Vizrt Reports First Quarter 2007 Results
Worldwide Revenue Growth, Record Backlog
Bergen, Norway, May 9, 2007, Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) today announced its financial results for the first quarter of 2007 with yet another record revenue quarter reaching USD 19.9M compared to revenues of USD 12.0M in Q1 2006. Revenue increased by 66%, of which 41% was organic growth.
Financial highlights for the three months ended March 31, 2007
- Consolidated revenues increased by 66% to USD 19.9M compared to USD 12.0M in Q1 2006, and USD 19.0M in Q4 2006.
- EBIT was USD 3.9M, up 78% compared to EBIT of USD 2.2M in Q1 2006.
- EBITDA (excluding taxes, interest, depreciation, amortization of intangible assets and deferred stock-based compensation) went up 89% to USD 5.0M compared to USD 2.7M in Q1 2006.
- USD 3.7M net profit, was up 63% compared to a net profit of USD 2.3M in Q1 2006.
- Basic earnings per share for Q1 2007 was USD 0.18 compared to USD 0.14 for Q1 2006.
- Fully diluted earnings per share for Q1 2007 were USD 0.17 compared to USD 0.13 for Q1 2006.
- Cash and short term deposits increased by USD 2.9M to a total of USD 41.0M.
Mr. Bjarne Berg, President and CEO, commented; "The outlook for Vizrt is dependent on how well we manage to integrate the MAM products (Ardendo) into the existing salesforce and to get enough specialists hired to answer to the worldwide demand. If we manage to do that, we believe we will continue to grow in an existing pace.
The first integrated products were presented at NAB in Las Vegas in April and were very well accepted. In the future we are looking at both smaller stand alone integrated products and larger enterprise solution that cover all the broadcasters need when it comes to media asset management and handling of digital video.
As we have told the market earlier, we are working on a downscaled version of the Viz|Engine, Multi Platform Solution (MPS), which can accommodate (profiled) 3D-graphics with a nicer look on cell phones and on web-sites. The MPS project is progressing according to plans and received the NAB engineering award at the show in Las Vegas in April. We are expecting to make first deliveries to customers both within and outside the traditional broadcast industry within the coming months. To explore the various options to realize the full potential of the MPS product, including the spin off option, we have decided to engage external advisors.
Viz|World is another newly released integrated product which is a merger between Curious Maps and Vizrt Graphics. It makes maps, which is a must in every news station, much better than anything on the market and when we add Virtual Live, it is outstanding. It was shown to customers for the first time at NAB and virtually every broadcaster that saw it, said that they would like to have it.
The backlog is as of today over USD 22M which is about USD 6M more than in Q4", concluded Mr. Berg.
In order to review the full Q1 report and the analyst presentation, please click on the links at the end of this message.
A conference call will be held at 10:30 (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 1969 (UK), +47 2316 2193 (Norway), +49 69 71044 5506 (Germany), Participant. Pass code: 515488.
Press contacts:
Bjarne Berg
President & CEO
+47 9055 7711
bberg@vizrt.com
Ofra Brown
CFO
+ 47 2169 2790
ofra@vizrt.com
Frank Schwarz
SCHWARZ Financial Communication
+49 611 1745 398 11
Schwarz@schwarzfinancial.com