Posts Tagged ‘Mikael Jacobsson’

Digital Vision Q1 Revenue Declines 27 Percent, New CEO Outlines Plan for Growth

Broadcast technology vendor financials, Broadcast Vendor M&A, Quarterly Results | Posted by Joe Zaller
May 10 2011

Sweden-based Digital Vision, a provider of tool to the post production industry, reported that its revenue for the first quarter of 2011 was $1.8m (SEK 11m,) a decline of 27% versus the same period last year, and a decline of 29% versus the previous quarter.  Orders in the quarter declined 21% to $2.06m (SEK 12.8m), versus the same period a year ago. Gross margins in the quarter were 76%, up from 74% last year.

These results do not include Image Systems, which was recently acquired by Digital Vision for $7.2m in cash and stock. The two companies were consolidated on the first day of the current quarter, so future results will include contributions from both Digital Vision and Image Systems.

In the future the Digital Vision name will be dropped, and the company will be known as Image Systems.  At the recent NAB tradeshow in Las Vegas, the company exhibited as Image Systems.

Newly appointed company president Michael Jacobson said that he created a three-stage plan for the company when he joined – merger, integration and growth.  “We have just completed merger phase with the launch of the new company at the NAB trade show in the U.S., where new products, new management and [the] new organization [was] presented,” he said.   Jacobson also reported that the company has identified and started to produce both cost and sales synergies, and that intensive work is underway to rapidly increasing profitability and significantly lower risk.

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Related Content:

Press release: Interim Report of Digital Vision AB (translated from Swedish)

Digital Vision Posts $6.9m Loss in 2010 as Sales Drop 27 Percent

Digital Vision Acquires Image Systems for $7.2m in Cash and Stock, Appoints New CEO

Digital Vision Announces Timetable for 100:1 Reverse Stock Split

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Digital Vision Announces Timetable for 100:1 Reverse Stock Split

Broadcast technology vendor financials | Posted by Joe Zaller
Feb 09 2011

Sweden-based post production tools vendor Digital Vision today announced the time timetable for a 100:1 reverse stock split.

The company said the decision to conduct the reverse stock split was taken at an extraordinary general meeting of shareholders on February 1, 2011. 

The reverse split means that 100 shares, each with par value of 0.025 SEK, will be consolidated into one share of par value of SEK 2.50. After the reverse split, the number of outstanding shares in Digital Vision will be reduced from 64,7723,000 shares to 6,477,230 shares.

According to the company’s timetable, February 11th, 2001 will be the last day of trading with the current number of shares; and February 14, 2011 will be the first day of trading for the consolidated shares.

Digital Vision has been making a number of changes since it reported a 36% drop in its Q3 2010 revenue, which it attributed to weakness in the US market and the impact of currency.

Last month, Digital Vision announced that it had acquired Image Systems, a specialist provider of image processing and motion analysis, in a cash and stock deal valued at approximately $7.2m.  As part of that deal, the company said it would make Mikael Jacobsson, the largest shareholder in Image Systems, the new CEO of Digital Vision, replacing current CEO Bengt Broman.

In a statement, Digital Vision said that planned reverse stock split is part of a previously announced financial restructuring program that was planned prior to the acquisition of Image Systems.

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Digital Vision Acquires Image Systems for $7.2m in Cash and Stock, Appoints New CEO

broadcast industry trends, Broadcast technology vendor financials, Broadcast Vendor M&A | Posted by Joe Zaller
Jan 05 2011

Post production solution provider Digital Vision has entered into an agreement to buy Image Systems, a specialist provider of image processing and motion analysis, in a cash and stock deal valued at approximately $7.2m.

The $7.2m purchase price represents a multiple of 1.22x Image Systems revenue of approximately $5.9m. Digital Vision is funding the deal with about $3.6m in cash, with the balance being comprised of 344 million new shares of stock, also valued at around $3.6m.

According to the company, the combination of Digital Vision and Image Systems will result in a company with pro forma revenues of around $18.5m, and EBITDA of approximately $2.22m before non-recurring costs.

According to Digital Vision CEO Bengt Broman the deal will help the enlarged company attain profitability and growth. This is clearly something the company needs.  Digital Vision posted a net loss of $1.2m in its most recent quarter as its sales fell 36%. During the first three quarters of its fiscal year, Digtial Vision has lost $2.7 on revenue of $6.2m.  “My firm belief is that the company now has a stable financial base and access to new market channels,” said Broman.

As part of the deal the company will make Mikael Jacobsson, the largest shareholder in Image Systems, the new CEO of Digital Vision, replacing Broman.

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