Posts Tagged ‘Kevin Prince’

Chyron Revenue Increases 8% in 2010 as Company Achieves Positive EBITDA on Smaller Losses. Separately, SVP and COO Kevin Prince Resigns

Quarterly Results | Posted by Joe Zaller
Mar 17 2011

Broadcast graphics solutions provider Chyron reported that its revenue for the fourth quarter of 2010 was $7m, down 2% versus the fourth quarter of 2009, and up 1% versus the previous quarter.  The company posted a net loss of $550,000 for the quarter, compared to a net loss of $310,000 during the same period a year ago, and a loss of $480,000 last quarter.  The company’s adjusted EBITDA (a non-GAAP measure) was $700,000 during the quarter.

Service revenue in the quarter was $1.65m, or 23% of total revenue in the quarter.  This represents a 36% increase versus the same period a year ago and an increase of 30% when compared to the previous quarter.  Chyron’s service revenue includes the sales of Chyron’s AXIS cloud-based graphics service, maintenance agreements, training and creative services.

Product revenue in the quarter was $5.38m, a decrease of 10% versus Q4 2009 and an increase of 1% versus the previous quarter. 

For the full year 2010, the company’s revenue was $27.7m, up 8% versus 2009.  Chyron posted a net loss of $2.4m in 2010, 23% better than the net loss of $3.12m in 2009.  However, the company achieved a profit of $340,000 on an EBITDA basis, an improvement on the $1m EBITDA loss in 2009.

Full year revenue from services was $6.28m, up 31% versus 2009, and accounting for 23% of total revenue in 2010.  Product revenue for the year was $21.45m, a increase of 3% versus 2009.   

Chyron president and CEO Michael Wellesley-Wesley attributed the company’s improving performance to continued recovery in the broadcast market, particularly in the second half of the year, and a focus on cost during the year.

Wellesley-Wesley he said is “guardedly confident that the recovery in the broadcast markets will continue and will generate renewed demand for our products and services offerings throughout 2011 and into 2012.”

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Chyron SVP & COO Steps Down

Separately, Chyron reported via an 8-K filing with securities regulators that company SVP and COO Kevin Prince has notified the company that he will resign from his role effective March 25, 2011, due to other commitments.

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Related Content

You can read Chyron’s Chyron Q4 and Full year 2010 press release here

Information on Chyron Q3 2010 results are here.

The notification of the resignation of SVP & COO Kevin Prince is here.

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