Nice numbers.
I like how they described they are growing their network:
"As of today, our network includes 46 bus operator partners, up from 40 in mid-September, with whom we have entered agreements for terms ranging from five to eight years. The total number of buses equipped with our television systems is now over 20,000, increasing approximately by 2,000 buses since mid-September. In the fourth quarter, we plan to further expand our geographic coverage through the signing of several new agreements with the new bus operators. Our network now covers the municipality of Guangzhou, China's third largest city, after Beijing and Shanghai and also the province of Shanxi."
Drexion pointed out management intention was to get to 32k by end of 2010. That means they have to grow the network by about another 1k a month. Definitely an aggressive growth target. Though the management will be paid handsomely through the earn out if they can achieve their targets. Seems like they still may fall short considering 3rd qtr is in the bag and the earn out is $42mm. They still can carry that over into next year, but it just raises the hurdle. Growth prospects are confirmed so far by this qtrs numbers. Let's hope they keep it up. My only regret is not doubling when the warrants dipped into the low 2.0's, like I wanted. After tomorrow, probably won't get another chance.
