Chyron Q2 Losses Narrow as Revenue Jumps 20%

Posted by Joe Zaller
Aug 05 2010

Broadcast graphics provider Chyron today announced its financial results for Q2 and 1H 2010.

Q2 revenue was $6.94m, up 20% versus Q2 2009.  Gross margins for the quarter were 70%, up slightly from the previous year.

Q2 product revenue was $5.4m, up 18% y/y.  Service revenue increased 29% y/y to $1.19m.  Service revenue accounted for 22% of the quarter’s total revenue.

The company posted an operating loss for the quarter of $680,000, a 52% y/y improvement; and a net loss of $710,000, 35% better than a year ago.

For the first six months of the year Chyron posted revenues of $13.8m, an increase of 15% over 2009 levels.  Net losses for the first half of the year were $1.37m, a 30% improvement over 2009.

Company president & CEO Michael Wellesley-Wesley, said that the company continues to recover from recessionary levels of 2009, and that revenue momentum built steadily during the first half of 2010.  In the company’s earnings release, Wellesley-Wesley said “If the economy continues to improve, we anticipate that our revenues will continue to improve in the second half of the year over the prior year periods; however, our focus will remain on cost containment and cash generation.  “When looking at Chyron’s medium-term prospects into 2011, we are more optimistic. We believe that the technology enhancements that we put into place in 2009 and 2010 has made Chyron a stronger company with a clear means to drive future growth.”

You can find Chyron’s earnings release here.

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