Archive for the ‘Broadcast technology vendor financials’ Category

SeaChange President Departs, Position Will Not be Replaced

broadcast industry trends, Broadcast technology vendor financials | Posted by Joe Zaller
Feb 02 2012

Just two days after announcing a $5m cost savings program, VOD and multi-screen video specialist SeaChange International said that company president Yvette Kanouff has departed the company.

SeaChange says it has decided not to replace Kanouff and has eliminated the position of President as part of its ongoing plan to reduce costs and streamline the business.

Kanouff joined the company in 1997 and has served in a variety of roles including chief strategy officer and president.

“Over the past few months, Yvette has been discussing her desire to pursue other interests and we support that and wish her well. We sincerely thank Yvette for her years of dedication to SeaChange, her technical knowledge, and her contributions toward building the Company’s video-on-demand business,” said Raghu Rau, Chief Executive Officer, SeaChange.

“I’m proud that I played a significant role in establishing SeaChange as a leader in video-on-demand worldwide and in transitioning from a hardware-centric to a software-centric company,” said Kanouff. “I think SeaChange is well positioned for the future, however, it is the right time for me to move on, and I look forward to my next endeavor.”

 

Related Content:

Press Release: SeaChange Announces Departure of Company President Yvette Kanouf

Press Release: SeaChange Announces More Than $5 Million in Annualized Cost Reductions

.

 

Tags: , ,
No Comments »

Harmonic Announces Results for Q4 and Full Year 2011

broadcast industry technology trends, broadcast industry trends, Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Feb 01 2012

Harmonic announced that its net revenue for the fourth quarter of 2011 was $143.6m, an increase of 4% versus the same period last year, and an increase of 3% versus the previous quarter.

International revenue represented 57% of sales in the quarter.  Harmonic’s top 10 customers contributed 34% of total revenue in the quarter, and no single customer represented more than 10% of sales.

GAAP net income for the quarter was $4.3m, compared to a net loss of $13.7m during the same period last year, and net income of $3.5m last quarter.

On a non-GAAP basis, net income for the quarter was $14m, compared to non-GAAP income of $12.5m for the same period of 2010, and non-GAAP net income of $12.7m last quarter.

GAAP gross margins in the quarter were 47%, up from 44% last year, and up 1% versus the previous quarter. Operating margins were 5%, versus -2% last year, and 3% last quarter.

On a non-GAAP basis, gross margins were 51% for the quarter, comparable with both the same period a year ago and the previous quarter. Non-GAAP operating margins were 13%, comparable to last year, and up from 12% last quarter.

 

Full Year Results

For the full year 2011, GAAP net revenue was $549.3m, up from $423.3 million for 2010, Pro forma annual revenue, which includes revenue from Omneon and certain deferred revenue excluded in GAAP results for both years, was $551.4m for 2011, up 8% from $509m for 2010.

 

Business Outlook
Harmonic anticipates net revenue to be in the range of $132m to $142m for the first quarter of 2012, which the company say is historically its slowest of the year. GAAP gross margins and operating expenses for the first quarter of 2012 are expected to be in the range of 45% to 47% and $61 million to $63 million, respectively. Non-GAAP gross margins and operating expenses for the first quarter of 2012, which will exclude charges for stock-based compensation and the amortization of intangibles, are anticipated to be in the range of 50% to 52% and $55 million to $57 million, respectively.

 

“We delivered record revenue for the fourth quarter and the full year of 2011,” said Patrick Harshman, president and chief executive officer of Harmonic. “During the year, our growth was primarily driven by increased video processing wins across our expanding global customer base, with video processing revenue up 17% and international revenue up 14% on a pro forma basis. Our successful integration of Omneon also extended our business into new markets, driving significant growth in our broadcast and media revenue, up 17% on a pro forma basis.

 

“We move into 2012 with broad technological and market leadership, and proven expertise in enabling our global customers to produce and deliver compelling new high-definition, on-demand and Internet-based video services. We believe the global proliferation of video content and media outlets, along with increasing demand for higher quality video in every format delivered over bandwidth constrained networks, plays into our core strengths.”

 

 

 .

Related Content:

Press Release: Harmonic Announces Fourth Quarter and Year End 2011 Results

Harmonic Q4 2011 Analyst Conference Call Transcript

Harmonic Q4 and Full Year 2011 Presentation to Analysts

Previous Quarter: Harmonic Reports Strong Q3 2011 Results, Driven by Strong Performance in Americas

Previous Year: Harmonic Announces Q4 and Full Year 2010 Results

.

Tags: , , ,
No Comments »

SeaChange Announces More Than $5 Million in Annualized Cost Reductions

broadcast industry technology trends, Broadcast technology vendor financials | Posted by Joe Zaller
Jan 31 2012

SeaChange announced that it has taken actions in the fourth quarter of fiscal year 2012 that it says will will result in more than $5m in annualized cost reductions.

These cost reductions come principally from headcount reductions related to streamlining operations and reducing the overall cost structure of the company. The Company will incur restructuring and severance charges in the fourth quarter reflecting these actions.

SeaChange CEO Raghu Rau commented, “As we realign our resources to focus on delivering on customer commitments, we have targeted operating cost reductions as well as some facility rationalization. It is important to note, however, that our commitment to research and development remains strong and we continue to invest heavily in innovative, next generation solutions that will provide significant competitive advantage to our customers.”

 

Related Content:

Press Release: SeaChange Announces More Than $5 Million in Annualized Cost Reductions

Tags: ,
No Comments »

NDS Group Files for $100m IPO

Broadcast technology vendor financials | Posted by Joe Zaller
Dec 21 2011

NDS Group, which provides conditional access and software solutions to a wide range of pay TV providers has filed to raise up to $100m through an initial public offering on the New York Stock Exchange. The company says it will use the proceeds to pay down debt and for general corporate purposes.

In its filing with the SEC, NDS said it had revenue of $957m in the year ended June 30 2001.  For the quarter ending September 30, 2011 NDS posted a profit of $4.5m on revenue of $214m.

NDS was previously listed on the Nasdaq until it was taken private in 2009 by Permira Advisers LLP, a private equity firm. Permira owns 51% of the company, with News Corporation owning the remaining 49%.

.

.

Related Content:

NDS F1 filing with the Securities and Exchange Commission

.

.

Tags: , , ,
No Comments »

EVS Reports Q3 2011 Results, Issues Strong Guidance

broadcast technology market research, Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 10 2011

Production and playout video server specialist EVS reported that its revenue for the third quarter of 2011 was €29.8m, a decline of 10.2% versus the same period a year ago, and an increase of 27% versus the previous quarter.   Excluding currency fluctuations and big event rentals, which are a major revenue driver for EVS, the company said its revenue decreased just 1.6% versus the same period a year ago.

Gross margins for the quarter were 81.0% for 3Q11, slightly lower than 3Q10, , but up from 76.9%, last quarter. The company attributed the dip in gross margins to lower sales absorbing fixed assembling and support costs.

Operating expenses increased by 11.4% in 3Q11, partially as a result of the increased number of new employees at EVS. Due to lower sales and higher opex, the operating (EBIT) margin fell to 46.6% of revenue, compared to 55.0% in during the same period last year, and 35% last quarter.

On a segment basis, studio represented 38.7% of revenue, with outside broadcast making up the remainder. Studio revenue was €11.53m, up 1.3% from €11.4m last year and up 20% versus last quarter.  Outside broadcast revenue was €18.3m, down 16.3% versus last year, and up 33% versus last quarter. Revenues in 3Q10 included €2.3m of rentals relating to the World Cup and the Youth Olympic Games.

On a geographic basis:

  • Revenue from the EMEA region was €16.8m, down 3.9% versus last year and up 77% compared to last quarter.  The company said that the UK, Eastern Europe and the Middle East are clear drivers of the business in 2011. For the first 9 months of 2011, EMEA sales were €40.2m, down 9.8% versus the same period in 2010.

 

  • Revenue from the Americas region was €6.8m, down 17.9% versus last year and down 16% versus the previous quarter. The company said that US market continues to be driven by upgrades of existing to HD, and the building of new OB vans. For the first nine months
    of the year, the company’s revenue in the Americas was €19.5m, down 21.9% versus the same period last year.

 

  • APAC revenue for the quarter was €6.2m, a decrease of 6.6% versus last year, and up slightly versus last quarter.  For the first nine months of the year, APAC revenue increased by 9.9% to €16.3m.

 

.

Year-to-date Results

For the first nine months of the year, EVS revenue was €75.9 million, down 9.9% versus last year, but up 1% excluding the impact of big event rentals and currency fluctuations.  YTD gross margins were 78.6% for versus 80.6% last year.  Operating margins for the first nine months of 2011 were 41.0%, down from 51.9% last year due mainly to lower sales.

.

EVS CFO Jacques Galloy said: “In 3Q11, sales amounted to €29.8m, leading to slightly higher sales in the first nine months of 2011 at constant exchange rate and excluding the big event rentals. As anticipated, the operating margin improved sequentially to 46.6%, mainly thanks to higher revenues and despite our investment in innovation as our operating expenses increased by +11.4% in 3Q11 vs.3Q10. Recently, we confirmed the largest deal in the history of EVS, with more than €10 million for the equipment of 12 OB vans in Russia. We also signed the rental contract for the Olympic Games in London next year. The Board confirms 2011 sales to near 2010 record before a stronger 2012.”

.

.

Related Content:

Press Release: EVS  REPORTS REVENUE AND RESULTS FOR 3Q11

EVS Q3  2011 earnings presentation to equity analysts

EVS CEO Pierre L’Hoest Steps Down

Previous Quarter: EVS Reports Q2 2011 Results

Previous Year: EVS Q3 2010 Revenue up 69.4%, Delivers 55% Operating Margins

.

.

Tags: , , ,
No Comments »

Despite Record Revenue, DG Reports $4.1m Loss for Q3 2011 Due to Acquisition Related Expenses

broadcast technology market research, Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 10 2011

DG reported that its revenue for the third quarter of 2011 was $84.6m, up 52% versus the same period a year ago, and up 25% versus the previous quarter.  HD advertising revenue during the quarter increased 28% to $31.7m versus the same period a year ago.

Third quarter Adjusted EBITDA (a non-GAAP measure) increased 18% to $30.7 million compared to $26.1 million for the same period of 2010.

The company posted a GAAP net loss of $4.1m for the quarter, compared to GAAP net income of $9.9m last year, and GAAP net income of $10.2m last quarter.

The company said that its third quarter DG’s third quarter operating income was impacted by expenses of $10.6m related to the acquisition and integration of MediaMind and EyeWonder, which closed  July 26, 2011 and September 1, 2011, respectively.

On a segment basis, television generated revenue of $60.6m, an increase of 17% from the year earlier period. The Online Segment generated revenue of $24.0m, an increase of 490% from the year earlier period, due primarily to DG’s acquisition of MediaMind and EyeWonder.

“We continue to make good progress executing the integration of the acquisitions and repositioning DG as a global platform,” said Neil Nguyen, President and COO. “Our Online Segment showed solid growth, increasing the number of platform customers and revenue from data-driven products, while we began to invest in the development of cross platform products to address the demand for on-line video advertising and advanced TV solutions. In the TV Segment, we were pleased with the performance of our MIJO business unit in Canada and overall the ongoing adoption of HD by both advertisers and broadcasters. Our HD penetration also grew significantly to 17%.”

.

.

Related Content:

Press Release: DG® Reports Record Third Quarter 2011 Results

Previous Quarter: DG Fastchannel Q2 Revenue Increases 17 Percent, Misses Estimates

Previous Year: DG Fastchannel Q3 2010 Revenue Increases 18%, Driven by Strong Demand for HD

.

.

Tags: , , , , , ,
No Comments »

KIT digital Reports Record Q3 2011 Results, Issues Strong Guidance

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 10 2011

KIT digital reported that its revenue for the third quarter of 2011 was $62.3m, an increase of 124% versus the same period last year, and up 29% versus the previous quarter.  Excluding the contribution from acquisitions, the company’s revenue was up 35% versus last year and up 11% versus last quarter on a pro forma basis.

The company said that 71% of its revenue in the third quarter of 2011 were related to video platform fees, and approximately 29% were derived from fees related to broadcast systems integration, solutions and interface design, content transformation and other professional services.

Significantly, the company posted GAAP net income of $4.8m for the quarter.  This is the first time that Kit Digital has posted GAAP net income.  During the third quarter of 2010, the company posted a GAP net loss of $8m.  Last quarter the company’s GAAP net loss was $19.8m.  On a non-GAAP basis, the company said its EBITDA for the quarter was $14.3m, up 223% over Q3 2010.

.

Strong Guidance

KIT digital says it expects its Q4 2011 revenue to be at least $67m, representing a prospective 8% sequential and organic increase over Q3, and up 74% from the same year-ago period. This Q4 guidance implies a revenue expectation for the full year of 2011 of approximately $212m, representing an increase over 2010 of approximately 100% overall and more than 35% organically.

The company also said it expects record operating EBITDA in Q4 2011 of approximately $17.5m, representing an increase of over 20% sequentially, and up over 150% versus the same period a year ago.

The company also reaffirmed the expectation of at least $300m of revenue in 2012m, with an organic growth rate of approximately 25-30%.

.

“These record results, particularly in what has historically been a seasonally weak quarter, reflect our ability to drive strong organic revenue growth while increasing the operating leverage and margin profile of our business,” said KIT digital’s chairman and CEO, Kaleil Isaza Tuzman. “The third quarter marked an important milestone for the company, as we crossed over to GAAP net profitability and recognized the last remaining restructuring and integration charges related to the acquisitions we completed in the first half of the year. This will allow us to take advantage of strong free cash flow generation going forward, which we expect to be at least $2.5 million per month by the end of Q4.

.

.

Related Content:

Press Release: KIT digital Reports Record Q3 2011 Results

Previous Quarter: Kit Digital Reports Wider Losses as Revenue Doubles in Q2 2011

KIT digital Revenues Jump 98%  in Q1 2011, Says M&A Phase is Over and Company Will Now Focus on Organic Growth Strategy

More Broadcast Vendor M&A: Kit Digital Buys ioko for $79.4m, Completes Buying Spree

KIT digital Reports Q4 and Fiscal 2010 Results, Raises Guidance, Says Big M&A Deal Still on Track

More Broadcast Vendor M&A: KIT digital Acquires Polymedia for $34.4m

More Broadcast Vendor M&A: Kit Digital Buys Three Companies for $77m, Says larger Acquisition is Coming

.

.

 

Tags: , , ,
No Comments »

Vislink Reports Q3 2011 Results, Outlines Plans to Double Revenue Over Next Three Years

broadcast technology market research, Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 08 2011

UK-based Vislink plc, which owns the Advent, Link, MRC and Gigawave brands, issued a statement that provides an update on its Q3 2011 results, and outlines its strategy to double its revenue over the next three years.

.

Trading Update

Vislink’s revenue for the quarter ended 30 September 2011 was £14.8m, an increase of 24% versus the same period a year ago, and in line with management’s expectations.  Excluding the contribution from Gigawave, which was acquired by Vislink in June of 2011, the company’s revenue was up 6% to £12.6m.

Order intake during the quarter was £14.4m, an increase of 11% versus the same period a year ago.

Year-to-date order intake is  £36.2, up 9% versus the same period a year ago.  Including the contribution from Gigawave, year-to-date order intake at the end of the quarter was £39.5m. At the end of the quarter the company’s order book stood at £15.0m. The company said it has seen increased demand for its broadcast products in the Middle East and South America.

.

Company Strategy

Vislink says that following a full review of the business including an assessment of growth opportunities and technology drivers, it will:

  • continue to exploit the strengths of its established brands – Advent, Gigawave, Link, MRC and PMR

 

  • maintain investment through its core product development program particularly in IT based technologies such as IP transport over 3G/4G and WiFi infrastructures

 

  • exploit the continuing growth of video content contribution both in its traditional broadcast markets and also in other vertical markets

 

  • use partnerships to extend the use of its video technologies into semi-professional and prosumer markets

 

  • use partnerships to leverage its technologies into the surveillance markets beyond existing law enforcement and public safety customers

 

  • pursue applications for its products in defence, mining and utility verticals that provide incremental revenue opportunities beyond the core broadcast and surveillance business

 

  • create a software and services culture in order to build recurring revenues into the business model

 

  • seek “bolt on” acquisitions to strengthen its software and services capabilities exploiting the growth of cloud based IP transport technologies and content tagging

.

Based on the above strategy, the company believes that it can double its revenue to £80m within three years, while delivering an adjusted operating margin of 10%.

.

Company chairman John Hawkins said: “The improved order intake for the Group provided us with an order book of circa £15.0 million at the start of the fourth quarter. We remain optimistic that the final quarter of 2011 will show further improvement in trading; our key performance metrics are continuing to move us forward in a positive direction. The Group has strengthened the Board with the addition of two new non-executive directors, John Varney and Andrew Sleigh, both of whom provide an in depth knowledge of the broadcast and surveillance markets. They have already contributed to the formation of our strategy review and three year plan. The Group is returning to profit and has net cash. We have a realistic strategy which will provide long term growth and generate positive shareholder value.”

.

.

 

Related Content:

Vislink Interim Management Statement and Strategy Update November 2011

Vislink plc – Interim results for the six months ended 30 June 2011

More Broadcast Vendor M&A: Vislink Completes Acquisition of Gigawave for £3.75 Million

Vislink Interim Management Statement for 1H 2011

Vislink Says Orders Up in Q1, Expects to Post Smaller Loss for First Half of 2011

.

.

 

Tags: , , , , ,
No Comments »

Miranda Reports Record Revenue and Profit in Q3 2011, Raises Margin Targets

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 07 2011

Miranda Technologies reported that its revenue for the third quarter of 2011 was C$48.8m, an increase of 29% versus the same period last year, and up 13% versus the previous quarter.  These results include an undisclosed contribution from OmniBus, which was acquired last year.

The results exceed the consensus estimate from analysts of C$46.2m.

The company attributed its results to the acquisition of OmniBus, as well as higher revenue in all geographies. Quarterly sales in Canada, the United States, the United Kingdom and Other Countries increased 106%, 6%, 150% and 25% respectively versus the same quarter in 2010.

Net profit for the quarter was C$13.2m, compared to C$6.0m during the same quarter last year, and C$3.5m in the previous quarter.  The company attributed the higher net profit to a one-time income tax adjustment of C$3m.

EBITDA in the quarter was C$15.7m, an increase of 97% versus last year, and an increase of 112% versus last quarter.  EBITDA as a percentage of sales was 32%, up from 21% in Q3 2010, and up from 17% last quarter. The company’s annualized EBITDA target range is 20% to 25%.

Gross profit as a percentage of sales was 62%, up from 58% last year, and 59% last quarter.  Miranda attributed this increase to a favorable customer and product mix, including sales of higher margin IT-based playout solutions, along with foreign exchange gains. Based on these strong results, Miranda increased its gross margin target range to be within the 57% to 61% range.

SG&A in the quarter was C$15.3m, versus $12.7m last year and C$15.1m last quarter.  The company said this increase was largely due to the OmniBus acquisition and an increase in selling expenses. SG&A as a percentage of sales was 31%, down from 34% last year and 35% last quarter.

R&D expenses in the quarter were C$6.8m, unchanged from last year, and down from C$7m last quarter. R&D as a percentage of sales was 14% for the quarter, down from 18% in 2010.

.

“This marks the seventh consecutive quarter that the Company has registered year over year organic volume growth and gross margins in or above our targeted range,” said Miranda CEO Strath Goodship. “We are seeing solid traction in our business, reflecting our strong
portfolio of leading edge solutions and our continuous focus on business execution.

“Television markets have remained strong in several parts of the world. We are seeing solid traction for our established products and growing interest for our new IT-based playout and monitoring platforms. We continue to be optimistic about the future and expect television markets to be underpinned by key events, such as the 2012 Olympics and US elections. With an expanding portfolio of innovative solutions and a strong balance sheet, we believe the Company is well positioned to deliver continued financial progress and outpace addressable market growth.”

.

.

Related Content:

Press Release:  Miranda Reports Third Quarter 2011 Results: Revenue and Profitability at Highest Levels in Company History

Miranda Q3 2011 Management’s Discussion and Analysis (MD&A) Filing with Canadian Securities Regulators  (catchpa)

Previous Quarter: Miranda Reports 35 Percent Revenue Growth, Strong Profit in Q2 2011

Previous Year: Miranda CEO Upbeat About Future as Q3 2010 Revenue up 19%, Net Income Jumps 520%

.

.

 

Tags: , , , ,
No Comments »

Chyron Posts Net Loss in Q3 2011 Despite Growing Revenue Nine Percent

broadcast technology market research, Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 04 2011

Broadcast graphics specialist Chyron announced that its revenue for the third quarter of 2011 was $7.47m, an increase of 9% versus the same period a year ago, but down 21% versus the previous quarter.

After posting its first positive net income in two and a half years last quarter, Chyron recorded a net loss of $3.5m during the third quarter of 2011, significantly worse than the net loss of $480,000 during the same period a year ago.  The company had net income of $84,000 last quarter.

Gross margins for the quarter were 69%, the same as for the third quarter of 2010.

Operating expenses were $6.02m for the third quarter of 2011, up 11% versus last year due to increased sales and marketing headcount, which in turn led to higher compensation and travel costs.  The company’s operating loss for the third quarter of 2011 was $870,000, compared to an operating loss of $670,000 last year.

Product revenue in the quarter was $5.36m, up 1% versus the same period a year ago, but down 28% versus the previous quarter.

Service revenue in the quarter was $2.11m, up 34% versus the same period a year ago, and up 6% versus the previous quarter. Service revenue contributed 28% of total revenue, versus 23% last year, and 21% of total revenue last quarter.

.

Year-to-date Results

For the nine months ended September 30, 2011, Chyron’s revenue was $23.5 million, an increase of 13% versus the first nine months of 2010. Year-to-date net losses are $3.85m, versus a net loss of $1.85m for the first nine months of 2010.

Product revenues for the first nine months of the year were $17.82m, an increase of 11%, compared to the comparable prior year period. Service revenues were $5.66m for the nine months of the year, up 22% versus the same period a year ago.  Year-to-date, service has contributed 24% of total revenue.

.

 

Chyron CEO Michael Wellesley-Wesley said that the company’s results for the third quarter of 2011 “displayed improvement given the current uncertain economic conditions in the U.S. and Europe with our top line showing modest growth over last year’s third quarter. Our services revenues increased 34% in the third quarter of 2011 over the same period in 2010 as we remain focused on expanding our Axis World Graphics platform. Operating expenses in the third quarter of this year showed a slight increase as we continue to invest in the future growth of the Company by making strategic hires for key sales positions. Going forward, we anticipate further improvements in 2012, especially in the domestic market owing to factors associated with the 2012 Olympics and the upcoming Presidential election. Internationally, we are looking for an increased contribution from our EMEA and Latin America operations as a result of the increased headcount in the sales department that have been put in place this year.”

.

.

Related Content:

Press Release: Chyron Reports Financial Results for the Third Quarter and First Nine Months of 2011

Previous Quarter: Chyron  Turns First Profit Since 2008 As Second Quarter 2011 Sales Jump 36 Percent

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

.

.

Tags: , , , ,
No Comments »