Chyron Grows Revenue 8% in Q3, Achieves EBITDA Breakeven as Losses Continue to Narrow

Posted by Joe Zaller
Nov 04 2010

Broadcast graphics specialist Chyron reported a net loss of $0.48m during the third quarter of 2010, but achieved breakeven on an EBITDA basis. Revenue for the quarter was $6.9m, an 8% increase versus the same period a year ago.

Service revenue grew 24% to $1.27m, while product revenues were increased 4% to $5.31m. Service revenues as a percentage of total revenues increased to 23% from 20% in the prior year’s third quarter. 

For the year to date, the company’s revenue was $20.69m, an increase of 12% versus the first nine months of 2009, with service revenue accounting for 22% of the total. Net loss for the first nine months of 2010 was $1.85m, a 34% improvement versus the net loss reported for the first nine months of 2009.

Chyron president & CEO Michael Wellesley-Wesley said that he was “more than encouraged” about the company’s financial performance in the quarter, which he said met or exceeded internal projections.  “Since the fourth quarter of 2008, Chyron has been riding out the recessionary storm by improving its technology assets,” said Wellesley-Wesley. “We believe that we have weathered the storm and are now ready for liftoff By all appearances, an inflection point was reached this quarter in the media markets we address, and what we have done, and continue to do, we believe readies us for the opportunities arising from the recovery.”

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You can read the full Chyron Q3 earnings press release here.

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