Vizrt Reports 2005 Annual Results

36% revenue growth year-over-year
43% revenue growth quarter-over-quarter

Bergen, Norway, February 14, 2006, Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) today announced its financial results for 2005 with yet another record revenue and record bottom line results, reaching USD 6.0M net profit for 2005 and USD 2.1M net profit in Q4 2005.

Results Highlights:

Combined with the record revenue growth and record net profits both in Q4 2005 and for the year 2005, the company successfully:
  • Completed a secondary listing and issuance of 1.0 million shares on the Oslo Stock Exchange,
  • Acquired Curious Software, expanding the company's product platform as well as the installed base of customers
  • Invested in Adactus to deliver real-time graphics to cell phones with the Viz|3G
  • Signed a LOI to acquire Ardendo, making Vizrt a company that will help broadcasters manage their assets, an increasingly important requirement in the digital world.
Financial highlights for the year ended December 31, 2005
 
  • Consolidated revenues increased by 36% to USD 38.8M compared to USD 28.6M in 2004.
  • Gross margin remained at 70% in 2005.
  • EBITDA (excluding amortization of deferred stock compensation) was USD 7.1M, up 40% compared to USD 5.1M in 2004.
  • USD 6.0M net profit in 2005 up 43%, compared to a net profit of USD 4.2M in 2004.
  • Basic earnings per share in 2005 was USD 0.40 compared to USD 0.30 in 2004.
  • Fully diluted earnings per share in 2005 was USD 0.36 compared to USD 0.27 in 2004.
  • Cash balance as of December 31, 2005 was USD 20.4M (including cash and short term deposits) compared to USD 15.2M as of December 31, 2004.
Outlook
In 2004 it was decided to expand sales, marketing and customer support operations around the world in order to work locally with both the existing customer base and to leverage new customer opportunities. The results of these efforts materialized in 2005, meeting our expectations. Our businesses in China, The Middle East and Latin America have shown steady growth.

The increased investment in research and development has yielded new versions of existing products and the launch of new product applications such as Viz|Weather, which has helped expand sales with existing customers as well as capturing new ones.

We will continue along the path of local office expansion this year. Offices in Asia will be strengthened with more personnel in China, a new office in India and yet another one in Thailand. We will also focus on Australia and increase our presence in Latin America.

The most significant development for Vizrt this year will be the launch of a combined product line with Ardendo and Adactus. The launch of this very powerful combined product line by Vizrt will parallel the tremendous recent global growth of broadcasters licensing their live and recorded content to mobile devices, as they seek to expand both revenue streams and audience reach. Taking Vizrt into these new product opportunities will provide broadcasters
with a set of "end to end" tools to manage mobile TV, and help Vizrt sustain its position in the market.

A conference call will be held at 10:30 a.m. (CET) today to offer analysts, investors and media the opportunity to directly discuss the results and recent developments with Bjarne Berg, CEO, and Ofra Brown, CFO of the company. Please use one of the following dial-in- numbers: +49 69 2222 7111 (Germany); +47 2316 2771 (Norway); +44 20 7138 0827 (UK).

 
Press contacts:
 


Bjarne Berg
          Ofra Brown
          SCHWARZ Financial Communication
President CEO
          CFO
          Frank Schwarz
+47 9055 7711
          +972 54 4955225
          +49 611 2058 095
          ofra@vizrt.com
 
 
Please click the following link to view the complete results PR including tables:

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