Focus Media Holding Ltd. announced changes to its board members. Tan Zhi (a non-independent director) and Jimmy Wei Yu (a non-independent director) resigned from the board. The company further announced the appointment of Mr. Alex Deyi Yang, its current acting chief financial officer, as a non-independent director to its board of directors.

Focus Media Holding Ltd. reported unaudited consolidated earnings results for the second quarter ended June 30, 2009. The company reported net revenue for continuing operations was $82.1 million, increasing 23% from $66.7 million for the first quarter of 2009 but declining 23% from $107.2 million for the second quarter of 2008 and surpassed the company's previous guidance of no less than $69.0 million. Net loss from continuing operations was $44.5 million, compared to net loss from continuing operations of $17.7 million for the first quarter of 2009 and net loss from continuing operations of $2.3 million for the second quarter of 2008. Non-GAAP net income from continuing operations was $2.8 million, compared to non-GAAP net income from continuing operations of $3.2 million for the first quarter of 2009 and non-GAAP net income from continuing operations of $7.7 million for the second quarter of 2008. Net loss attributable to shareholders was $23.0 million or a loss of $0.18 per fully diluted ADS, compared to net loss attributable to shareholders of $5.7 million for the first quarter of 2009 or a loss of $0.04 per fully diluted ADS and net income attributable to shareholders of $36.1 million for the second quarter of 2008 or an income of $0.28 per fully diluted ADS. Loss from continuing operations before income taxes was $42,054,000 against income of $6,571,000 for the same period a year ago. Operating loss was $39,735,000 against income of $5,592,000 for the same period a year ago. Purchase of equipment and other long term assets was $2,787,000 against $29,947,000 for the same period a year ago. Purchase of subsidiaries, net of cash acquired was $61,446,000 against $19,155,000 for the same period a year ago. The company provided revenue guidance for the third quarter ending September 30, 2009. The company expects net revenues from continuing operations are expected to be between $46 million and $47 million, net revenues from discontinued operations are expected to be between $80 million and $81.5 million.

Focus Media Holding Ltd., Annual General Meeting, Dec 21, 2009