 9,876 | |||
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Total equity | 365,031 | |||
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Total liabilities and equity | 457,876 | |||
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AirMedia Group Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In U.S. dollars in thousands, except share and ADS related data)
Six Months Ended | ||||
June 30, 2016 | ||||
Revenues | 7,540 | |||
Business tax and other sales tax | (37 | ) | ||
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Net revenues | 7,503 | |||
Cost of revenues | 19,590 | |||
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Gross profit | (12,087 | ) | ||
Operating expenses: | ||||
Selling and marketing * | 5,335 | |||
General and administrative * | 20,925 | |||
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Total operating expenses | 26,260 | |||
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Loss from operations | (38,347 | ) | ||
Interest income, net | 309 | |||
Other income, net | 2,580 | |||
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Loss before income taxes | (35,458 | ) | ||
Income tax (expenses)/benefits | 960 | |||
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Net loss before net income of equity method investments | (34,498 | ) | ||
Net (loss)/income of equity method investments | 3 | |||
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Net loss | (34,495 | ) | ||
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Less: Net loss attributable to noncontrolling interests | (5,873 | ) | ||
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Net loss attributable to AirMedia Group Inc.’s shareholders | (28,622 | ) | ||
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Net loss attributable to AirMedia Group Inc.’s shareholders per ordinary share | ||||
Basic | (0.23 | ) | ||
Diluted | (0.23 | ) | ||
Net loss attributable to AirMedia Group Inc.’s shareholders per ADS | ||||
Basic | (0.46 | ) | ||
Diluted | (0.46 | ) | ||
Weighted average ordinary shares outstanding used in computing net loss per ordinary share - basic | 124,997,627 | |||
Weighted average ordinary shares outstanding used in computing net loss per ordinary share - diluted | 124,997,627 | |||
* Share-based compensation charges included are as follow: | ||||
Selling and marketing | — | |||
General and administrative | 579 |