Posts Tagged ‘Pharos’

Evertz Announces $9 Million Order From Unnamed International Customer

Broadcast technology vendor financials, Broadcast Vendor M&A | Posted by Joe Zaller
Aug 01 2013

Evertz announced it has closed a deal with an international customer valued at more than C$9m.

The company says the order “reflects the adoption and broad deployment of Evertz infrastructure, routing, compression, conversion, visualization, monitoring and control solutions by a key international customer.”

Evertz is notoriously tight-lipped about major sales announcements, but does occasionally provide some information.

In September 2012 Evertz disclosed on its Q1 Fiscal 2013 earnings call that it had received orders during the quarter from a single customer that totaled approximately C$14.4m,(15% of the company’s revenue that quarter) but did not disclose the customer’s name.  In November 2012, the company announced that it had has received purchase orders “from two unnamed “national US customers, totaling in excess of $12 million.”

The company is similarly quiet about its ongoing M&A activity, and rarely discloses the names of acquired companies.

In December 2012, Evertz announced it had spent $5m to acquire an 80% position, in a “technology-based company with revenues in excess of $10m.”  Evertz did not disclose who they bought, saying only that the acquisition will be accretive to earnings and that the acquired company’s “unique communications solutions and services along with the expertise of its talented staff complement Evertz infrastructure, transport and control solutions.”

Similarly, when Evertz purchased UK-based automation and media management provider Pharos in late 2010, the company said only that it had “entered into an agreement to purchase the shares of an international technology based company for under $5m.”

The strategy appears to be working for the company. For the full 2013 fiscal year, Evertz posted net earnings of C$65.2m (C$0.88 per share), up 9% compared to net earnings of C$60m (C$0.81) in fiscal 2012.  Fiscal 2013 revenue was C$316.3, up 8% versus the previous year, and a record result for the company.

Q4 fiscal 2013 earnings were C$10.52m (C$0.11 per share), down 40% versus the same quarter last year, and down 20% versus the third quarter of fiscal 2013.  Q4 FY 2013 revenue was C$65.4m, down 14% versus the same period a year ago, and down 9% versus the previous quarter.

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Related Content:

Press Release: Evertz Reports Purchase Order in Excess of $9 Million

Evertz Misses Expectations as Revenue Dip 14 Percent in Q4 FY 2013, Still Delivers Record Full-Year Performance

More Broadcast Vendor M&A: Evertz Makes $5 Million Mystery Buy

Evertz Discloses Orders Worth More Than $12 Million From Two Mystery US Customers

More Broadcast Vendor M&A: Evertz Buys Pharos, Adding Automation and Media Management Capabilities to New Playout Solutions

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© Devoncroft Partners 2009 – 2013. All Rights Reserved.

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More Broadcast Vendor M&A: Evertz Makes $5 Million Mystery Buy

Broadcast Vendor M&A | Posted by Joe Zaller
Dec 19 2012

Broadcast infrastructure and playout specialist Evertz Technologies reported that it has spent $5m to acquire an 80% position, in an unnamed “technology-based company with revenues in excess of $10m.”

Evertz said the acquisition will be accretive to earnings and that the acquired company’s “unique communications solutions and services along with the expertise of its talented staff complement Evertz infrastructure, transport and control solutions.”

Evertz is notoriously tight-lipped about its business activities, including M&A, and rarely discloses the names of acquired companies.

When Evertz purchased UK-based automation and media management provider Pharos in late 2010, the company said only that it had “entered into an agreement to purchase the shares of an international technology based company for under $5m.”

The company is similarly quiet about major sales announcements, but does occasionally provide some information.

In September 2012 Evertz disclosed on its Q1 Fiscal 2013 earnings call that it had received orders during the quarter from a single customer that totaled approximately C$14.4m, but did not disclose the customer’s name.  Last month the company announced that it had has received purchase orders “from two unnamed “national US customers, totaling in excess of $12 million.”

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Related Content:

Press release: Evertz Invests in a Technology Company

Evertz Beats Expectations in Q1 Fiscal 2013 as Profits Jump 41 Percent

Evertz Discloses Orders Worth More Than $12 Million From Two Mystery US Customer

More Broadcast Vendor M&A: Evertz Buys Pharos, Adding Automation and Media Management Capabilities to New Playout Solutions

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© Devoncroft Partners. All rights reserved.

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Evertz Beats Expectations in Q1 Fiscal 2013 as Profits Jump 41 Percent

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Sep 14 2012

Evertz announced that its revenue for the first quarter of its 2013 fiscal year was C$96m, an increase of 28% versus the same period a year ago, and up 26% versus the previous quarter.

Net earnings for the quarter were C$24.8m (C$0.34 per share), up 41% versus the same quarter last year, and up 87% versus the previous quarter.

The results for the quarter were well above the expectations of equity analysts, who on average were looking for revenue of C$84.9m and EPS of C$0.25.

Revenue in the US/Canada region was C$59.4, or 62% of total revenue, up 31% versus the same period a year ago, and up 62% versus the previous quarter.

International revenue was C$36.6m, an increase of 23% versus the same period last year, and down 8% versus the previous quarter. International sales were 38% of total revenue, down from 40% last year.

Evertz EVP Brian Campbell attributed the revenue growth to the ongoing transition to HD, a growing demand globally for high quality video, traction in the company’s workflow solutions from its purchase of Pharos, and several large projects that were recognized during the quarter.

The company had 76 orders in the quarter that were greater than C$200,000, and the top ten customers provided for 41% of revenue (C$39.4m), so Evertz clearly closed some big deals close during the quarter.

Significantly, one customer accounted for 15% of total revenue, or C$14.4m, during the quarter. C$14.4m is a huge order for any broadcast vendor, and this means that the company’s revenue during the quarter was significantly more concentrated than in the past.  For comparison, during the previous quarter no customer accounted for more than 5% of total revenue, or C$3.82m. In response to questions about the “15% customer” from Canacord Genuity analyst Robert Young, Brian Campbell pointed out that the 15% number relates to all product shipped to a single customer during the quarter, not necessarily a single order for one project.  Campbell also said that although this order was indeed large, the company has had large orders in the past.  What appears to make this order unusual is that it appears to have happened during a single quarter as opposed to delivery over multiple quarters, which Campbell said is more common.  Campbell declined to state who the customer was, or its geographic location, but given the rise in US/Canada sales, and the q/q decline in international revenue, it’s easy to speculate.

The strong results follow on from the previous quarter when Evertz announced that its order backlog had reached a record C$57m, and said that most of this backlog would ship during the current quarter. This appears to have happened, as the company’s order backlog at the end of the first quarter of its 2013 fiscal year was C$40m, or 30% lower than three months ago.

Gross margins in the quarter were 58%, up from 57% last year and up from 56% last quarter.  The company attributed its margin expansion in the quarter to higher revenue and traction in new product areas. Company CFO Anthony Gridley said that gross margins were within the company’s targeted range of 56% to 62%, and that the company is “comfortable” with that range.  Campbell added that this margin range allows Evertz to make money while remaining price-competitive in the market.

R&D expenses in the quarter were C$11.8m, an increase of 14% versus the same period last year, and down 8% versus the previous quarter when the company accelerated the purchase of materials and prototypes in order to take advantage of government tax incentives before the end of its fiscal year.  Gridley said the company is constantly adding R&D staff, so any reported decline in R&D spending is typically the result of an increase in prototypes in previous quarters.  Campbell said that the company will continue to invest in R&D as the company sees its engineering strength as a key market differentiator, and Evertz intends to “continue to extend this lead.”

SG&A expenses for the quarter were C$12.4m, an increase of 19% versus last year, and essentially flat with the previous quarter. Selling and administrative expenses represented approximately 13% of revenue in the quarter versus 14% of revenue during the same period last year, and 16% of revenue last quarter.

The company’s purchase order backlog at the end of August 2012 was in excess of C$40m, up 90% versus the same period last year, and down 30% versus the previous quarter.

Commenting on the recent IBC trade show, Campbell said that Evertz saw increasing awareness of some of its recent large R&D investments.  He specifically cited video transport, IT-based playout, asset management, and compressed domain products as areas where the company is seeing interest.

When asked by an analyst about the pick-up in broadcast technology M&A activity such as the recent purchase of Miranda by Belden, and the decision by Harris to divest its broadcast business, Campbell responded by saying that Grass Valley should be added to this list because it is also has been going through changes since being acquired by Francisco Partners.  Campbell implied that the distractions facing competitors was a net positive for Evertz.  “Customers look to Evertz as a very stable entity with very little disruption, so we’ve been able to capture market share” he said.

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Related Content:

Press Release: Evertz Technologies Reports Results for the First Quarter Ended July 31, 2012

Previous Quarter: Evertz Q4 FY 2012 Revenue Rises 11 Percent, Order Backlog at Record Level

Previous Year: Evertz Beats Expectations in Q1 2012 as Domestic Revenue Increases Six Percent

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© Devoncroft Partners. All Rights Reserved.

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The 2011 Big Broadcast Survey – Now Available

broadcast industry technology trends, broadcast industry trends, Broadcast technology channel strategy, broadcast technology market research, Broadcast Vendor Brand Research, Top Broadcast Vendor Brands | Posted by Joe Zaller
Mar 10 2011

After many months of work, I am pleased to announce that the 2011 Big Broadcast Survey (BBS) has been completed, and that reports from the study will be published soon.

If you’re not familiar with the BBS, it’s an annual demand-side study of the global broadcast industry. BBS reports help readers improve their strategic decision making, customer engagement, marketing strategy, product planning, and sales execution.

More than 8,000 broadcast professionals in 100+ countries participated in the 2011 BBS, making it by far the largest and most comprehensive market study of the broadcast industry.

Three types of reports are available:

  • The BBS Global Market Report is the broadcast industry’s first global demand-based study of the purchasing habits of technology buyers.  This report examines industry trends, major projects being planned, products being evaluated for purchase, current and future plant infrastructure and operational structure, broadcast technology budgets, and HD upgrade plans for a wide variety of products.

 

  • BBS Global Brand Reports are available for more than 100 broadcast technology vendors.  These reports provide deep insight into how each company is perceived by the market, along with comprehensive benchmarking of broadcast technology vendors on a wide variety of metrics, through a series of league table rankings

 

  • Twenty-six separate 2011 BBS Product Reports provide detailed vendor brand ranking for individual product categories. These reports enable users to benchmark their brand directly against specific competitors through a detailed understanding of the opinions of technology buyers who purchase, specify or use each product type.  

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If you would like information about these reports and how they can help your business, please get in touch.

In addition to these paid-for reports, we will also be publishing highlights from the study on the Devoncroft website.  These articles will be posted on a semi-regular basis, so please check back often.   

You’ll also be seeing information from the 2011 BBS in a wide variety of other industry websites and trade magazines.

The tables below show the product categories and broadcast technology vendor brands covered in the 2011 BBS.

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 Product Categories Covered in the 2011 BBS:

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Broadcast Technology Brands Covered in the 2011 BBS:

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Evertz Q3 Net Income Doubles as Revenue Rises 26 Percent

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Mar 08 2011

Evertz Technologies reported that its revenue for the third quarter ended January 31, 2011, was C$83.2m, an increase of 26% versus the same period a year ago, and an increase of 1% versus the previous quarter.

The results were driven by a strong performance in the US and Canada, where revenue was C$48.5m, an increase of 44% versus the same quarter last year, and an increase of 20% versus the previous quarter.  The US and Canada accounted for 58% of the total revenue in the quarter.

International revenue for the quarter was C$34.7m, an increase of 7% versus the same quarter last year, but down sharply from C$42.8m in the previous quarter.  Company management said that Evertz experienced a “high level of quotation activity” in international markets, but implied that international sales had impacted by the recent unrest in the Middle East.

The company’s top 10 customers accounted for approximately 32% of revenue (C$26.6) during the quarter, with no one customer accounting for more than 9% (C$7.5m).  The company had fifty-seven order of more than C$200,000.

Net income for the quarter was C$23.6m, up 102% versus the same period a year ago, and up 13% versus last quarter.

Gross margins for the quarter were 57.5%, up from the 57% gross margins achieved in the same period a year ago, but down slightly from the previous quarter.  Evertz executive VP Brian Campbell said that although the company’s gross margins were impacted by competitive pricing pressure as well as volume discounts on large orders, they were within the company’s target range of 58%-62%.

Research & development cost for the quarter was C$9.6m, an increase of 21% versus the same period a year ago, and an increase of 17% versus the previous quarter.  On the company’s earnings call with equity analysts, Evertz CFO Anthony Gridley said the increase in R&D was due to recent acquisitions (including the purchase of Pharos) and a general increase in R&D headcount.  Evertz says it intends to continue to increase R&D investment.

SG&A for the quarter was C$10.2m, or was approximately 12% of revenue.

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Year to Date

For the first nine months of the year the company’s sales were C$239.4m, an increase of 13% versus the same period a year ago.  Year-to-date revenue from the US and Canada was C$131.1m, an increase of 11% versus last year, while sales from the international region was C$108.3m, a 17% increase versus last year. Gross margins for the first nine months of the year were 57.8% versus 58.5% last year.  Year-to-date net income was C$65m, up 41% versus the first nine months of fiscal 2010.

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New Server and Integrated Playout Products at NAB

Campbell said that Evertz expects there to be a lot of interest in it new server platform and Overture “channel-in-a-box” product at the NAB show in April.  He also said that visitors to the Evertz NAB booth would see the results of the integration of recently acquired technology from Pharos.

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Related Content:

You can read the full Evertz Q3 FY 2011 earnings release here.

The Evertz Management’s Discussion and Analysis (MD&A) filing with Canadian regulators is here (Catchpa code required)

Information on Evertz’s previous quarter results are here.

Information on the acquisition of Pharos by Evertz is here.

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More Broadcast Vendor M&A: Evertz Buys Pharos, Adding Automation and Media Management Capabilities to New Playout Solutions

broadcast industry trends, Broadcast technology vendor financials, Broadcast Vendor M&A | Posted by Joe Zaller
Jan 04 2011

When Evertz released their Q2 numbers last month, the earnings press release included a short paragraph that said:

Subsequent Event: The Company, on December 3, 2010, entered into an agreement to purchase the shares of an international technology based company for under $5 million.

When asked about this purchase by equity analysts on the earnings conference call, Evertz EVP Brian Campbell did not identify the acquired company by name, but said that it had revenue of around C$9m and was modestly profitable.  Campbell went on to say that the newly acquired company provides file-based workflow, automation and content management tools that will help Evertz accelerate its penetration of file-based markets, specifically those it will soon be addressing with its recently announced media server and channel-in-a-box products.  

I have now had it confirmed that the acquired company is UK-based Pharos.

There is good logic behind this deal, and it appears to make sense for both sides.  Evertz recently launched video server and channel-in-a-box products, but lacked the media management and automation systems required for comprehensive control.  Pharos had the right software tools, but lacked a hardware platform – a situation that was increasingly becoming an issue as their competitors consolidated and aligned through M&A (e.g. Miranda’s acquisition of OmniBus) and / or as automation vendors increasingly enter the playout business with their own hardware platforms (e.g. Snell’s Morpheus ICE and the Pebble Beach Dolphin system).

Pharos co-founder Spencer Rodd told me the two companies started talking at the 2010 IBC show about how to integrate Pharos’ automation and media management products with the new Evertz playout server and channel-in-a-box products.  The product integration went well and Rodd said that he was very impressed by what he saw at Evertz, especially its engineering ethos and ability to mobilize engineering teams and get projects done quickly.  Once the initial integration was completed, the two companies recognized that a deeper relationship made sense, and the deal was done.

Although Pharos has been acquired by Evertz, it will remain a stand-alone business unit and both Rodd and fellow co-founder Roger Heath are remaining with the company.

Rodd says that no layoffs are planned and that Pharos is currently hiring in order to expand its team and to penetrate new markets including North America.  This is clearly good news for Pharos, since the company was in danger of being stretched too thinly as it worked to deliver complex multi-site projects for customers world-wide.  The additional resources now available to the Pharos team will enable them to deliver projects more smoothly, and should also give customers the confidence to invest in Pharos technologies.

The deal is due to be announced tomorrow.

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The Top 30 Improving Vendor Brands in Broadcast Technology, Ranked Globally and Regionally

broadcast technology market research, Broadcast Vendor Brand Research, Top Broadcast Vendor Brands | Posted by Joe Zaller
Jun 07 2010

This is the second in a series of posts about the how the brands of broadcast technology vendors were ranked by respondents to the 2010 Big Broadcast Survey (BBS).

Each year as part of the Big Broadcast Survey (BBS), a global sample of broadcast professionals are asked to rank their opinion of a number of technology vendor brands on a wide range of metrics.  This information is used to create a series of reports, which through benchmarking and industry “league tables” enable these vendors to understand their competitive position in the market.

More than 5,600 people in 120+ countries participated in the 2010 BBS, making this the largest ever and most comprehensive study of the broadcast industry. In addition to measuring a variety of broadcast industry trends, more than 100 vendor brands (in 27 separate product categories) were evaluated by respondents.

Recently, I discussed how respondents to the 2010 BBS ranked The Top 30 Broadcast Technology Vendor Brands by Overall Opinion, Ranked, Globally and Regionally

Appearing in the top 30 of an overall opinion poll is obviously a good place for any vendor to be, but this only scratches the surface of how the market views a brand. 

While indicative of the market’s view, these overall opinion rankings are presented as a snapshot in time.  They also provide a somewhat one-sided view of how brands are regarded because they take only positive perceptions into account.  In order to get a better understanding of how broadcast technology vendor brands are perceived, it is necessary to look at both the positive and negative opinions of brands, and to take into account how these opinions have changed over time. 

One way to do this is to ask people who have an opinion of a brand, how their opinion of that brand has changed over time – i.e. has it improved, declined or stayed the same. 

When you do this, you can get some interesting results.  It turns out that some brands are more polarizing than others, with different respondents having very different opinions.  For example, here’s a chart from the 2009 Big Broadcast Survey. 

 

Notice that in the above table, the company that was ranked #1 for “got better” also ranked #1 for got worse.

Given these results, it is perhaps more useful to calculate the Net Change in Overall Opinion for each brand, which is calculated by using the following formula:

GB-GW/# of total respondents = Net Change in Brand Image

In other words, the percentage of respondents who said a brand “got worse” is subtracted from the percentage of respondents who said their opinion of a brand had “got better” (ignoring the “stayed the same” number).

This takes into account both the positive and negative perceptions of brands, along with how these opinions have changed over time.  It also presents a more balanced view of which brands are getting better and which are getting worse in the minds of market participants. 

Because some brands are polarizing (as seen in the example above), it’s possible that a strong “got better” response might be cancelled out by a strong “got worse” response.  As a result some companies who were rated in the top 30 on just the “got better” score were not included in the global or regional top 30 because their high “got worse” score dragged down their overall result.  At the same time, a few of the companies with high “got worse” scores still made the top 30 list because these negative scores were cancelled out by even higher “got better” scores. 

In order to arrive at the Net Change in Overall Opinion, research participants were asked whether their opinion of various brands had “got better”, “got worse” or “stayed the same” over the past 2-3 years.

The results of this enquiry are shown below in two ways:

  • An overall industry “league table” that shows the 30 highest ranked vendors for the metric “Net Change of Overall Opinion.”  The data in this chart is broken out globally and regionally. 

 

  • An analysis of the “frequency” of appearance in the “Net Change of Overall Opinion” league table.”

 

The top 30 ranked brands for Net Change of Overall Opinion are shown below for both the global sample of all respondents as well as for all respondents in each of the geographic regions.  

 

 In all cases, these results are shown in alphabetical order, NOT in the order in which they were ranked by respondents to the survey.      

 

Question: Has your opinion of the following brands improved or declined over the past 2 years in relation to the broadcast technology products / services they provide?

Interestingly, a total of 65 broadcast technology vendor brands are included in this table, demonstrating the strong variation in opinion change based on geographic segmentation of respondents.

In terms of frequency of appearance in this table:

  • 3 brands appear four times, meaning they were ranked in the top 30 globally and in each geographic region. It is possible
  • 10 brands appear three times
  • 26 brands appear two times
  • 26 brands appear once, which demonstrates that some brands are strongest in one geographic area

 

Analysis of the data shows that are some clear market leaders on a global basis, while others are strong on a regional basis. 

A breakdown of how many times each company appears in the ranking shows how many times each brand appears in the chart above.

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Brands appearing four times:

  • Barco, IBM, Ikegami

 

Brands appearing three times:

  • Avid, Chyron, For-A, JBL, JVC, Mackie, Motorola, Siemens, Telex, Yamaha

 

Brands appearing two times:

  • AKG, Audio-Technica, Axon, Dayang, Dolby, Echolab, Electro Voice, EMC, EVS, Fujitsu, Grass Valley, Harmonic, Harris, Klein + Hummel, Orad, Pesa, Pharos, Quantel, RTS Intercom Systems, SeaChange, Shure, Snell, Solid State Logic, Sundance, Tandberg / Ericsson, Tektronix

 

Brands appearing once:

  • Accenture, AMS-Neve, beyerdynamic, Dalet, Evertz, Focal, HP, KRK Systems, Leader Instrument, Marshall Electronics, Miranda, Net Insight, Neumann, Omneon, Omnibus, Pilat, Pixel Power, Quantum, Rohde & Schwarz, Ross Video, S4M, Screen Service, Sintecmedia, Utah Scientific, Vizrt, Wheatstone

 

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Analysis of overall opinion by region:

The table below shows the global and regional performance for each brand in the top 30 ranking of overall opinion. 

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The frequency chart shows some interesting geographic variation in the data, which is highlighted below.

 

Only Global

Interestingly a the following 13 appear in the top 30 Net Change in Overall Opinion for the global sample, but not in any of the regions. 

  • Accenture, AMS-Neve, Focal, KRK Systems, Leader, Net Insight, Omnibus, Pilat Media, Pixel Power, Quantum, Sintecmedia Utah Scientific, Wheatstone

There a number of possible explanations for this.  For example these companies may have fared well in each of the regions, but not well enough to make the top 30.  However when all responses are aggregated, there positive data propels these brands to the top 30 on a global basis.  It is also possible that these brands scored well on a regional basis, but that the regional sample was insufficient to be included in the regional rankings.

 

All regions, but not global

Interestingly, for four brands the converse of the above also occurred – i.e. these brands made the top 30 list for Net Change of Overall Opinion in each of the three regions, but not in the global sample.

  • Avid, For-A, JBL, Yamaha

Again this is due to a variety of factors including the aggregate strength of certain brands, coupled with sample sizes.

 

Global + one region

Nine brands managed to achieve a top 30 ranking in the global Net Change in Overall Opinion league table, despite being in the top 30 of only one of the three geographic regions.

  • Dayang, Echolab, Electrovoice, Fujitsu, JVC, Motorola, Pesa, Quantel, Sundance

 

 

 

Regional Variation

The following brands did not make the top 30 in the global league table of overall opinion, but they did appear in the top 30 overall opinion ranking in one of the geographic regions:

 

Only EMEA

Beyerdynamic, Dalet, Neumann, S4M,

 

Only Asia

Evertz, HP, Miranda, Omneon, Rohde & Schwarz, Ross Video, Screen Service

 

Only Americas

Marshall Eelctronics, Vizrt

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Please keep in mind when reviewing this information that all data these charts are presented in alphabetical order, not in the order brands were ranked by respondents to the 2010 BBS.  Also, the charts in this posting measure the responses of all 2010 BBS respondents, regardless of their company type, company size, geographic location, job title and budget for broadcast technology products.  

In order to get full value from this data, it is necessary to evaluate these results on a granular basis.  If you would like more information, please contact Devoncroft Partners.

This article is based on the findings from the 2010 Big Broadcast Survey (BBS), a global study of industry trends, technology purchasing behavior and the opinion of vendor brands.  With more than 5,600 people in 120+ countries participating, the 2010 version of the BBS is the largest and most comprehensive market study ever done in the broadcast industry.

2010 Syndicated Broadcast Technology Market Research Now Available

broadcast technology market research | Posted by Joe Zaller
Mar 05 2010

Reports from the 2010 Big Broadcast Survey (BBS), conducted by Devoncroft Partners, are now available for purchase.

The 2010 BBS is the largest ever and most comprehensive market study of the broadcast industry. More than 5,600 broadcast professionals in 120+ countries participated in the project.

Reports derived from BBS data deliver insight into the opinions and attitudes of key technology buyers including broadcasters, playout centers, cable/satellite/ IPTV operators, radio stations, recording studios and more. This includes industry trends; purchase intent and buying behavior; major project plans; products being evaluated for purchase.

2010 BBS reports also provides detailed opinions of 148 broadcast technology vendor brands in 27 separate product categories (see below for details)

For more information about the available reports and their contents, please follow this link.

 

Product Categories Covered in 2010 BBS reports:

 

Vendor Brands Covered in 2010 BBS reports:

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