Posts Tagged ‘Jacques Galloy’

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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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

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EVS CEO Pierre L’Hoest Steps Down

Broadcast technology vendor financials | Posted by Joe Zaller
Sep 30 2011

Production and playout video server specialist EVS announced that Pierre L’Hoest, the company’s co-foundewr and CEO has keft the company.

Here is the full statement:

 

Liège (Belgium), September 29, 2011 – EVS Broadcast Equipment S.A. (Euronext Brussels: EVS.BR, Bloomberg: EVS BB, Reuters: EVSB.BR) (Pinksheets: EVBEF), the leader in Professional Digital Video applications for live, near-live and studio TV production, today announced the departure of Pierre L’Hoest, Managing Director and CEO. Following his departure, the Board of Directors has modified the composition of the Executive Committee, now composed of Michel Counson, Jacques Galloy and Luc Doneux. Under the leadership of Pierre Rion President of the Board, the Executive Committee will manage the technical, commercial, operational, corporate and financial functions of EVS, pending the announcement of a new management structure in early 2012.

 

On Thursday, September 29, 2011, the Board of Directors has taken note of the end of the mandates and functions of Pierre L’Hoest (and of his company Belinvest S.A.), including that of Managing Director of the company he founded with Laurent Minguet and Michel Counson, a position he held since 1994.

 

EVS has experienced a rapid growth and significant success in new market segments, which has doubled the workforce in the last 3 years, both at the headquarters in Liege and abroad. It is this impressive growth and prospects for the coming years that required a new system of governance. Since 2009, Pierre L’Hoest, the Board of Directors, and management of EVS have initiated a significant project to adapt the structure of EVS to allow the company to have all the advantages it needs for this new phase of growth. The establishment of the new team is a step in this process.

 

“The entire Board of Directors wishes to thank Pierre L’Hoest for the passion he has brought throughout his engagement with EVS, since its inception“, said Pierre Rion, President of the Board of Directors of EVS. “His vision for the products and on-going concern for ergonomic applications have strongly driven the success of EVS. The newly implemented Executive Committee, which includes the presence of Michel Counson and managers who have proven themselves, allow us to envisage the succession of Pierre L’Hoest with confidence. I will personally undertake the link between the Executive Committee and the Board of Directors.”

 

Michel Counson, Managing Director and Co-founder of EVS, assumes the function of Chief Technical Officer (CTO).  Jacques Galloy assumes the roles of Director and Chief Financial Officer (CFO). Luc Doneux assumes the role of Head of EMEA, APAC & Major Events.

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Related Content:

Press Release: EVS Reports Revenue and Results for 2Q11 and 1H11

EVS Q2 2011 earnings presentation to equity analysts

Previous Quarter: EVS Q1 2011 Revenue Increases 8.7 Percent, Anticipating Strong Second Half of 2011

Previous Year: EVS Reports Strong Q2 2010 Results: Revenue up 61.2%, Operating Margins of 52.4%

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EVS Reports Q2 2011 Results

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Aug 26 2011

Production and playout video server specialist EVS reported that its revenue for the second quarter of 2011 was €23.4m, slightly higher than the previous quarter, but 22.4% lower than the same period a year ago. Excluding currency fluctuations and big event rentals, which are a major revenue driver for EVS, the company said its revenue decreased 8.1% versus the same period a year ago.

Gross margins for the quarter were 76.9%, down slightly versus both last year and last quarter. The company attributed the dip in gross margins to lower sales absorbing fixed assembling and support costs.

Operating expenses in the quarter increased by 2.15% versus last year due to higher costs associated with the NAB trade show, and increased investments in R&D and customer support.

Operating margins for the quarter were 35%, down from 52.4% in 2Q10, and 39.8% last quarter.

On a segment basis, studio represented 41% of revenue, with outside broadcast making up the remaining 59%.  Studio revenue was €9.6m, down 44% versus last year, while outside broadcast revenue was €13.8m up 5.6% versus the same period a year ago. The company generated €3.6m of world cup-related rental revenue in the quarter, which was split evenly between the studio and outside broadcast segments.

On a geographic basis:

  • Revenue from the EMEA region was €9.5m (41% of total revenue), down 49.5% versus same period a year ago.  The company said the UK and eastern European markets were particularly strong during the quarter.  For the first half of the year, EMEA revenue declined 17.5% versus the same period last year.

 

  • Revenue from the Americas was €7.9m, up 14.4% versus last year and up 68% versus quarter.  The company said that the US market continues to be driven by upgrades of existing to HD, and the building of new OB vans. For the first of the year, Americas revenue declined 13.1% versus the same period year.

 

  • APAC revenue for the quarter was €6m, an increase of 70.1% versus last year, and and increase of 46% versus the previous quarter.   The company said it had a variety of wins in the region including Malaysian operator Astro.  For first half of the year, APAC revenue increased by 23.4% to €10m.

 

Outlook for 2H 2011

EVS management remains positive about the remainder of the year. Company CFO Jacques Galloy said that the company’s order book “looks promising thanks to very strong May and June months. Hence, the Board remains confident that, for 2011, revenue could equal the record level of 2010, even though this is an odd year, without any major event, which represented more than EUR 10 million of rentals in 2010.”

The company says it’s well positioned to take advantage of key macro trends in the broadcast industry including the worldwide migration from tape-based operations to integrated tapeless workflows, the ongoing transition to HDTV operations, and the increasing number of video distribution channels.

Based on these long term drivers, the company says it expects to be able to continue to grow its business and increase market share over the coming years.

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Related Content:

Press Release: EVS Reports Revenue and Results for 2Q11 and 1H11

EVS Q2 2011 earnings presentation to equity analysts

Previous Quarter: EVS Q1 2011 Revenue Increases 8.7 Percent, Anticipating Strong Second Half of 2011

Previous Year: EVS Reports Strong Q2 2010 Results: Revenue up 61.2%, Operating Margins of 52.4%

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EVS Q1 Revenue Increases 8.7 Percent, Anticipating Strong Second Half of 2011

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
May 12 2011

EVS, which provides video servers for live production and studio playout applications, announced that its revenue for the first quarter of 2011 was €22.7m, an increase of 9% versus the same period a year ago, and down 16% from the previous quarter.  Excluding currency fluctuations and big event rentals related to the 2010 Vancouver Olympics, the company said its revenue increased 19.7% versus last year.

The company also reported that its Q1 2011 results include one-time profit of a €5 million from the sale to Barco of the CineStore products from XDC, the digital cinema subsidiary of EVS.

Gross margins declined slightly to 77.2% due to product mix and increasing headcount, particularly in R&D, which EVS has been increasing for several quarters. Operating margins declined 15% to 39.8%.

On a segment basis, revenue in the quarter was evenly balanced between the studio and outside broadcast (OB) segments, making this the second quarter in succession that the studio segment has accounted for 50% of EVS revenue.  OB revenue was up 50.9% versus a weak first quarter of 2010, while the studio segment decreased by 15.1% compared to the same period a year ago. EVS said that in the first quarter of 2010 it had €2.4 million of rentals relating to the Winter Olympics (mainly studio related).

On a geographic basis:

  • Revenue from the EMEA region was €13.9m (61.3% of total revenue), an increase of 48% versus the same period a year ago.  The company said that its business in Europe continues to be steady and supported by a market that is slowly migrating to tapeless and high definition, and that it has won “significant Middle East customers” and also had wins in the UK, Scandinavia and Central Europe. Turmoil in Northern Africa is only slightly impacting EVS group sales.

 

  • Revenue from the Americas was €4.7m, and OB was up in the Americas by 71. The company says that Latin America is showing positive signs and that it is opening an office in Mexico.

 

  • APAC revenue declined 12% to €4.1m.  50% of APAC revenue was in the orders from studio segment, including an ongoing significant project for a new satellite air delay solution in SE Asia.

 

The company’s remarks about the quarter were cautious but positive. CFO Jacques Galloy said Q1 orders met company expectations, and that usual business seasonality and new product releases are positive signs for a strong  second half of the year.  Galloy was especially positive about the company’s prospects for 2012, saying. “Next year shall benefit from big sporting events and the current developments leveraging our position in studio niches.”

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Related Content:

Press Release: EVS REPORTS REVENUE AND RESULTS FOR 1Q11

EVS Q1 2011 earnings presentation to equity analysts

More Broadcast Vendor M&A: EVS Sells XDC CineStore Digital Cinema Technology to Barco

EVS Posts Record Revenue in 2010, Driven by Improving Market Conditions and Global Move to HDTV

Press release: EVS reports revenue and results to Q1 2010

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EVS Q3 Revenue up 69.4%, Delivers 55% Operating Margins

broadcast industry technology trends, Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Nov 18 2010

Broadcast server and slow-motion vendor EVS announced strong results for the third quarter of 2010, saying it was the seventh consecutive quarter of growth.

The company reported revenue of €33.2m, with gross margins of 83% and operating margins of 55%.  Quarterly revenue jumped +69.4% vs. the same period last year, and was up 10% versus the previous quarter.  EVS said that revenue for the quarter grew +53.4% at constant exchange rate and excluding the big events rentals in 2010.

The company also said that its order book had increased by 23.1% (excluding big event rentals) to €29.8m.  Significantly 57.9% of the order book is for studio revenue.

On a segment basis, OB revenue was up 77.9% versus the same period a year ago and accounted for two-thirds of the total in the quarter.  Studio revenue was 11.4m, 34.3% of the total.   

On a geographic basis, EMEA revenue was €17.4m (52.5% of total), which is an increase of 33% compared to the same period a year ago.  The company said that the transition to HDTV operations and tapeless workflows continue to drive growth in EMEA.

Revenue from the Americas jumped 149.7% versus Q3 2009 to €9.1m (27% of total).  Stadiums were a key driver in the US market with 16 stadiums having bought new EVS solutions or upgraded existing equipment since the beginning of 2010.  The company said that the market in Latin America is moving well.

APAC revenue grew 115.6% to €6.7m, with the Youth Olympic Games and Asian Games being cited as growth drivers.

Year to date, the company’s revenue was €84.3m, a 50.3% increase versus the first nine months of 2009.  On a geographic basis, revenue during the first nine months of the year increased substantially in all regions, with EMEA 33.1%, Americas up 76.2% and APAC up 74.9%.

For the full year, the company said that it expects revenues to grow by more than 35%, with an EBIT margin of around 50%, despite significant investments in staff increases.

The company says it is entering 2011 with mixed expectations.  Company CFO Jacques Galloy said that 2011 “will be an odd year, without any major event (which represented more than EUR 10 million of rentals in 2010), benefiting from the industry recovery, while our company invests in innovation and expansion. Above all, 2011 has the Olympic year 2012 at the horizon.”

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

The full EVS conference call presentation to equity analysts is here.

Information about the previous quarter is here.

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EVS Reports Strong Q2 Results: Revenue up 61.2%, Operating Margins of 52.4%

broadcast industry trends, broadcast technology market research, Broadcast technology vendor financials | Posted by Joe Zaller
Aug 26 2010

Belgian-based broadcast sports slow motion and studio server specialist EVS announced strong results for the second quarter of 2010 today, driven by an improving broadcast market and the 2010 World Cup.  The company also reported a strong order book of future orders.

The company reported revenue of €30.2m during the quarter, with gross margins of 79.4% and operating margins of 52.4%. The revenue for the quarter represents an increase of 61.2% versus the same period a year ago, and an increase of 41.6% at constant currency and excluding rental income from major events. Sales were positively impacted by the 2010 World Cup, where EVS supplied more than €5m of equipment (with rental revenues split over Q2 and Q3).

For the first half of 2010, EVS revenue came in at €51.1m, an increase of 40% versus 2009. Operating margins for the first six months were 49.9%.

The company also announced that its summer order book had risen by 64.8% to €38.9m, 40% of which is for studio applications.

Revenue was up in all geographic regions.

EMEA revenue increased 83.9% to €17.6m, with studio applications accounting for 58% of sales.  The company said that the fragmentation of the European market continues to present a strong opportunity as broadcasters in multiple countries make the transition to tapeless workflows and HDTV operations.

Revenue from the Americas region jumped 55.9% to €9m, driven by continuing HD upgrades and expansion of existing workflows.

Sales in Asia rose 7.5%, with studio applications accounting for 69% of the total.  The company says that it expects increased traction in Asia during the second half of the year due to forthcoming large events there.

In both its earnings press release and presentation to analysts, the company stressed that it is investing in its future, saying it has been recruiting new staff and still has 30+ open positions.  The company says it is recruiting software engineers to develop studio applications, and also plans to expand geographically.

The company issued an upbeat statement in its earnings press release.  CEO Pierre L’Hoest declared the 2010 World Cup a huge success and, and highlighted the company’s progress in the studio market, where it continues to make good progress. EVS CFO Jacques Galloy said that the company’s order momentum continues to be solid in both studio and outside broadcast segments, which have benefitted from the market recovery.

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EVS always provides a lot of detail in its earnings press release and presentations.

You can read the full EVS earnings press release here

You can see the full EVS presentation to analysts here

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