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VIZRT announces 2001 first half results
Bergen (Norway) (ots) - vizrt (Neuer Markt: VIZ) announced the
2001 first half results:
Financial highlights for the six month ended 30th of June, 2001:
* Consolidated revenue for the first half of 2001 reached US$ 9
million, an increase of 41% compared to the first half of 2000.
* Gross margin increased to 49% (not including inventory charges
of $ 1.2 million) from 39 % in the first half of 2000.
* Operating costs increased 51% to US$10.7 million compared with
US$7.1 million in the first half of 2000.
* Net loss for the first half increased to US$13.3 million
compared with US$4.5 million for the first half of 2000.
* Proforma net loss, not including restructuring charges,
amortization of intellectual property and good will, and non
recurring income, was US$7.3 million compared with US$4.9 million for
the first half 2000.
* Loss per share was US$ 1.0 compared with US$0.47 in the first
half of 2000. Proforma net loss per share was US$0.55 compared with
US$ 0.51 in the first half of 2000.
Financial Highlights for the second quarter of 2001
* Revenues for second quarter 2001 amounted US$2.9 million
compared with US$3 million in second quarter of 2000.
* Gross margin for second quarter (not including one-time
inventory charge) was 54% compared with 40% in second quarter of
* Net loss for second quarter 2001 amounted US$ 9.2 million
compared with 2.6 million in second quarter of 2000
* Proforma net loss for second quarter 2001 amounted US$ 5.8
million compared with 2.4 million in second quarter of 2000
* Loss per share for second quarter 2001 was US$ 0.69 compared
with US$0.27 in the second quarter of 2000. Proforma net loss per
share for second quarter 2001 was US$0.44 compared with US$ 0.25 in
the second quarter of 2000.
* During the second quarter the company had unexpected low
revenues, resulting mainly from the substantial slowdown in
advertising industry which affected broadcasters and media companies
around the world. Several stations decided to postpone purchasing of
equipment until having a better overview of their own revenues.
* The company also went through a major restructuring this quarter
and has reduced staff by 20 people, which will lead to significantly
lower operating costs over the next quarters.
* The company further expanded its relationship with Wige MIC in
this quarter. VIZ and Wige MIC will present their joint products at
the International Broadcast Conference (IBC) next month in Amsterdam,
Netherlands. VIZRT also increased sales in Scandinavia along with
Denmark and Finland.
* The solid order backlog for Q3 is approximately $2.5 millions as
of the end of July.
* 28% of H1 2001 revenue was from new markets, primarily from
sales to the New York Stock Exchange and to one of the largest
investment banks in US
* Geographic breakdown of revenue was:
Territories H1/01 H1/00 Q2/01 Q2/00 Q1/01
(In $ thousands)
North America $3,651 $2,318 $741 $1,333 $2,910
Europe $4,129 $3,040 $1,735 $1,137 $2,394
Asia Pacific $1,182 $667 $384 $367 $798
Other $39 $361 $18 $190 $21
$9,001 $6,386 $2,878 $3,027 $6,123
The gross margin, not including one-time inventory charges was 49%
as compared with 39% in the first half of 2000. The increased margin
represents an increase in the portion of software in sales. Gross
margin for second quarter (not including one-time inventory charge)
was 54% compared with 40% in second quarter of 2000.
The company has evaluated the inventory and has recorded inventory
charge in the amount of $1.2M. The gross margin for H1 2001 therefore
decreased to 36% (14% in second quarter).
Total operating expenses (including sales and marketing expenses
(S&M), research and development (R&D) and general and administrative
expenses (G&A); excluding restructuring charges) in the first half of
2001 amounted to $10.7 million including one time write offs.
The following table represents the total expenses:
Expenses H1/01 H1/00 Q2/01 Q2/00 Q1/01
(In $ thousands)
S&M Expenses $4,596 $3,951 $2,503 $2,143 $2,093
G&A Expenses 4,165 1,677 2,718 925 1,447
R&D Expenses 1,984 1,505 973 723 1,011
Operating Expenses $10,745 $7,133 $6,194 $3,791 $4,551
* S&M increase is mainly attributable to increased travel and
entertainment expenses (T&E), and trade shows expenses, primarily in
second quarter. In addition the company recorded in second quarter of
2001 a $170 thousands write off of prepaid marketing expenses, which
are not expected to be utilize.
* R&D increase was mainly due to the expansion of R&D activities
and the integration of subsidiaries operations commencing July 2000.
* G&A has significantly increased due to write off of bad debts of
$1 million and write off of fixed assets, which we do not expect to
utilize ($0.4 million). G&A expensses also increased due to the
integration of subsidiaries operations commencing July 2000.
* Total operating expenses in the second quarter, compared with
the first quarter of 2001 increased by $1.6 million or 36%. The
expenses, not including write offs applied in second quarter
increased by $ 64 thousands.
Consists primarily of interest income earned on short-term
deposits offset by bank charges. Financial income for first half of
2001 was $291 thousands compared to expenses of $271 thousands in
first half of 2000. Financial expenses in 2000 included erosion of
Euro dominated deposit.
Restructuring expenses amounted to $763 thousands and consisted
primarily of termination of employment payments and the termination
of office lease agreements.
Selected Balance Sheet Items
The following is a summary of selected balance sheet items:
* Cash - as of June 30, 2001 the Company had a balance of $8.3
million in cash compared with $12.3 million as of December 31, 2000.
$3.5 million of the decrease in cash is related to the operating
loss. Additional $400 thousands were invested in fixed assets.
* Accounts receivables, net - as of June 30, 2001 the Company had
a total of $4 million in accounts receivables compared with $8.2
million as of December 31, 2001. The decrease in receivables was due
to significant provision for bad debt that was recorded in the second
quarter as well as decreased revenue in second quarter..
* Inventory - As of June 30, 2001 the Companys inventory totaled
$1.7 million compared with $3.9 million as of December 31, 2000. The
decrease includes devaluation of inventory to market value in the
amount of $1.2 million and reclassification of inventory items used
by the company, to fixed assets ($.5 million).
* Other assets (Goodwill) - amounted to $ 21.3 million compared
with $26.5 million as of December 31, 2000 and resulted from the
goodwill and intellectual property associated with acquisition of
Peak, offset by amortization.
* Accounts payables - As of June 30, 2001 the Company had a total
of $6 million in accounts payables and accrued liabilities compared
with $8.5 million on December 31, 2000. Decrease is primarily due to
reduction of vendor and accruals related to inventory and cost of
ots Original Text Service: VIZRT
VIZRT: Bjarne Berg, CEO, Tel. +4955 908080 E-Mail: Bberg@vizrt.com
Germany Investor Relations: Elise Vanier, Kirchhoff Consult AG, Tel. +49-69-74748615 E-Mail: Elise.email@example.com
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