Focus Media (NASDAQ: FMCN, Stock Forum) posted earnings last week.  Despite beating estimates, Wall Street isn't trusting its guidance issues "from the earthquake."

Total GAAP revenues grew 214.7% year-over-year to $161.6 million.  GAAP net loss for the first quarter was $53.8 million or 42 cents per share (ADS) after a non-recurring loss of $79.3 million resulting from the restructuring.  On a non-GAAP basis outside of restructuring and other items it recorded $44.8 million in net income with 34 cent non-GAAP earnings per share.  First Call had estimates at $162 million in revenues and 33 cents per share.

This is probably not a huge shock when investors consider its business, but FNCM noted that the earthquake in Sichuan province is going to bring down some adjusted ad numbers.

It put next quarter revenues at $190 to $195 million and EPS at 40 to 41 cents per share on 133 million total average ADS.  First Call has estimates of 46 cents per share on $201.9 million.

The company revised revenue expectations to $820 million to $850 million, down from previous guidance of between $860 million to $890 million.  Full year 2008 non-GAAP net income is now expected to be between $240 million and $260 million, or $1.76 to $1.91 per fully diluted ADS based on 136 million annual average total ADS outstanding, as down from the previous guidance of between $260 million and $280 million.  First Call has estimates at $1.95 EPS on $882 million in revenues.

Because this ad company has a premium to it and because of the China syndrome, shareholders aren't likely to give the company any break at all over the earthquake being tied to the revenues. 

The financial report took shares down 15% to just above $31. Until the company gets its story straight, that it about where it should trade.