Posts Tagged ‘broadcast vendor financial results’

Barco’s Revenues Rise 16.1% in 2011

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Feb 09 2012

Barco announced that its revenue for the full year 2011 was €1.04Bn, an increase of 16.1% versus the full year 2010.   The company said all parts of the businesses with the exception of defense, air traffic control and the ventures as a group, grew during the year.

Order intake in 2011 was €1.09Bn, an increase of 10.7% versus last year.  The company said that BRIC countries together with Mexico, Japan, South-East Asia and Central Europe were among the best areas for growth in incoming orders.

The company’s net income for 2011 was €75.8m, up 74% versus 2010.

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On a geographic basis:

  • Revenue from the Europe, Middle East, Africa and Latin America (EMEALA) region was €444m, or 43.7% of total revenue.  EMEALA revenue grew 18.8% during 2011.

 

  • Revenue in North America contributed was €4347, or 33.3% of total revenue.  Sales in North America were up 8.6% versus 2010.

 

  • Sales in the Asia-Pacific region were €239.4m, or 23% of total revenue.  APAC revenue increased by 23% versus 2010.

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On a segment basis:

  • The Entertainment Division contributed €432.1m, an increase of 31.1% versus the previous year, driven by strength in the events market.  Barco also said that its renewed focus on the corporate AV segment has been “remarkably successful.”  The company said its entertainment business grew than 30% growth in the EMEALA region, almost 20% in North America and close to 50% in the APAC region. EBITDA in the Entertainment Division grew 6% to €63.8m, but EBITDA margins in the division dropped 3.5% due to substantial investment in R&D.

 

  • Sales in the Healthcare Division grew 10% to €192.5m, thanks to robust sales in both established markets as well as newer segments such surgical displays, dental imaging, and digital pathology. Barco said its Healthcare Division grew in all territories, with APAC growing 20% year-over-year.  Healthcare EBITDA for 2011 was €33.1m, up 16.4% versus last year.  Healthcare EBITDA margin increased from 16.2% to 17.2%.

 

  • Sales in the Control Rooms & Simulation division increased 16.1% to €214.3 in 2011, with the Europe and APAC regions each growing about 20%. Revenue for Simulation increased in the EMEALA and APAC regions but decreased in North America.  2011 EBITDA for the division €16.2m, up 9% versus last year, but EBITDA margin dropped from 8% to 7.5%.

 

  • Sales in the Defense and Aerospace division declined 1.7% to €115.8, despite a strong performance at the end of the year.  The EMEALA region grew its top line by 5.9%. The other two regions experienced negative growth Division EBITDA dropped 15% to €11.7m.

 

  • Revenue on the Ventures division was €88.2m, a decline of 4.2% versus the previous year, due primarily to weak sales in the APAC region.  EBITDA for the division was €5.5m versus and EBITDA loss of €17.5m last year.

 

Company president & CEO Eric van Zele said: “We are very pleased to see that Barco passed the ambitious billion euro mark. We progressed on many fronts and delivered on our promises for sustainable and profitable growth. Overall sales grew 16.1% year-on-year with Entertainment growing at 31.1%, Healthcare at 10% and Control Rooms & Simulation at 16.1%. Despite a very challenging macro-economic environment we not only succeeded in turning Barco around but also established global leadership positions in all of our core businesses. With EBIT margins moving up from 5.0% in 2010 to 7.5% in 2011 we further delivered on our promises related to profitability while our free cash generation of €81.2m illustrates good management of our working capital. End of December 2011 the net financial cash position of Barco stood at €61.1m compared to €8.9m a year earlier.”

 

 

Outlook for 2012

Barco issued the following statement about the coming year:

“With an eye on the future and realizing that the current economic environment is still very uncertain management believes that Barco’s momentum for profitable growth will be sustainable as the company continues to sharpen its focus on its core businesses and pursue alternative options for some other activities.”

 

 

 

Related Content:

Press Release:  Strong growth pushes Barco beyond 1 billion euro in sale

Barco FY 2011 Presentation to Equity Analysts

Previous Year: Digital Cinema, Medical Imaging Drive 40 Percent 2010 Revenue Increase at Barco

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Avid Posts First GAAP Net Profit Since 2007 in Q4 2011, Driving Shares Up 20 Percent

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Feb 08 2012

Avid reported that its revenue for the fourth quarter of 2011 was $185.3m, down 5% versus the same period a year ago, and up 12% compared to the previous quarter.

Significantly, the company generated $14.4m in cash from operations during the quarter, and posted GAAP net income of $1.2m, Avid’s first positive GAAP net income since 2007.  On a non-GAAP basis Avid posted a profit of $14.6m, or 38 cents a share, versus non-GAAP net income of $14.2m last year.

The results exceeded the consensus estimates of analysts who were looking for revenues of $176.34m, and non-GAAP earnings of 16 cents per share.  The strong performance pleased investors who drove the company’s stock up more than 20% on the news.

The results were helped by a variety of factors including the impact of a previously announced restricting program, increased spending for the 2012 Olympics, and ongoing success with converting Apple Final Cut Pro (FCP) users to Avid’s Media Composer platform.  The company said that it had converted approximately 6,000 FCP users to Avid since Apple launched the FCP-X system in June of 2011.

On a geographic basis, the company said it experienced year-over-year growth in Europe during the quarter, but that sales in the Americas and Asia-Pac region declined versus last year.

Gross margins in the quarter were 54.1%, the highest since 2005, thanks to a favorable product mix, operational efficiencies and increased support revenues on modest spending growth.

Operating expenses for the quarter were $101.3m, down 7% versus last year.

Non-GAAP operating expenses were $88m, a $3.9m decrease year on year primarily related to the reduction in workforce announced in October of 2011 and lower variable compensation due to lower bonus payments.  This is the lowest non-GAAP operating expense figure that Avid has posted since the fourth quarter of 2004.

Avid says it will continue to ensure than spending is lower than revenue growth, and pointed out that it has reduced headcount by 600 people over the last four years, while increasing less expensive off-shore contractors.

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Highlights for the fourth quarter:

  • Video revenue in the quarter was $116.2m, down 1% versus the same period a year ago, and up 18% versus the previous quarter.  Video revenue accounted for 63% of the total revenue during the quarter, versus 60% last quarter.  The company said that professional editing had strong unit sales and that there was a year-on-year increase in Media Composer software revenue.  Shared storage and workflow systems were also strong in the quarter. However video revenue was down slightly overall because of lower hardware sales.

 

  • Audio revenue in the quarter was $69.1m, down 11% versus the same period a year ago, and up 4% versus the previous quarter. Revenue from Pro Tools declined on a year-over-year basis due to a very strong Q4 performance last year, when the first open version of the product was released.  Control surfaces and Pro Tools HD also experienced growth, but audio revenue declined in the “creative enthusiast” market, due mainly to weak demand in consumer markets as well as discontinued products.

 

  • Revenue from products was $148m, a decrease of 9% versus the same period a  year ago, and up 12% versus the previous quarter.  Product revenue accounted for 80% of the total revenue during the quarter, the same as last quarter.

 

  • Service revenue in the quarter (including maintenance support, professional services revenue, and training) was $37.3m, an increase of 15% versus last year.  The company said this was a record result for service revenue.

 

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Full year results:

Revenue for the full year 2011 was $677.9m, flat with 2010, and above previously issued guidance of $665m-$675m.

The GAAP net loss for the year was $23.8m, an improvement on the GAAP net loss of $37m in 2010. On a non-GAAP basis, the company’s net income for 2011 was $10.2m, versus non-GAAP income of $9.2m in 2010.

Gross margins for the year were 53% versus 52% in 2010, the highest they have been since 2005. Operating expenses for the full year were $386.9m, 2% lower than in 2010.

 

Guidance for 2012

Avid CFO Ken Sexton said he expects the company’s 2012 revenue to grow in the “low single digits” driven by growth from media enterprise customers.  The company says it is could achieve a non-GAAP operating profit of 5% for the year even if revenue is flat, and that it “could report a GAAP net income for 2012.”

 

Avid CEO Gary Greenfield issued an upbeat statement saying ““Our results for the fourth quarter were encouraging and reflect our continued efforts to streamline our operations and improve execution across the business.  For the quarter, we reported positive GAAP net income for the first time since 2007, positive cash flow from operations and the highest gross margin as a percent of revenue since 2005. In addition, we have implemented the restructuring we announced in October and expect to see additional benefit from these actions in 2012. We continue to identify and implement changes across the Company to help improve our operational performance and remain sharply focused on improving profitability while driving revenue growth.”

 

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Related Content:

Press Release: Avid Announces Results for Fourth Quarter 2011

Replay of Avid Earning Conference Call with Equity Analysts

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Previous Year: Avid Announces Full Year Results, Nears Q4 Break Even as Revenue Increases 12 Percent

Avid To Cut Workforce by 10%, Close Facility, Take Q4 Charge of $10m-11m

Avid One of Five Companies Google Should Buy in 2012 – Forbes

Avid Brings Its “Pro-sumer” Video Editing App to iPad

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Ross Video Says Q1 2012 Revenue Jumps 59% in Best First Quarter in Company’s History

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Feb 07 2012

Saying it experienced growth in all geographic territories, Ross Video announced that its revenue in the first quarter of 2012 increased 59% versus the previous year, and was the “best first quarter in company history.” Ross Video, which is privately held (and majority owned by CEO David Ross), did not disclose historic financials or other metrics such as profitability and margin performance. However, the company did disclose last year that its Q1 2011 revenue had jumped 44% versus the same period a year ealier.

According to the company, the first quarter of 2012 marks its 21st year of year-over-year sales growth at Ross, and the firm is on track to once again achieve record revenues. This streak has been entirely self-funded through both organic growth and strategic acquisitions.

“Quarter one was a great start to what is shaping up to be a great year,” said David Ross, CEO, Ross Video. “We are up 59% in our first quarter, we’ve put ourselves in a great position to continue to accelerate our growth, invest more in new product development and provide more local customer support around the world. I’d like to extend a big thank you to our business partners and customers for their continued support.”

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Related Content:

Press Release: Ross Video Continues to Grow

Previous Year: Ross Video Says Orders Jumped 44 Percent in Q1 2011

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Harris Broadcast Revenue and Income Rise in Q2 2012, Says It’s Laser Focused on Maximizing Shareholder Value

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Feb 06 2012

Harris Corporation reported results for the second quarter of its 2012 fiscal year.  Total revenue for the quarter was $1.45Bn, slightly lower than last year.  Net income in the quarter dropped 12% to $131m.

The company did not disclose specific revenue details for its broadcast division, which was folded into the Integrated Network Solutions (INS) unit last year when Harris strategically realigned its business segments.  INS revenue was 4% lower on an organic basis due to an $8m loss in Cyber Integrated Solutions and Healthcare Solutions.

The Harris broadcast business appears to have performed well during the quarter.

On the company’s conference call with equity analysts, new Harris Corp CEO William Brown said that the performance was improving in the broadcast division, with revenue and operating income both up year-over-year   The company has been able to largely mitigate the impact of the flooding in Thailand to approximately $5 million of revenue and $2.5 million of profit, which are now expected to book in Q3.

However, despite its improving performance Brown indicated that the company’s broadcast business still has work to do.  “In Broadcast, we bought several companies over the years which were never fully integrated. While we continue to see good traction on the top line, our cost structure, driven by complexity, lack of productivity and growth investments, isn’t where we need it to be and it’s preventing us from achieving acceptable returns. Our team is now laser-focused on developing a strategy for this business that maximizes shareholder value.”

This comment led Cowen & Company research analyst Gautam Khanna to ask Brown whether Harris might be open to “maximizing shareholder value” in the broadcast sector, if this space does not align well with the company’s 3-5 year strategy.

Brown responded by saying that Harris is “taking a fresh look in the environment that we’re in across all of our businesses with a special focus on cash, on cost, some of the structural cost. Some of the structural cost reductions will come through some investment, which we’ll know over the coming months. We’ll give you some insights as we go through the quarter if there’s anything that’s notable that needs to be released, or at our third quarter call later in the year. But to comment on what’s in or out of the portfolio, we’re taking a fresh look at all the pieces, and that includes all the business that we happen to be in today.”

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Previous Quarter: Harris Reports Q1 2012 Results, Says Broadcast Revenue Increasing

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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.”

 

 

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

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

Previous Year: Harmonic Announces Q4 and Full Year 2010 Results

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Dolby Laboratories Reports First Quarter Fiscal 2012 Results

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

Dolby announced that its revenue for the first quarter of its 2012 fiscal year was $233.4m, down 4% versus the same period a year ago, and down 4% versus the previous quarter. GAAP net income in the fourth quarter was $73.2m, down 15% from $86.4m last year.  Despite the company’s declining revenue and net income, the results exceeded the consensus expectations of equity analysts.

Licensing revenue during the quarter was $199.6m, an increase of 6% versus the same period ago. Product revenue in the quarter was $26.4m, down 43% versus the same period a year ago. Services revenue in the quarter was $7.4m, down 14% versus last year.

The overall gross margin for the quarter was 91% versus 88% last year and 87% last quarter.

 

Financial Guidance

For fiscal 2012, Dolby says it is targeting revenue of $910 million to $970 million. Full year 2011 revenue was $955.5m.

 

“In the first quarter, we grew licensing revenue year over year on the strength of our broadcast and mobile markets,” said company president & CEO Kevin Yeaman. “We continue to enhance the entertainment experience in online content with the addition of services such as HBO Go®, which recently announced the adoption of Dolby® Digital Plus.”

 

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Previous Quarter: Dolby Laboratories Reports Fiscal 2011 Fourth Quarter and Year-End Financial Results

 

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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%.

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NDS F1 filing with the Securities and Exchange Commission

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Vizrt Reports Q3 2011 Results

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 11 2011

Vizrt reported that its revenue for the third quarter of 2011 was $31.76m, an increase of 23% versus the same period a year ago, and down 1% compared to the previous quarter.

Net profit for the quarter was $3.32m, down 18% versus last year, and down 26% compared to last quarter.

Gross margins in the quarter were 66%, up from 63% last year and flat with last quarter.  EBITDA was $3.8m for the quarter, an increase of 41% versus the second quarter of 2010 and a decline of 26% versus last quarter.

Broadcast graphics (BG) contributed $25.7m, or 81% of total revenue in the quarter. BG revenue increased 32% versus last year and was up 9% versus the previous quarter.

Media Asset Management (MAM) revenue in the quarter was $4.6m, down 10% versus last year and down 24% versus last quarter.

Online and mobile revenue was $.9m, up 2% from last year, and down 37% versus last quarter.

 

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Previous Quarter: Vizrt Q2 2011 Profit Triples as Revenue Jumps 32 Percent

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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.

 

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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.

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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.”

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Previous Quarter: EVS Reports Q2 2011 Results

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

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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%.”

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Related Content:

Press Release: DG® Reports Record Third Quarter 2011 Results

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

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