AR turnover is Net credit sales/avg AR. The higher the ratio the closer to a cash basis. Lower ratios require management attention. So lets look at a few comparisons. I got this info from "Money".
Ad Agencies Industry 2.4 (over all very low); S&P 500 13.9 (as expected); China exposure: FMCN 2.9; VISN 2.8; AMCN 4.4; CCO 3.9; SINA 4.7; SOHU 9.2; WW exposure: MWW 3.7; GOOG 9.4; YHOO 7.4; VCLK 6.3;
Yup, FMCN needs to work on the collections side. But, it is competitive with VISN and the industry as a whole. I think there will be improvement with the CGEN restructuring. Let's see what these ratios look like In Feb 09.