3SOF

On watch
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VisionChina Media Inc.
1st Floor Block No 7 Champs Elysees
Nongyuan Road, Futian District
Shenzhen,  518040
China - Map
Phone: 86 755 8293 2222
Fax: 86 755 8298 1111
Web Site: http://www.visionchina.cn

DETAILS  
Index Membership: N/A
Sector: Services
Industry: Advertising Agencies
Full Time Employees: 186


BUSINESS SUMMARY  
VisionChina Media, Inc., through its subsidiary, China Digital Mobile Television Co., Ltd., operates out-of-home advertising network using real-time mobile digital television broadcasts to deliver content and advertising on mass transportation systems in the People's Republic of China. Its mobile digital television advertising network delivers real-time content provided by the local television stations. The company's advertising network consists of digital television displays located on buses and other selected locations that receive mobile digital television broadcasts of real-time content and advertising. As of September 30, 2007, its network consisted of approximately 33,000 digital television displays in 14 cities in China. VisionChina Media also displays a combination of real-time news and stock quotes, weather and traffic updates, sports highlights, and other programs on its network. The company was founded in 2005 and is headquartered in Shenzhen, the People's Repubic of China.
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On watch.
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Press Release Source: VisionChina Media, Inc.


VisionChina Media Announces Fourth Quarter and Full Year 2007 Results
Wednesday February 27, 4:30 pm ET 
2007 Total Revenues Grew 658.7% Year-Over-Year
Fourth Quarter 2007 Net Income Grew 52.7% Quarter-Over-Quarter


    BEIJING, Feb. 27 /Xinhua-PRNewswire/ -- (Nasdaq: VISN - News)

    Fourth Quarter 2007 Highlights
    -- Total revenues in the fourth quarter of 2007 grew 495.2% year-over-
       year and 29.0% quarter-over-quarter to $12.0 million, out of which
       advertising services revenues grew 924.3% year-over-year and 34.2%
       quarter-over-quarter to $11.7 million.
    -- Network capacity, which is measured by total broadcasting hours,
       reached 23,908 hours in the fourth quarter of 2007 compared to 22,269
       hours in the third quarter of 2007.
    -- On average, the Company sold 8.69 advertising minutes per broadcasting
       hour in the fourth quarter of 2007, compared to 8.37 minutes per
       broadcasting hour in the third quarter of 2007.
    -- Average advertising service revenues per broadcasting hour grew 23.7%
       quarter-over-quarter to $474 dollars per broadcasting hour, compared to
       $383 per broadcasting hour in the third quarter of 2007, as a result of
       the latest rate card increase that took place across the Company's
       networks on November 1st, 2007.
    -- Gross profit in the fourth quarter of 2007 was $7.6 million, an
       increase of 40.4% from $5.4 million in the third quarter of 2007, and a
       significant turn-around from the net loss of $1.4 million in the fourth
       quarter of 2006.
    -- Operating profit in the fourth quarter of 2007 was $5.0 million, an
       increase of 33.9% from $3.7 million in the third quarter of 2007, and a
       significant turn-around from the net loss of $2.3 million in the fourth
       quarter of 2006.
    -- Net income in the fourth quarter of 2007 was $5.7 million, an increase
       of 52.7% from $3.8 million in the third quarter of 2007, and a
       significant turn-around from a $2.2 million net loss in the fourth
       quarter of 2006.
    -- Fully diluted net income per share and fully diluted proforma net
       income per share in the fourth quarter 2007 were $0.10 and $0.10,
       respectively (each of our ADSs represents one common share) compared to
       $0.05 and $0.07, respectively, for the third quarter of 2007.
    -- Due to improved profitability, operating cash flow became positive in
       the fourth quarter of 2007; and the Company had cash and cash
       equivalents of $131.1 million as of December 31, 2007.

    Full Year 2007 Highlights
    -- Total revenues in 2007 grew 658.7% to $29.4 million, out of which
       advertising services revenues grew 1,252.1% over the previous year to
       $27.5 million.
    -- Network capacity, which is measured by total broadcasting hours,
       reached 77,925 hours in 2007 compared to 30,640 in 2006.
    -- The Company sold an average of 7.04 advertising minutes per
       broadcasting hour in 2007 compared to an average of 1.08 advertising
       minutes per broadcasting hour in 2006.
    -- Average advertising service revenues per broadcasting hour grew 508.9%
       in 2007 to $341 per broadcasting hour, compared to $56 per broadcasting
       hour in 2006.
    -- Gross profit in 2007 grew to $15.0 million compared to a loss of $1.7
       million in 2006.
    -- Operating profit in 2007 was $8.6 million, compared to a loss of $4.1
       million in 2006.
    -- Net income was $9.4 million in 2007, compared to a net loss of $4.1
       million in 2006.
    -- Fully diluted net income per share and fully diluted proforma net
       income per share for 2007 were $0.11 and $0.19, respectively, compared
       a net loss per share of $0.26 and $0.13 in 2006 respectively.

Limin Li, VisionChina Media's chairman and chief executive officer, commented, "2007 was an exciting year for VisionChina Media. Following our IPO in December, we harnessed our leadership position in the mobile digital television industry to execute our strategy, expand our network and attract new advertisers. Our screens display the programming that viewers demand and reach the audiences that national brands target. The combination of these factors allows us to compete directly with traditional indoor television. This summer, the Olympic Games will be aired on our screens on buses and subways in Beijing and other cities, giving us an unprecedented opportunity to showcase our offerings to China and the world."

Mr. Li continued, "Since our successful IPO, we have expanded our network coverage to include Taiyuan, the capital city of Shanxi province, bringing the total number of cities we cover to 15. We have also increased our sales force dramatically, hiring over 70 new employees, the vast majority of whom have over five years experience in digital outdoor media and bring with them strong existing relationships."

Dina Liu, VisionChina Media's chief financial officer, added, "Our national advertising network, strong brand name and operational expertise further enhance our ability to draw top quality advertising dollars and attract bus companies hoping to partner with us. Our strong fourth quarter results demonstrate the continued operating leverage inherent in our business model. Additionally, our strong balance sheet, enhanced by our IPO, positions us well to continue our expansion both organically and through acquisitions"

Fourth Quarter 2007 Results

VisionChina's total revenues were $12.0 million for the fourth quarter of 2007, an increase of 495.2% compared to $2.0 million for the fourth quarter of 2006 and an increase of 29.0% compared to $9.3 million in the third quarter of 2007.

Advertising service revenues were $11.7 million in the fourth quarter of 2007, an increase of 924.3% compared to $1.1 million in the fourth quarter of 2006 and an increase of 34.2% compared to $8.7 million in the third quarter of 2007. Total broadcasting hours reached 23,908 in the fourth quarter of 2007 compared to 22,269 in the third quarter of 2007. Average advertising revenues per broadcasting hour were $474 in the fourth quarter of 2007 compared to $383 in the third quarter of 2007. On average, the Company sold 8.69 advertising minutes per broadcasting hour in the fourth quarter of 2007 compared to 8.37 advertising minutes per broadcasting hour in the third quarter of 2007. Up to December 31, 2007, more than 300 advertisers had purchased advertising time on the Company's network either directly or through an advertising agent.

Media cost, the most significant component of advertising service cost of revenues, was $3.2 million in the fourth quarter of 2007, representing 77.6% of total advertising service costs, compared to $2.8 million or 82.8% of total advertising service costs in the third quarter of 2007.

Gross profit in the fourth quarter of 2007 was $7.6 million, an increase of 40.4% compared to $5.4 million in the third quarter of 2007 and compared to a $1.4 million gross loss in the fourth quarter of 2006. Advertising service gross margin was 64.8% in the fourth quarter of 2007, compared to 61.4% in the third quarter of 2007. The advertising equipment gross margin in the fourth quarter of 2007 was 15.4%, compared to 14.6% in the third quarter of 2007.

Selling and marketing expenses were $0.9 million in the fourth quarter of 2007, an increase of 522.7% compared to $0.2 million in the fourth quarter of 2006, and an increase of 30.1% compared to $0.7 million in the third quarter of 2007, primarily due to an increase in advertising service revenues and increased headcount. Selling and marketing expenses represented 8.0% of the Company's advertising service revenues in the fourth quarter of 2007 compared to 8.3% in the third quarter of 2007.

General and administrative expenses were $1.2 million in the fourth quarter of 2007, an increase of 104.8% compared to $0.6 million in the fourth quarter of 2006, and an increase of 76.2% compared to $0.7 million in the third quarter of 2007, primarily due to the incremental expenditures associated with the Company's IPO and also due to expansion in headcount.

Losses from equity method investments amounted to $0.5 million in the fourth quarter of 2007, compared to a $0.2 million loss in the fourth quarter of 2006, and a $0.3 million loss in the third quarter of 2007.

Operating profit was $5.0 million in the fourth quarter of 2007, an increase of 33.9% from $3.7 million in the third quarter of 2007, and a significant turn-around from the $2.3 million operating loss in the fourth quarter of 2006.

The Company recognized an income tax benefit of $0.3 million in the fourth quarter of 2007, primarily attributable to previous losses carried forward.

Net income was $5.7 million in the fourth quarter of 2007, an increase of 52.7% from $3.8 million in the third quarter of 2007, and a significant turn- around from the $2.2 million net loss in the fourth quarter of 2006. Fully diluted net income per share and fully diluted proforma net income per share for the fourth quarter of 2007 was $0.10 and $0.10, respectively.

As of December 31, 2007, the Company had 41,410 digital television displays in its network, compared to 33,584 as of September 30, 2007. Due to improved profitability, operating cash flow was positive for first time in the fourth quarter of 2007; and the Company had cash and cash equivalents of $131.1 million as of December 31, 2007. In the fourth quarter of 2007, depreciation and amortization was $0.2 million and Capex was $2.0 million.

As of December 31, 2007, the company had 216 employees, compared to 186 employees as of September 30, 2007, of which 120 employees are sales and marketing personnel, compared to 103 as of September 30, 2007.

Full Year 2007 Results

Total revenues in 2007 were $29.4 million, an increase of 658.7% from 2006.

Advertising service revenues in 2007 were $27.5 million, an increase of 1,252.1% from 2006.

Gross profit in 2007 was $15.0 million, compared to a $1.7 million gross loss in 2006. Advertising service gross margin and advertising equipment gross margin were 53.4% and 16.6%, respectively, in 2007. Operating profit in 2007 was $8.6 million, compared to a $4.1 million operating loss in 2006.

Selling and marketing expenses in 2007 were $2.1 million, an increase of 446.2% from 2006.

General and administrative expenses in 2007 were $2.9 million, an increase of 76.2% from 2006. The increase was due to the incremental expenditures associated with the Company's IPO and also due to expansion in headcount.

Losses from equity method investments amounted to $1.3 million in 2007, compared to a $0.5 million loss in 2006.

Operating profit was $8.6 million in 2007, compared to a $4.1 million operating loss in 2006.

The Company recognized an income tax benefit of $0.3 million in 2007, compared to nil in 2006.

Net income in 2007 was $9.4 million, compared to a $4.1 million net loss in 2006. Fully diluted net income per share and fully diluted proforma net income per share for 2007 were $0.11 and $0.19, respectively.

Other Recent Developments

In January 2008, VisionChina promoted Mr. Haijun Liu to be its chief development officer in charge of the Company's network expansion. Previously, Mr. Liu was in charge of the Company's Beijing operations. Under his leadership, the Company was not only able to rapidly bring the number of digital television displays on buses to approximately 18,000 as of December 31, 2007, a respectable level of penetration on Beijing buses, in August 2007, the Company also successfully secured contracts with Beijing subways to expand VisionChina's presence on two of Beijing's subway lines.

In February 2008, VisionChina entered an exclusive agency agreement with Shanxi Da Zhong Mobile Television Co., Ltd. ("Shanxi Da Zhong") to operate mobile digital television advertising on all public buses covered by the Shanxi Da Zhong network in the city of Taiyuan, the capital city of Shanxi province, for 8 years beginning February 3, 2008.

On February 25, 2008, VisionChina appointed Alfred Tong, former marketing director of PepsiCo International, China, who has had a long career working for 4A agencies in China, as chief marketing officer. Alfred will lead a team of 180 sales and marketing personnel to sell minutes on the Company's network, that's utilization, to great extent, is driven by sales efforts. 70 of the sales personnel are recent additions, coming to VisionChina Media from other well-established out-of-home media companies in China, since the Company's December 2007 IPO.

Business Outlook

The Company estimates its total revenues for the first quarter of 2008 will range from $12.5 million to $13.5 million, out of which advertising service revenues is expected to be between $12.0 to $13.0 million. First quarter 2008 net income excluding share-based compensation expenses (non-GAAP) is expected to be between $4.0 million and $4.5 million. Margins will be negatively impacted by fixed media cost payments in the first quarter of 2008 due to three new exclusive agency agreements that the Company entered into during the first quarter to secure fixed cost long-term capacity. Excluding these incremental costs, the Company expects first quarter 2008 net income, excluding share-based compensation expenses (non-GAAP), to be between $4.8 million and $5.4 million.

The Company estimates its total revenues for full year 2008 to range from $90 million to $94 million. Net income for full year 2008, excluding share- based compensation expenses (non-GAAP), is expected to be between $38 million to $40 million.


    Dial-in details for the earnings conference call are as follows:

    US Toll Free:  +1-800-510-9691
    Hong Kong:     +852-3002-1672
    International: +1-617-614-3453
    Passcode for all regions: VisionChina Earnings Call

A replay of the conference call may be accessed by phone at the following numbers until March 28, 2008.


    US Toll Free:  +1-888-286-8010
    International: +1-617-801-6888
    Passcode: 35049977

Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of VisionChina's website at http://www.visionchina.cn .

About VisionChina Media, Inc.

VisionChina (Nasdaq: VISN - News) operates an out-of-home advertising network on mass transportation systems, including buses and subways that reach over 26 million viewers each day in China, according to CTR Market Research. As of December 31, 2007, VisionChina's advertising network included over 41,400 digital television displays on mass transportation systems in 15 of China's most affluent cities, including Beijing, Guangzhou and Shenzhen. VisionChina has the unique ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports and other entertainment programming. For more information, please visit http://www.visionchina.cn .

Use of Non-GAAP Financial Measures

In addition to VisionChina's consolidated financial results under GAAP, the company also provides non-GAAP financial measures, including non-GAAP net income, excluding non-cash share-based compensation. The company believes that the non-GAAP financial measures provide investors with another method for assessing VisionChina's operating results in a manner that is focused on the performance of its ongoing operations. Readers are cautioned not to view non- GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of VisionChina's liquidity and when planning and forecasting future periods.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.


    For investor and media inquiries, please contact:

     In China:
     Mr. AJ Wang
     Senior IR Manager, VisionChina Media, Inc.
     Tel:   +86-10-8418-6339
     Email: aj.wang@visionchina.cn

     Mrs. Helen Plummer
     Ogilvy Public Relations Worldwide (Beijing)
     Tel:   +86-10-8520-3090
     Email: [email protected]

     In the United States:
     Mr. Jeremy Bridgman
     Ogilvy Public Relations Worldwide (New York)
     Tel:   +1-212-880-5363
     Email: [email protected]


    VisionChina Media Inc.
    Condensed Consolidated Balance Sheets


    (in USD thousands, except       December 31,   September 30,     December
     31,for share, per share           2007            2007            2006
     information)                   Unaudited       Unaudited         Note(1)

    ASSETS
    Current Assets:
     Cash and cash equivalents        131,140          29,513           5,216
     Accounts receivable, net
      of allowance for doubtful
      accounts of $73,354, $76,477
      and $nil as of December 31,
      2006, September 30, 2007 and
      December 31, 2007,
      respectively                     13,256           7,503             832
     Amounts due from related
      parties                           3,633           3,138           1,533
     Prepaid expenses and other
      current assets                    9,683           9,748           3,284
     Deferred tax assets, net             332              --              --
     Total current assets             158,044          49,902          10,865

    Non-current Assets:
     Fixed assets, net                  7,709           4,728             443
     Investments under equity
      method                            6,715           7,016           3,747
     Other investments                  2,129           2,740           1,989
     Long-term prepaid expenses           703             314              --
    Total non-current assets           17,256          14,798           6,179

    TOTAL ASSETS                      175,300          64,700          17,044

    LIABILITIES, MEZZANINE EQUITY
     AND SHARE HOLDERS' EQUITY
    Current liabilities:
     Accounts payable                   4,237           2,675             576
     Amounts due to related parties       328             148             185
     Accrued expenses and other
      current liabilities               6,054           2,710             481
    Total current liabilities          10,619           5,533           1,242
    Mezzanine Equity:
     Series A convertible redeemable
      preferred shares($0.0001 par
      value; 14,250,000 and 15,994,173
      shares authorized as of December
      31, 2006 and September 30, 2007,
      respectively; and 14,250,000
      issued and outstanding as of
      December 31, 2006 and September
      30, 2007, respectively (liquidation
      value: $21,375,000))                 --          16,840          15,220
     Series B convertible redeemable
      preferred shares($0.0001 par
      value; 17,889,088 shares authorized,
      17,889,088 shares issued and
      outstanding as of September 30,
      2007(liquidation
      value: $60,000,000))                 --          41,233              --

    Minority Interest                     653              --              --

    Shareholders' Equity:
     Common shares ($0.0001 par
      value; 50,000,000, 76,116,739
      and 200,000,000 shares
      authorized as of December 31,
      2006, September 30, 2007 and
      December 31, 2007, respectively;
      22,000,000, 22,000,000 and
      68,386,838 shares issued and
      authorized as of December 31,
      2006, September 30, 2007 and
      December 31, 2007, respectively.)     7               2               2
    Additional paid-in capital        163,820           6,259           6,137
    Accumulated deficit                (3,301)         (6,996)         (6,069)
    Accumulated other
     comprehensive income               3,502           1,829             512
    Total shareholders' equity        164,028           1,094             582

    TOTAL LIABILITIES,
     MEZZANINE EQUITY AND
     SHAREHOLDERS' EQUITY             175,300          64,700          17,044

    (1) Information was extracted from the audited financial statements
    included in the prospectus of the Company filed with the Securities and
    Exchange Commission on December 6, 2007.


    VisionChina Media Inc.
    Condensed Consolidated Statements of Income

                                               For the three months ended
                                           Dec. 31,    Sep. 30,      Dec. 31,
    (in USD thousands, except for           2007         2007          2006
    share, per share information)         Unaudited   Unaudited     Unaudited

    Revenues:
    Advertising service revenues            11,687       8,707         1,141
    Advertising equipment revenues             325         604           877
    Total revenues                          12,012       9,311         2,018

    Cost of revenues:
    Advertising service cost                (4,111)     (3,365)       (2,643)
    Advertising equipment cost                (275)       (516)         (779)
    Total cost of revenues:                 (4,386)     (3,881)       (3,422)

    Gross profit (loss)                      7,626       5,430        (1,404)

    Operating expenses:
     Selling and marketing                    (934)       (718)         (150)
     General and administrative             (1,198)       (680)         (585)
     Total operating expenses               (2,132)     (1,398)         (735)

    Loss from equity method investees         (482)       (290)         (239)
    Government grant                             0           0           126
    Operating profit (loss)                  5,012       3,742        (2,252)
    Interest income                            409          39            33
    Other expenses                             (32)        (27)           (

    Net income (loss) before income tax      5,389       3,754        (2,227)
    Taxation                                   332          --            --
    Net income (loss) after income tax       5,721       3,754        (2,227)

    Minority interest                           11          --            --
    Net income (loss)                        5,732       3,754        (2,227)

    Deemed dividend on convertible
     redeemable preferred shares            (2,037)     (2,509)         (587)

    Net income(loss) attributable to
     holders of common shares                3,695       1,245        (2,814)

    Net income (loss) per share
    Basic                                     0.11        0.06         (0.13)
    Diluted                                   0.10        0.05         (0.13)

    Number of share used in computation of
     net income (loss) per share:
    Basic                               32,749,732  22,000,000    22,000,000
    Diluted                             59,532,622  23,281,758    22,000,000

    Proforma income (loss) per share on
     an as converted basis:
    Basic                                     0.10        0.07         (0.06)
    Diluted                                   0.10        0.07         (0.06)

    Number of share used in computation of
     proforma per share amount on an as
     converted basis
    Basic                               57,552,724  51,222,389    36,250,000
    Diluted                             59,532,622  52,504,147    36,250,000

    (1) Information was extracted from the
     audited financial statements included
     in the prospectus of the Company
     filed with the Securities and
     Exchange Commission on December 6,
     2007.

    (2) Share-based compensation expenses
     during the related periods included in:
     Cost of revenues                          (11)         (          (38)
     Selling and marketing expenses            (69)        (23)           (5)
     General and administrative expenses       (19)        (14)          (36)
     Total                                     (99)        (45)          (79)

    (3) Pro forma basic and diluted earnings per share are computed by
     dividing net income by weighted average number of common shares
     outstanding for the period plus the number of common shares resulting
     from the assumed conversion of all the outstanding redeemable
     convertible preferred share upon closing of the initial public
     offering as if the conversion had occurred at the beginning of the
     period, or when the preferred shares were issued, if later.


    VisionChina Media Inc.
    Condensed Consolidated Statements of Income

                                                    Twelve months ended
                                               December 31,       December 31,
    (in USD thousands, except for share,          2007                2006
     per share information)                     Unaudited            Note(1)

    Revenues:
    Advertising service revenues                  27,489              2,033
    Advertising equipment revenues                 1,897              1,840
    Total revenues                                29,386              3,873

    Cost of revenues:
    Advertising service cost                     (12,802)            (3,967)
    Advertising equipment cost                    (1,583)            (1,640)
    Total cost of revenues:                      (14,385)            (5,607)

    Gross profit (loss)                           15,001             (1,734)

    Operating expenses:
     Selling and marketing                        (2,149)              (393)
     General and administrative                   (2,950)            (1,674)
     Total operating expenses                     (5,099)            (2,067)

    Loss from equity method investees             (1,262)              (470)
    Government grant                                   0                126
    Operating profit (loss)                        8,640             (4,145)
    Interest income                                  506                 99
    Other expenses                                   (96)               (23)

    Net income (loss) before income tax            9,050             (4,069)
    Taxation                                         332                 --
    Net income (loss) after income tax             9,382             (4,069)

    Minority interest                                 11                 --
    Net income (loss)                              9,393             (4,069)

    Deemed dividend on convertible
     redeemable preferred shares                  (6,625)            (1,583)

    Net income(loss) attributable to
     holders of common shares                      2,768             (5,652)

    Net income (loss) per share
    Basic                                           0.11              (0.26)
    Diluted                                         0.11              (0.26)

    Number of share used in computation
     of net income (loss) per share:
    Basic                                     24,709,522         22,000,000
    Diluted                                   25,771,702         22,000,000

    Proforma income (loss) per share on
     an as converted basis:
    Basic                                           0.20              (0.13)
    Diluted                                         0.19              (0.13)

    Number of share used in computation
     of proforma per share amount on an
     as converted basis
    Basic                                     48,015,415         32,306,849
    Diluted                                   49,077,596         32,306,849

    (1) Information was extracted from the
     audited financial statements included
     in the prospectus of the Company filed
     with the Securities and Exchange
     Commission on December 6, 2007.

    (2) Share-based compensation expenses
     during the related periods included in:
     Cost of revenues                                (34)               (38)
     Selling and marketing expenses                 (136)                (5)
     General and administrative expenses             (51)               (36)
     Total                                          (221)               (79)

    (3) Pro forma basic and diluted earnings per share are computed by
     dividing net income by weighted average number of common shares
     outstanding for the period plus the number of common shares resulting
     from the assumed conversion of all the outstanding redeemable
     convertible preferred share upon closing of the initial public
     offering as if the conversion had occurred at the beginning of the
     period, or when the preferred shares were issued, if later.

-------------------------------------------------------------

Dang I wish I had seen this one earlier.

I love today's chart...breaking to a all-time high.  Trying to buy on a pull-back.

update

I bought in VISN this morning after earnings report.

I think it should break $16 at the close.  We'll see.

Here's part of the report.  It's very long.

VisionChina Media Inc. Announces First Quarter 2008 Results
Thursday April 24, 5:00 pm ET
Total Revenues in First Quarter 2008 Grow 304.5% Year-Over-Year, Company Raises Annual Guidance

BEIJING, April 24 /Xinhua-PRNewswire/ -- VisionChina Media Inc. (the "Company") (Nasdaq: VISN - News), one of China's largest out-of home digital television advertising networks on mass transportation systems, today announced its financial results for the quarter ended March 31, 2008.

    First Quarter 2008 Highlights
    -- Total revenues in the first quarter of 2008 grew 304.5% year-over-year
       and 13.5% quarter-over-quarter to $13.6 million, out of which
       advertising services revenues grew 326.0% year-over-year and 13.2%
       quarter-over-quarter to $13.2 million.
    -- The number of cities covered by the Company's network increased to 15
       in the first quarter of 2008. Taiyuan, capital city of Shanxi Province,
       with a population of 3.4 million, was added to the network this quarter.
       The Company's exclusive agreements in Ningbo and Chengdu became
       effective on January 1, 2008.
    -- Network capacity, which is measured by total broadcasting hours,
       reached 25,980 hours in the first quarter of 2008, compared to 23,908
       hours in the fourth quarter of 2007 and 16,212 in the first quarter of
       2007.
    -- On average, the Company sold 6.24 advertising minutes per broadcasting
       hour in the first quarter of 2008, compared to 8.69 minutes per
       broadcasting hour in the fourth quarter of 2007 and 3.81 minutes per
       broadcasting hour in the first quarter of 2007. The decrease of minutes
       sold per broadcasting hour from the fourth quarter 2007 to the first
       quarter 2008 was due to expected seasonality in the first quarter.
       Excluding the three new exclusive agency cities that were included in
       the Company's network in the first quarter 2008, the Company sold 6.43
       advertising minutes per broadcasting hour in the first quarter of 2008.
    -- Average advertising service revenues per broadcasting hour grew 4.1%
       quarter-over-quarter to $493 dollars per broadcasting hour from $474
       per broadcasting hour in the fourth quarter of 2007, and compared to
       $184 per broadcasting hour in the first quarter of 2007. This increase
       was a result of the full implementation of the rate card increase in
       November 2007. Excluding the three new exclusive agency cities that
       were included in the Company's network in the first quarter 2008,
       average advertising services revenues were $543 per broadcasting hour
       in the first quarter 2008.
    -- Gross profit in the first quarter 2008 was $7.2 million, a slight
       decrease of 4.9% from $7.6 million in the fourth quarter of 2007, and a
       significant increase of 1145.7% from the first quarter of 2007. The
       decrease of gross profit in first quarter 2008 from the fourth quarter
       2007 was primarily due to the increased media costs associated with the
       three exclusive cities that were included in the Company's network in
       first quarter 2008: Taiyuan, Chengdu and Ningbo, as well as costs
       associated with deeper penetration into the other cities of the
       Company's network.
    -- As of March 31, 2008, the Company had installed 48,719 digital
       displays on buses, subways trains and subway platforms, compared with
       the 41,410 at the end of 2007.
    -- Operating profit in the first quarter of 2008 was $4.5 million, a
       decrease of 9.36% from $5.0 million in the fourth quarter of 2007, and
       a significant turn-around compared to a net loss of $0.35 million in
       the first quarter of 2007. The decrease of operating profit in the
       first quarter 2008 from the fourth quarter 2007 was primarily due to
       the costs associated with network expansion and increases in sales and
       marketing expenses related to more head count associated with the
       network expansion.
    -- Net income in the first quarter of 2008 was $5.4 million, a decrease
       of 5.42% from $5.7 million in the fourth quarter of 2007, and a
       significant turn-around from a $0.36 million net loss in the first
       quarter of 2007. Excluding the three new exclusive cities that were
       included in the Company's network, net income for the first quarter
       2008 was $5.5 million.
    -- As a result of the forgoing, fully diluted net income per share in the
       first quarter of 2008 was $0.08, (each of our ADSs represents one
       common share) compared to $0.10 for the fourth quarter of 2007.
    -- Free cash flow, defined as operating cash flow minus capital
       expenditure became positive for the first time in the first quarter of
       2008. Operating cash flow remained positive in the first quarter. The
       Company had cash and cash equivalents of $133.8 million as of March 31,
       2008.

Limin Li, VisionChina Media's chairman and chief executive officer, said, "We are very happy to announce our financial results that reflect another quarter of successful execution of our strategy. Despite an expected seasonally weak first quarter and severe snow storms that negatively affected businesses across China during the quarter, we continued to expand our network by entering into an exclusive agreement in Taiyuan. More recently, we entered into an exclusive agreement in Shenyang, and expanded our network in Guangzhou to include the subway system in that city. Furthermore, we have also recently signed additional exclusive agency agreements in Wuhan, Dalian and Changchun, existing cities in our network, to further expand our reach within those cities. China's mass transportation systems are used by a large portion of the population, and as ever greater audiences gather in front of our screens, it has become increasingly apparent to advertisers that the importance of these audiences cannot be ignored."

Nibbled a little...we shall see 

update

Updated chart look.......

52wk Range: 5.27 - 23.00
Volume: 3,831,813
Avg Vol (3m): 546,973
Market Cap: 1.55B
P/E (ttm): 94.98
EPS (ttm): 0.24
Div & Yield: N/A (N/A)

Technicals
Record Price High
Percentage Gainer
Price Gainer

Last Price Quote is:
35.74%above 13-day MA
38.28%above 50-day MA
RS Rating: N/A 

Fundamentals
Key Data:
Market Cap (M): $1,127.79 
P/E Ratio: 135.14 
PEG Ratio: N/A 
Next Earnings: 10/24/2008
Last Analyst Rating: Outperform

I love this stock,it's a 30-40$ pick in 6 months,i think.