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CCME Financial Analysis Report

CCME Financial Analysis Report

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Published by Jae Jun
http://www.oldschoolvalue.com CCME financial statements and fundamental analysis of the SEC filings to determine whether the company filings are fraudulent.
http://www.oldschoolvalue.com CCME financial statements and fundamental analysis of the SEC filings to determine whether the company filings are fraudulent.

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Categories:Business/Law, Finance
Published by: Jae Jun on Feb 07, 2011
Copyright:Attribution Non-commercial

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03/01/2011

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China MediaExpress Holdings Inc(CCME)
Figures in Thousands
CCME
2006200720082009
Mar-09Jun-09Sep-09Dec-09Mar-10Jun-10Sep-1
TTM
Income Statement 3210321
Revenue4,035.0$ 25,837.0$ 62,999.0$ 95,934.0$ 18,769.0$ 19,092.0$ 26,122.0$ 31,951.0$ 44,525.0$ 53,511.0$ 56,956.0$ 186,943.0$
% change from prev year 
540.3% 143.8% 52.3% 1.7% 36.8% 22.3% 39.4% 20.2% 6.4% 94.9
Cost of Revenues1,446.0$ 13,164.0$ 25,065.0$ 32,937.0$ 7,133.0$ 7,229.0$ 8,630.0$ 9,945.0$ 17,931.0$ 11,398.0$ 13,198.0$ 52,472.0$
COGS (%) 35.8% 51.0% 39.8% 34.3% 38.0% 37.9% 33.0% 31.1% 40.3% 21.3% 23.2% 28.1
Gross Profit2,589.0$ 12,673.0$ 37,934.0$ 62,997.0$ 11,636.0$ 11,863.0$ 17,492.0$ 22,006.0$ 26,594.0$ 42,113.0$ 43,758.0$ 134,471.0$
Gross Profit (%) 64.2%49.0%60.2%65.7%62.0%62.1%67.0%68.9%59.7%78.7%76.8%71.9
Operating Expenses
Selling, General & Admin. Expenses916.0$ 1,657.0$ 2,813.0$ 6,354.0$ 1,101.0$ 778.0$ 1,959.0$ 2,516.0$ 2,353.0$ 3,815.0$ 2,509.0$ 11,193.0$
SG&A (%) 22.7% 6.4% 4.5% 6.6% 5.9% 4.1% 7.5% 7.9% 5.3% 7.1% 4.4% 6.0
Depreciation & Amortization365.0$ 1,591.0$ 2,835.0$ 3,183.0$ 760.0$ 783.0$ 808.0$ 875.0$ 930.0$ 979.0$ 1,033.0$ 3,817.0$
D&A (%) 9.0% 6.2% 4.5% 3.3% 4.0% 4.1% 3.1% 2.7% 2.1% 1.8% 1.8% 2.0
Operating Income1,673.0$ 11,016.0$ 35,121.0$ 56,643.0$ 10,535.0$ 11,085.0$ 15,533.0$ 19,490.0$ 24,241.0$ 38,298.0$ 41,249.0$ 123,278.0$
Operating Income (%) 41.5%42.6%55.7%59.0%56.1%58.1%59.5%61.0%54.4%71.6%72.4%65.9
Other Income and Expense
Interest Expense-$Interest Income8.0$ 24.0$ 100.0$ 113.0$ 22.0$ 21.0$ 27.0$ 43.0$ 61.0$ 84.0$ 106.0$ 294.0$
Earnings Before Taxes1,681.0$ 11,040.0$ 35,221.0$ 56,756.0$ 10,557.0$ 11,106.0$ 15,560.0$ 19,533.0$ 24,302.0$ 38,382.0$ 41,355.0$ 123,572.0$
Income Taxes/Credit689.0$ 4,073.0$ 8,854.0$ 15,045.0$ 3,102.0$ 2,825.0$ 3,896.0$ 5,222.0$ 6,160.0$ 9,878.0$ 10,224.0$ 31,484.0$
Tax Rate % 41.0% 36.9% 25.1% 26.5% 29.4% 25.4% 25.0% 26.7% 25.3% 25.7% 24.7% 25.5
Earnings After Taxes992.0$ 6,967.0$ 26,367.0$ 41,711.0$ 7,455.0$ 8,281.0$ 11,664.0$ 14,311.0$ 18,142.0$ 28,504.0$ 31,131.0$ 92,088.0$
Net Income From Discontinued Operations
Net Income From Total Operations992.0$ 6,967.0$ 26,367.0$ 41,711.0$ 7,455.0$ 8,281.0$ 11,664.0$ 14,311.0$ 18,142.0$ 28,504.0$ 31,131.0$ 92,088.0$
Net Income (%) 24.6%27.0%41.9%43.5%39.7%43.4%44.7%44.8%40.7%53.3%54.7%49.3
Shares and EPS
Total Basic EPS-$ 0.33$ 1.26$ 1.93$ 0.36$ 0.40$ 0.56$ 0.61$ 0.28$ 0.86$ 0.92$ 2.67$ Fully Diluted EPS-$ 0.33$ 1.26$ 1.81$ 0.36$ 0.40$ 0.56$ 0.68$ 0.27$ 0.80$ 0.81$ 2.56$ Basic Shares OutstandingNA20,915.020,915.021,588.020,915.020,915.020,915.023,542.031,275.033,290.033,823.033,823.0Diluted Shares OutstandingNA20,915.020,915.021,588.020,915.020,915.020,915.029,137.033,500.035,831.038,430.038,430.0
Balance Sheet 
MRQAssets
Cash & Equivalents1,485.0$ 6,364.0$ 29,997.0$ 57,151.0$ 20,416.0$ 29,437.0$ 40,855.0$ 57,151.0$ 114,396.0$ 139,321.0$ 169,947.0$ 169,947.0$ Short-Term Investments-$Net Receivables186.0$ 2,716.0$ 6,065.0$ 12,569.0$ 7,288.0$ 7,412.0$ 11,293.0$ 12,569.0$ 18,805.0$ 20,664.0$ 20,337.0$ 20,337.0$
% change from prev year 
1360.2% 123.3% 107.2% 1.7% 52.4% 11.3% 49.6% 9.9% -1.6% -1.6
Other Current Assets-$ -$ 59.0$ 251.0$ 5,898.0$ 251.0$ 1,929.0$ 3,372.0$ 3,766.0$ 3,766.0$
Total Current Assets1,674.0$ 9,093.0$ 36,121.0$ 69,971.0$ 27,739.0$ 36,885.0$ 52,174.0$ 69,971.0$ 135,130.0$ 163,357.0$ 194,050.0$ 194,050.0$
Fixed Assets3,269.0$ 8,848.0$ 11,417.0$ 11,065.0$ 10,910.0$ 10,137.0$ 10,864.0$ 11,065.0$ 11,525.0$ 12,018.0$ 11,734.0$ 11,734.0$ Intangible Assets-$Other Long-Term Assets7,051.0$ 10,093.0$ 12,060.0$ 12,060.0$ Total Long-Term Assets-$
Total Assets4,943.0$ 18,707.0$ 49,116.0$ 82,979.0$ 40,309.0$ 48,775.0$ 64,948.0$ 82,979.0$ 157,311.0$ 188,655.0$ 220,927.0$ 220,927.0$
Liabilities & Stockholders' Equity
Accounts payable87.0$ 769.0$ 2,637.0$ 4,250.0$ 1,782.0$ 180.0$ 2,030.0$ 4,250.0$ 4,150.0$ 5,089.0$ 4,580.0$ 4,580.0$ Short-Term Debt-$Taxes Payable341.0$ 1,854.0$ 3,072.0$ 5,765.0$ 3,700.0$ 3,426.0$ 4,567.0$ 5,765.0$ 8,333.0$ 9,980.0$ 10,529.0$ 10.5$ Accrued Liabilities248.0$ 714.0$ 1,301.0$ 5,278.0$ 1,380.0$ 1,378.0$ 2,672.0$ 5,278.0$ 6,801.0$ 8,862.0$ 9,718.0$ 9.7$ Other Current Liabilities2,654.0$ 4,690.0$ 798.0$ 13,315.0$ 1,974.0$ 2,043.0$ 3,336.0$ 13,315.0$ 3,364.0$ 3,382.0$ 3,498.0$ 3,498.0$
Total Current Liabilities3,330.0$ 8,027.0$ 7,808.0$ 28,608.0$ 8,836.0$ 8,647.0$ 12,605.0$ 28,608.0$ 22,648.0$ 27,313.0$ 28,325.0$ 28,325.0$
Long-Term Debt-$Other Liabilities-$Deferred Income Taxes1,578.0$ 1,943.0$ 1,943.0$ 3,605.0$ 3,187.0$ 3,083.0$ 3,083.0$ Total Long-Term Liabilities6,312.0$ 6,639.0$ 6,642.0$ 7,013.0$ 7,538.0$ 6,639.0$ 12,610.0$ 10,392.0$ 9,286.0$ 9,286.0$
Total Liabilities3,330.0$ 11,090.0$ 14,120.0$ 35,247.0$ 15,478.0$ 15,660.0$ 20,143.0$ 35,247.0$ 35,258.0$ 37,705.0$ 37,611.0$ 37,611.0$ Total Equity1,613.0$ 7,617.0$ 34,996.0$ 47,732.0$ 24,831.0$ 33,115.0$ 44,805.0$ 47,732.0$ 122,053.0$ 150,950.0$ 183,316.0$ 183,316.0$ Total Liabilities & Equity4,943.0$ 18,707.0$ 49,116.0$ 82,979.0$ 40,309.0$ 48,775.0$ 64,948.0$ 82,979.0$ 157,311.0$ 188,655.0$ 220,927.0$ 220,927.0$
Cash Flows Statement 
Cash Flows From Operating Activities
Net Income6,967.0$ 26,367.0$ 41,711.0$ 7,455.0$ 8,281.0$ 11,664.0$ 14,311.0$ 18,142.0$ 28,504.0$ 31,131.0$ NA Depreciation & Amortization1,621.0$ 2,875.0$ 3,644.0$ 760.0$ 783.0$ 808.0$ 1,293.0$ 1,072.0$ 1,599.0$ 1,846.0$ 5,810.0$ Deferred Taxes766.0$ 812.0$ 367.0$ 82.0$ 93.0$ 157.0$ 35.0$ 1,660.0$ 432.0$ 143.0$ NA Other6,813.0$ 2,315.0$ 7,778.0$ 1,585.0$ 350.0$ 3,738.0$ 2,105.0$ 1,637.0$ (2,850.0)$ (3,028.0)$ NA
Net Cash From Operating Activities12,105.0$ 27,396.0$ 46,244.0$ 8,495.0$ 9,197.0$ 12,172.0$ 16,380.0$ 12,946.0$ 25,264.0$ 30,753.0$ 85,343.0$
Cash Flows From Investing Activities
Capital Expenditures7,200.0$ 5,444.0$ 3,292.0$ 253.0$ 10.0$ 1,535.0$ 1,494.0$ 1,532.0$ 2,092.0$ 1,562.0$ NA Others606.0$ 1,228.0$ 1,408.0$ (203.0)$ (169.0)$ 755.0$ 1,025.0$ (343.0)$ 1,447.0$ 472.0$ NA
Net Cash From Investing Activities(6,594.0)$ (4,216.0)$ (1,884.0)$ (456.0)$ (179.0)$ (780.0)$ (469.0)$ (1,875.0)$ (645.0)$ (1,090.0)$ NA
Cash Flows From Financing Activities
Cash from Financing(1,315.0)$ -$ (17,162.0)$ (17,555.0)$ - - 393.0$ 46,143.0$ - - NA
Cash at Beginning of the Period1,485.0$ 6,364.0$ 29,997.0$ 29,997.0$ - - - 57,151.0$ 114,396.0$ 139,321.0$ NA Cash at End of the Period6,364.0$ 29,997.0$ 57,151.0$ 20,416.0$ 9,021.0$ 11,418.0$ 16,296.0$ 114,396.0$ 139,321.0$ 169,947.0$ NA Change in Cash $ 4,879.0 $ 23,633.027,154.0$ (9,581.0)$ 9,021.0$ 11,418.0$ 16,296.0$ 57,245.0$ 24,925.0$ 30,626.0$ NA
Free Cash Flow
Cash from Operations-$ 12,105.0$ 27,396.0$ 46,244.0$ 8,495.0$ 9,197.0$ 12,172.0$ 16,380.0$ 12,946.0$ 25,264.0$ 30,753.0$ NA Cap Ex-$ (7,200.0)$ (5,444.0)$ (3,292.0)$ (253.0)$ (10.0)$ (1,535.0)$ (1,494.0)$ (1,532.0)$ (2,092.0)$ (1,562.0)$ NA
Free Cash Flow-$ 4,905.0$ 21,952.0$ 42,952.0$ 8,242.0$ 9,187.0$ 10,637.0$ 14,886.0$ 11,414.0$ 23,172.0$ 29,191.0$ NA Owner Earnings FCF-$ 6,636.0$ 25,182.0$ 62,889.0$ 7,962.0$ 7,645.0$ 23,859.0$ 21,938.0$ 15,545.0$ 32,270.0$ 31,089.0$ NA
User Defined 6,636.0 $ 25,182.0 $ 62,889.0 $ 7,962.0 $ 7,645.0 $ 23,859.0 $ 21,938.0 $ 15,545.0 $ 32,270.0 $ 31,089.0 
February 6, 2011
 
China MediaExpress Holdings Inc(CCME)
2006200720082009
Mar-09Jun-09Sep-09Dec-09Mar-10Jun-10Sep-1
TTM
Income Statement 
Revenue100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Cost of Revenues35.8%51.0%39.8%34.3%38.0%37.9%33.0%31.1%40.3%21.3%23.2%28.1%
Gross Profit64.2%49.0%60.2%65.7%62.0%62.1%67.0%68.9%59.7%78.7%76.8%71.9%
Operating Expenses
Selling, General & Admin. Expenses22.7%6.4%4.5%6.6%5.9%4.1%7.5%7.9%5.3%7.1%4.4%6.0% Depreciation & Amortization9.0%6.2%4.5%3.3%4.0%4.1%3.1%2.7%2.1%1.8%1.8%2.0%
Operating Income41.5%42.6%55.7%59.0%56.1%58.1%59.5%61.0%54.4%71.6%72.4%65.9%
Other Income and Expense
Interest Income0.2%0.1%0.2%0.1%0.1%0.1%0.1%0.1%0.1%0.2%0.2%0.2%
Earnings Before Taxes
41.7%42.7%55.9%59.2%56.2%58.2%59.6%61.1%54.6%71.7%72.6%66.1% Income Taxes/(Credit)17.1%15.8%14.1%15.7%16.5%14.8%14.9%16.3%13.8%18.5%18.0%16.8%
Earnings After Taxes
24.6%27.0%41.9%43.5%39.7%43.4%44.7%44.8%40.7%53.3%54.7%49.3%
Net Income From Total Operations24.6%27.0%41.9%43.5%39.7%43.4%44.7%44.8%40.7%53.3%54.7%49.3%
Balance Sheet 
MRQ
Assets
Cash & Equivalents30.0%34.0%61.1%68.9%50.6%60.4%62.9%68.9%72.7%73.8%76.9%76.9% Short-Term Investments0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Net Receivables3.8%14.5%12.3%15.1%18.1%15.2%17.4%15.1%12.0%11.0%9.2%9.2% Other Current Assets0.0%0.0%0.1%0.3%0.0%0.0%9.1%0.3%1.2%1.8%1.7%1.7%
Total Current Assets33.9%48.6%73.5%84.3%68.8%75.6%80.3%84.3%85.9%86.6%87.8%87.8%
Fixed Assets66.1%47.3%23.2%13.3%27.1%20.8%16.7%13.3%7.3%6.4%5.3%5.3% Intangible Assets0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Other Long-Term Assets0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%4.5%5.3%5.5%5.5% Total Long-Term Assets0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Total Assets100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Liabilities & Stockholders' Equity
Accounts payable1.8%4.1%5.4%5.1%4.4%0.4%3.1%5.1%2.6%2.7%2.1%2.1% Short-Term Debt0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Taxes Payable6.9%9.9%6.3%6.9%9.2%7.0%7.0%6.9%5.3%5.3%4.8%0.0% Accrued Liabilities5.0%3.8%2.6%6.4%3.4%2.8%4.1%6.4%4.3%4.7%4.4%0.0% Other Current Liabilities53.7%25.1%1.6%16.0%4.9%4.2%5.1%16.0%2.1%1.8%1.6%1.6%
Total Current Liabilities67.4%42.9%15.9%34.5%21.9%17.7%19.4%34.5%14.4%14.5%12.8%12.8%
Long-Term Debt0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other Liabilities0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Deferred Income Taxes0.0%0.0%3.2%2.3%0.0%0.0%0.0%2.3%2.3%1.7%1.4%1.4% Total Long-Term Liabilities0.0%0.0%12.9%8.0%16.5%14.4%11.6%8.0%8.0%5.5%4.2%4.2%
Total Liabilities67.4%59.3%28.7%42.5%38.4%32.1%31.0%42.5%22.4%20.0%17.0%17.0%Total Equity32.6%40.7%71.3%57.5%61.6%67.9%69.0%57.5%77.6%80.0%83.0%83.0% Total Liabilities & Equity100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Cash Flows Statement 
TTM
Cash Flows From Operating Activities
Net Income0.0%57.6%96.2%90.2%87.8%90.0%95.8%87.4%140.1%112.8%101.2%NA Depreciation & Amortization0.0%13.4%10.5%7.9%8.9%8.5%6.6%7.9%8.3%6.3%6.0%NA Deferred Taxes0.0%-6.3%-3.0%-0.8%-1.0%-1.0%-1.3%-0.2%-12.8%1.7%0.5%NA Other0.0%56.3%8.5%16.8%18.7%3.8%30.7%12.9%12.6%-11.3%-9.8%NA
Net Cash From Operating Activities0.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%NA
Cash Flows From Investing Activities
Capital Expenditures0.0%109.2%129.1%174.7%55.5%5.6%196.8%318.6%81.7%324.3%143.3%NA
Net Cash From Investing Activities0.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%NA
February 6, 2011
 
China MediaExpress Holdings Inc(CCME)
2006200720082009
Mar-09Jun-09Sep-09Dec-09Mar-10Jun-10Sep-1
Financial Statistics & Ratios 
Profitability Ratios
P/E0.0021.616.065.9021.1919.3813.9615.5951.0710.9612.59 P/S0.005.772.532.408.508.496.269.6710.385.876.88 P/BV0.0019.584.564.836.434.893.656.473.782.082.14 P/Tang BV0.0019.584.564.836.434.893.656.473.782.082.14 P/CF0.0043.706.565.5520.4718.3314.7422.3426.1811.3812.79 P/FCF0.0022.476.343.6720.0421.206.8614.0829.729.7412.61 ROE61.5%91.5%75.3%87.4%30.0%25.0%26.0%30.0%14.9%18.9%17.0% ROA20.1%37.2%53.7%50.3%18.5%17.0%18.0%17.2%11.5%15.1%14.1% FCF/Sales0.0%25.7%40.0%65.6%42.4%40.0%91.3%68.7%34.9%60.3%54.6% CROIC using FCF0.0%45.9%53.1%79.0%26.2%22.9%20.3%27.4%8.5%14.4%15.2% CROIC using Owner Earnings0.0%62.1%61.0%115.7%25.3%19.1%45.6%40.3%11.5%20.0%16.1%
Solvency
Quick Ratio
0.501.134.632.453.144.274.142.455.975.986.85
Current Ratio
0.501.134.632.453.144.274.142.455.975.986.85
Total Debt/Equity Ratio
2.061.460.400.740.620.470.450.740.290.250.21
Efficiency Ratios
Asset Turnover
0.821.381.281.160.470.390.400.390.280.280.26
Cash % of Revenue
36.8%24.6%47.6%59.6%108.8%154.2%156.4%178.9%256.9%260.4%298.4%
Receivables % of Revenue
4.6%10.5%9.6%13.1%38.8%38.8%43.2%39.3%42.2%38.6%35.7%
SG&A % of Revenue
22.7%6.4%4.5%6.6%5.9%4.1%7.5%7.9%5.3%7.1%4.4%
Liquidity Ratios
Receivables Turnover
10.674.806.014.481.021.131.251.201.161.441.52
Days Sales Outstanding
16.8338.3735.2447.8235.3435.3339.3435.8038.4335.1432.49
Inventory Turnover
0.000.000.000.000.000.000.000.000.000.000.00
Capital Structure Ratios
Total Debt % of Total Assets
67.4%59.3%28.7%42.5%38.4%32.1%31.0%42.5%22.4%20.0%17.0%
Working Capital % of Price
0.0%0.7%17.7%17.9%11.8%17.4%24.2%13.4%24.3%43.3%42.3%
February 6, 2011

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