Vizrt Ltd. releases 2012 audited financial statements
Bergen, Norway, April 30, 2013, Vizrt Ltd. (Oslo Main List: VIZ)
Vizrt Ltd. today released its 2012 audited financial statements. Following the disclosure in the Q4 2012 results release as of February 14, the Company has completed an impairment analysis related to the Escenic acquisition as required by accounting rules. An additional non-cash impairment charge of MUSD 3.0 was recorded as a separate item in the operating expenses and has to be included in the results of the fourth quarter of 2012, as well as in the full financial year ended December 31, 2012. The numbers related to full year 2012 and Q4 2012 will be adjusted accordingly. While there is no change in EBITDA and recurring EBIT compared to the February 14, 2013 results release, the net profit is adjusted to MUSD 1.7 for FY2012 and MUSD 0.9 for Q4 2012. Basic earnings per share are revised to USD 0.03 for the full year and USD 0.01 for the quarter.
This impairment charge came in addition to the non-cash impairment charge of MUSD 7.8 that was recorded in the second quarter of 2012. Following the total 2012 non-cash impairment charge of MUSD 10.8 there are no additional goodwill and intangible assets related to the Escenic acquisition left in our balance sheet.
Vizrt provides real-time 3D graphics and asset management tools for the broadcast industry - from award-winning animations & maps to online publishing tools. Vizrt's products are used by the world's leading broadcasters and publishing houses, including: CNN, CBS, Fox, the BBC, BSkyB, ITN, ZDF, Star TV, Network 18, TV Today, CCTV, NHK, The Globe and Mail, Times Online, The Telegraph, and Welt Online. Furthermore, many world-class production houses and corporate institutions such as the Stock Exchanges in New York and London use Vizrt systems.
Vizrt is a public company traded on the Oslo Main List: VIZ, ISIN: IL0010838154. For further information please refer to www.vizrt.com
Martin Burkhalter / CEO / +41 22 365 75 01 / MBurkhalter@vizrt.com
Tomer Wald / CFO / +47 5351 8040 / TWald@vizrt.com
Frank Schwarz / Schwarz Financial Communication / +49 611 1745 398 11 email@example.com
Copyright © Vizrt. All rights reserved. This press release contains forward-looking statements with respect to the business, financial condition and results of operations of Vizrt and its affiliates. These statements are based on the current expectations or beliefs of Vizrt's management and are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These risks and uncertainties relate to changes in technology and market requirements, the company’s concentration on one industry, decline in demand for the company’s products and those of its affiliates, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the company to differ materially from those contemplated in such forward-looking statements. Vizrt undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.