Shares of Focus Media Holding Ltd. (FMCN) touched a new 52-week high of $30.27 on Wednesday. The company reported Tuesday higher fourth quarter adjusted earnings as revenue in LCD display (including the movie theater network), in-store and poster frame business increased 45 percent.

The Shanghai, China-based digital media company posted earnings of $47.15 million or 33 cents per American Depository Share (ADS), compared to a loss of $57 million or 42 cents per ADS last year. Adjusted earnings rose to $58.5 million or 41 cents per ADS from $34.1 million or 24 cents per ADS last year.

Revenue rose to $159.7 million from $110.9 million. Analysts had expected profit of 37 cents per ADS on revenue of $142.46 million. Revenue from the LCD display network, (including the movie theater network), in-store network and poster frame network, grew 45 percent to $146.7 million, while revenue from traditional outdoor billboard network rose 30 percent to $13.0 million.

Advertising net revenue from the LCD display network surged 46 percent to $97.3 million, while advertising net revenue from the poster frame network soared 48 percent to $39.6 million and advertising net revenue from the in-store network increased 32 percent to $9.8 million.

The total installed base of LCD displays in LCD display network as of December 31, 2010 was 164,575 nationwide, compared to 149,913 as of September 30, 2010.

Looking forward into the first quarter, Focus Media expects adjusted earnings of $36 million to $38 million. Net revenues for the core business, inclusive of the LCD display network and other, the in-store network and the poster frame network, are expected to be $122 million to $124 million. Net revenues for the non-core business are expected to be $10 million to $11 million.

Focus Media stock gapped open sharply higher on March 9 at $29, compared to previous day's close of $27.38. The stock hit a new 52-week high of $30.27 during Wednesday's trading. The stock closed Wednesday's regular trading up 6.03 percent at $29.03 on a volume of 5.50 million shares on the NASDAQ stock market. The stock traded between $14.36 and $30.27 during the past 52 weeks.

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