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TM Entertainment and Media, Inc. Announces First Half 2009 Financial Results for Hong Kong Mandefu Holding Limited (d/b/a China MediaExpress “CME”)

Posted by Dana in September 14th 2009

TM Entertainment and Media, Inc. (NYSE Amex: TMI; TMI/U; TMI/WS) (“TM”) and privately-held Hong Kong Mandefu Holding Limited (d/b/a China MediaExpress) (“CME” or the “Company”) announced financial results for the six month period ended June 30, 2009 for CME.

Financial Highlights – First Half 2009 vs. First Half 2008

* Net revenues increased 24% to $37.9 million in the 2009 period compared to $30.5 million last year;
* Gross margin for the 2009 period was 62% of net revenues;
* Operating income increased 26% to $21.6 million in 2009 compared to $17.1 million in the first half of 2008;
* Net income increased 23% to $15.7 million for the first half of 2009 compared to $12.8 million for the 2008 period; and
* As of June 30, 2009, the Company had $29.4 million in cash and cash equivalents with no debt.

Zheng Cheng, CME’s Founder and CEO, commented, “2009 continues to be a year of strong growth, reinforcing our position as China’s largest television advertising operator on inter-city express buses. Our agreements with 40 bus operator partners and our five-year cooperation agreement with the Chinese Ministry of Transport, continue to drive growth in our business.”

Mr. Cheng continued, “Advertisers recognize the power of our platform and we are very proud of our impressive and growing list of more than 500 companies that advertise throughout our network, which include well-known domestic and international companies, such as Hitachi, China Telecom, Siemens, China Pacific Life Insurance, Coca-Cola, Pepsi, China Mobile and Bank of China. Several of these customers have been advertising with us for over three years.”

Jacky Lam Wai Kei, CME’s Chief Financial Officer stated, “CME generated $17.7 million of cash from operating activities in the first six months of 2009. As a result, our balance sheet remains very strong and as of June 30, 2009, we had $29.4 million of cash with no debt.”

Theodore S. Green, TM’s Co-CEO, stated, “CME’s strong financial results in the first half of 2009 are another indication of its very successful business model. CME’s management continues to profitably grow the Company and we remain confident that this transaction represents a very attractive investment opportunity for TM stockholders.”