50% Revenue Growth
Financial highlights for the six months ended June, 30 2007
- Consolidated revenues in H1 2007 increased by 50% to USD 41.2M compared to USD 27.4M in H1 2006.
- EBIT in H1 2007 was USD 7.4M, up 66% compared to EBIT of USD 4.5M in H1 2006.
- EBITDA (excluding taxes, interest, depreciation, stock-based compensation and equity loss in an affiliate) for H1 2007 was up 72% to USD 10.0M compared to USD 5.8M in H1 2006.
- Basic earnings per share for H1 2007 was USD 0.35 compared to USD 0.24 for H1 2006.
Diluted earnings per share for H1 2007 were USD 0.33, compared to USD 0.23 for H1 2006. - Cash balance as of June 30, 2007 was USD 47.6M (including cash and short term deposits) compared to USD 38.2M as of December 31, 2006, generating USD 9.4M in the first half of 2007.
- On July 31, 2007, Vizrt distributed dividend to its shareholders totaling USD 8.2 Million. Gross dividend per share was USD 0.4. Net of tax withholding the dividend per share was USD 0.32.
- Distribution of bonus shares as previously announced is scheduled to be executed within the coming month
Outlook
We are pleased with the development of our traditional business activities, which is also reflected in the Q2 numbers. Our graphics solutions are being adopted by a steadily increasing number of TV-stations, and we expect to maintain an overall annual growth of the top line of over 30%.
At the same time the MAM-market is more immature than we expected at the beginning of the year. Many MAM-projects across the globe run late, are over budget, or fail to deliver the expected benefits.
We have faced some of the same problems and uncertainties. However, as Vizrt always focus on customer satisfaction, we decided to fix whatever needed to be fixed in TV-stations that have faced some kind of problems. As a result, some of our projects have resulted in "over-delivery" with stretched resources. Consequently MAM revenues have been delayed and associated costs have gone up, taking down the GM for the MAM business to the 50's in this quarter.
We are confident that the extra efforts will pay off in the long run, and that we gradually can move the GM for the MAM business closer to our overall goal of 70% over the next quarters by enhancing the contractual and project management.
A conference call will be held at 11:00 (CEST) 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: +44 20 7806 1987 (UK), +47 2316 2819 (Norway), +49 69 71044 5513 (Germany), Participant. Pass code: 389804.
We are pleased with the development of our traditional business activities, which is also reflected in the Q2 numbers. Our graphics solutions are being adopted by a steadily increasing number of TV-stations, and we expect to maintain an overall annual growth of the top line of over 30%.
At the same time the MAM-market is more immature than we expected at the beginning of the year. Many MAM-projects across the globe run late, are over budget, or fail to deliver the expected benefits.
We have faced some of the same problems and uncertainties. However, as Vizrt always focus on customer satisfaction, we decided to fix whatever needed to be fixed in TV-stations that have faced some kind of problems. As a result, some of our projects have resulted in "over-delivery" with stretched resources. Consequently MAM revenues have been delayed and associated costs have gone up, taking down the GM for the MAM business to the 50's in this quarter.
We are confident that the extra efforts will pay off in the long run, and that we gradually can move the GM for the MAM business closer to our overall goal of 70% over the next quarters by enhancing the contractual and project management.
A conference call will be held at 11:00 (CEST) 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: +44 20 7806 1987 (UK), +47 2316 2819 (Norway), +49 69 71044 5513 (Germany), Participant. Pass code: 389804.