Vizrt Reports Nine Months 2006 Results
Revenue reached USD 44.4 million, up 64% compared to nine months 2005
Bergen, Norway, November 1, 2006, Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) today announces its financial results for the first nine months and third quarter of 2006 with yet another record revenue quarter and record bottom line results.
Financial highlights for the nine months ended September, 30 2006
Bergen, Norway, November 1, 2006, Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) today announces its financial results for the first nine months and third quarter of 2006 with yet another record revenue quarter and record bottom line results.
Financial highlights for the nine months ended September, 30 2006
- Consolidated revenues for nine months 2006 increased by 64% to USD 44.4M compared to USD 27.1M for nine months 2005.
- EBIT in nine months 2006 was USD 7.6M, up 87% compared to EBIT of USD 4.0M in nine months 2005.
- EBITDA (excluding taxes, interest, depreciation, deferred stock-based compensation and equity loss in an affiliate) for nine months 2006 was up 110% to USD 10.0M compared to USD 4.8M in nine months 2005.
- Net profit for nine months 2006 was up 97% to USD 7.8M compared to a net profit of USD 4.0M for 9 months 2005.
- Basic earnings per share for nine months 2006 was USD 0.42, compared to USD 0.26 for nine months 2005.
- Diluted earnings per share for nine months 2006 was USD 0.40, compared to USD 0.24 for nine months 2005.
- Cash balance as of September 30, 2006 was USD 31.3M (including cash and short term deposits) compared to USD 20.4M as of December 31, 2005, generating USD 10.9M in nine months 2006.
Outlook and explanatory information:
We are now beginning to experience the fruits of our cross selling efforts of Vizrt graphics and Ardendo products, which we acquired this past summer. The integration of the two product lines is on track, and we are about to install an integrated system of both product lines at a high profile customer site. We expect to announce the first of these fully integrated system deals during the final quarter of this fiscal year. The efforts of the company's R&D group will remain focused upon this full product integration, which we expect will be widely evaluated and deployed by broadcasters starting 2007.
Over the next few quarters we will further strengthen our presence around the world. We are frequently winning competitive tenders in Eastern Europe and are currently establishing a Moscow office. With high growth expectations in Australia, a Sydney office is also about to be established.
The R&D-office in Thailand has proven to be a success. We will continue to augment the amount of R&D which will be done out of our Bangkok facility.
A conference call will be held at 12:00 noon (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 9897 2626 (Germany). Participant Passcode: 475596.
About Vizrt:
Vizrt offers a new vision for content creation and delivery with an end-to-end solution from ingest to visualization. Our solution combines Vizrt's true 2D/3D graphics tools with Curious Software's World Maps and Ardendo's Asset Management. Running on non proprietary software, the combination of these unique cutting edge products ensures a seamless workflow from conception to multi-format distribution. The latest addition to the Vizrt product suite is Viz|3G for hand held devices.
We are now beginning to experience the fruits of our cross selling efforts of Vizrt graphics and Ardendo products, which we acquired this past summer. The integration of the two product lines is on track, and we are about to install an integrated system of both product lines at a high profile customer site. We expect to announce the first of these fully integrated system deals during the final quarter of this fiscal year. The efforts of the company's R&D group will remain focused upon this full product integration, which we expect will be widely evaluated and deployed by broadcasters starting 2007.
Over the next few quarters we will further strengthen our presence around the world. We are frequently winning competitive tenders in Eastern Europe and are currently establishing a Moscow office. With high growth expectations in Australia, a Sydney office is also about to be established.
The R&D-office in Thailand has proven to be a success. We will continue to augment the amount of R&D which will be done out of our Bangkok facility.
A conference call will be held at 12:00 noon (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 9897 2626 (Germany). Participant Passcode: 475596.
About Vizrt:
Vizrt offers a new vision for content creation and delivery with an end-to-end solution from ingest to visualization. Our solution combines Vizrt's true 2D/3D graphics tools with Curious Software's World Maps and Ardendo's Asset Management. Running on non proprietary software, the combination of these unique cutting edge products ensures a seamless workflow from conception to multi-format distribution. The latest addition to the Vizrt product suite is Viz|3G for hand held devices.
Vizrt's product suite is used by the world's leading broadcasters including: CNN, CBS, Fox, BBC, Sky, ITN, ZDF, Star TV, TV Today, CCTV and NHK. Also, many world-class production houses and corporate institutions, including both the New York and London Stock Exchanges, utilize Vizrt solutions.
Vizrt is a public company traded on the Frankfurt Prime Standard and on the Oslo Main List: VIZ, ISIN: IL0010838154. For further information please refer to www.vizrt.com
Press contacts:
| Ofra Brown | Kathrine Wallace | SCHWARZ Financial Communication |
| CFO | VP Marketing | Frank Schwarz |
| +47 2169 2790 | +47 55 90 8265 | +49 611 1745 398 11 |
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.
Please download the full Q3 Report via the link down below or on the company's website to www.vizrt.com