Vizrt Reports Nine Months 2007 Results
Revenue reached USD 62.4 million, up 40% compared to nine months 2006
Bergen, Norway, November 7, 2007, Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) today announced its financial results for the first nine months of 2007 with record revenue reaching USD 62.4M compared to revenues of USD 44.4M for nine months 2006. Revenue increased by 40%. All major regions attributed to the strong revenue growth.
Financial highlights for the nine months ended September, 30 2007
Bergen, Norway, November 7, 2007, Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) today announced its financial results for the first nine months of 2007 with record revenue reaching USD 62.4M compared to revenues of USD 44.4M for nine months 2006. Revenue increased by 40%. All major regions attributed to the strong revenue growth.
Financial highlights for the nine months ended September, 30 2007
- Consolidated revenues for nine months increased by 40% to USD 62.4M compared to USD 44.4M for nine months 2006.
- EBIT in 9 months 2007 was USD 11.3M, up 49% compared to EBIT of USD 7.6M for nine months 2006.
- EBITDA (excluding taxes, interest, depreciation, stock-based compensation and equity loss in an affiliate) for 9 months 2007 was up 51% to USD 15.2M compared to USD 10.0M for nine months 2006.
- Basic earnings per share for 9 months 2007 was USD 0.18 compared to USD 0.14 for 9 months 2006.
- Diluted earnings per share for 9 months 2007 was USD 0.17, compared to USD 0.13 for 9 months 2006.
On July 31, 2007, Vizrt distributed dividend to its shareholders totaling USD 8.2 Million. Consequently cash balance as of September 30, 2007 was USD 42.1M (including cash and short term deposits) compared to USD 38.2M as of December 31, 2006, generating a gross amount of USD 12.1M in first 9 months of 2007 (including the dividend distribution).
On August 20, 2007, the company distributed two bonus shares for every one share held by the shareholders of the company. All share and per share data were retroactively adjusted.
Outlook
We have focused on three main points the last half year:
Preparing the MAM-business for "an explosion" we believe will happen over the next two to three years. That includes improving margins as well as overall internal handling of related issues. We believe that we have taken the right steps, including an Indian operation that will deal with bandwidth, as well as taking the right steps when it comes to project management. Based on the recent months work we expect to be a main player in the MAM-business and expect to see the fruits of these efforts in the second half of 2008.
Sports will be an increasingly important business for Vizrt in the years to come. We are in serious discussions with major sports events organizers as well as major leagues and clubs with regards to our MAM-products and the combined MAM and graphics. We expect to announce the first major deals in that segment towards the end of this year.
We have also paid a lot of attention to GM rather than the top line. These efforts start to show results.
Looking towards 2008 we believe the two first quarters will be on a growth rate of a little over 20% (Q over Q) and the last half year should give us growth numbers in the thirties.
IMPORTANT INFORMATION:
On August 20, 2007, the company distributed two bonus shares for every one share held by the shareholders of the company. All share and per share data were retroactively adjusted.
Outlook
We have focused on three main points the last half year:
Preparing the MAM-business for "an explosion" we believe will happen over the next two to three years. That includes improving margins as well as overall internal handling of related issues. We believe that we have taken the right steps, including an Indian operation that will deal with bandwidth, as well as taking the right steps when it comes to project management. Based on the recent months work we expect to be a main player in the MAM-business and expect to see the fruits of these efforts in the second half of 2008.
Sports will be an increasingly important business for Vizrt in the years to come. We are in serious discussions with major sports events organizers as well as major leagues and clubs with regards to our MAM-products and the combined MAM and graphics. We expect to announce the first major deals in that segment towards the end of this year.
We have also paid a lot of attention to GM rather than the top line. These efforts start to show results.
Looking towards 2008 we believe the two first quarters will be on a growth rate of a little over 20% (Q over Q) and the last half year should give us growth numbers in the thirties.
IMPORTANT INFORMATION:
THE FULL Q3 REPORT AND Q3 INVESTORS PRESENTATION ARE AVAILABLE AS PDF DOWNLOADS VIA THE LINKS AT THE END OF THIS MAIL.
Contacts:
Bjarne Berg
President & CEO
+47 9055 7711
bberg@vizrt.com
Ofra Brown
CFO
+47 2169 2790
ofra@vizrt.com
SCHWARZ Financial Communication
Frank Schwarz
+49 611 1745 398 11
schwarz@schwarzfinancial.com
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 8602 0812 (UK), +47 2316 2819 (Norway), +49 69 71044 5513 (Germany), Participant. Pass code: 417243.
Contacts:
Bjarne Berg
President & CEO
+47 9055 7711
bberg@vizrt.com
Ofra Brown
CFO
+47 2169 2790
ofra@vizrt.com
SCHWARZ Financial Communication
Frank Schwarz
+49 611 1745 398 11
schwarz@schwarzfinancial.com
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 8602 0812 (UK), +47 2316 2819 (Norway), +49 69 71044 5513 (Germany), Participant. Pass code: 417243.