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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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      "text": "The cost of revenue for our movie theater and traditional outdoor billboard network increased 101% from $28.5 million in 2007 to $57.3 million in 2008. The increase is primarily attributable to:...3) increased leasing costs associated with time we rent on movie theater screens as a result of an increase in the number of theaters we lease in our network from 10,930 in 2007 to 27,164 in 2008.",
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      "text": "Management offered this explanation because they twice assumed investors are stupid – first when FMCN claimed to have 27,164 theaters, and then when management thought it could redefine the plain English meaning of “theater.”",
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      "text": "On November 29, 2011, we showed that FMCN in 2007 and 2008 20-F filings claimed to have 27,164 movie theaters in its network when the potential size of the market (per government statistics) was only 1,545 theaters. In other words, FMCN claimed to have market share of 1,758.2%.",
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      "text": "Prior to 2009, we calculated the size of its movie theater network by calculating the number of screens on which each of its advertisers had purchased advertising and then summing the screen count for each advertiser to produce an aggregate number of screens.",
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      "text": "We believe that the post-MW report conflation of cardboard with LCD amounts to securities fraud and a violation of GAAP segment reporting principles...",
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      "text": "The cost of revenue for our movie theater and traditional outdoor billboard network increased 101% from $28.5 million in 2007 to $57.3 million in 2008. The increase is primarily attributable to:...3) increased leasing costs associated with time we rent on movie theater screens as a result of an increase in the number of theaters we lease in our network from 10,930 in 2007 to 27,164 in 2008. — FMCN 2008 20-F filing",
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      "text": "18 2nd Amended 2010 20-F, filed January 20, 2012, p. 43. 19 We're not 100% sure we understand how FMCN purports to have calculated “theaters” – trying to figure the equation out is a bit like trying to determine the GPS coordinates for Narnia. 20 As we pointed out on p. 18 of our November 21, 2011 report, FMCN has not taken any buy-side questions since its Q1 2007 call.",
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