Beijing-based airport and in-flight digital screen advertiser AirMedia Group Inc. (Nasdaq:AMCN) recorded net income of $8.1 million, an increase of 32.6% year-on-year and 8.9% quarter-on-quarter, for the fourth quarter of 2008. Total revenues rose by 148.4% year-on-year and 20% sequentially to $40.5 million. AirMedia credited the annual increase to rising revenue in all product lines and the sequential increase to greater revenue from digital frames and billboards, which was partially offset by less revenue from airport and airplane digital TV screens.

Revenue from airport-based digital TV screens was $11.4 million in the fourth quarter, up 21% year-on-year but down 12.9% from the previous quarter. Airport-based digital frame revenues soared by 1,264.3% annually and 70.4% sequentially to $17.2 million, due to increases in the number of time slots sold and average revenue per slot. Airplane-based digital TV screen revenues fell to $4.1 million from $6.6 million in the last quarter, while revenues from gate bridge billboards were $4.1 million.

For the full fiscal 2008, AirMedia reported total revenues of $125.5 million, up 187.9% year-on-year, while revenues from airport-based digital frames were $45 million, up 3,463.8% year-on-year. Net income reached $30.2 million in 2008, compared to a net loss of $5.1 million in 2007.

The company expects first quarter 2009 revenues to come in between $32 million and $34 million, representing an increase of 48.2% to 57.4% from the year-ago period.