Broadcast International Reports Q4 and Full Year 2011 Results
Annual Revenue Up 15% to $8.4 Million, Marking Third Consecutive Year of Revenue Growth, and Driving Gross Profit Up 21%
(firmenpresse) - SALT LAKE CITY, UT -- (Marketwire) -- 03/30/12 -- Broadcast International (OTCBB: BCST), a leading provider of video management software and services for next-generation video internet protocol networks, reported financial results for the fourth quarter and full year ended December 31, 2011.
Partnered with Fujitsu to feature "CodecSys powered by Fujitsu" technology in the Fujitsu NuVola Private Cloud;
Launched first over-the-top (OTT) implementation of CodecSys with Multicable, Northern Mexico's largest cable operator. CodecSys allows Multicable to extend services to PCs and mobile devices with breakthrough, artificial intelligence-based video compression technology that cuts video bandwidth requirements by more than 50% while expanding revenue-generating functionality;
Joined forces with National Datacast (NDI) to combine BI's powerful managed services capability with NDI's datacasting and content delivery footprint to more economically and effectively deliver content to new and existing customer locations;
Released Managed Media Services Platform version 2.5, allowing a large customer to eliminate more than 90% of its print-based marketing materials, and migrate static, outdated marketing materials to an interactive, personalized and relevant customer experience based on intuitive rich media and video content.
Revenues in the fourth quarter 2011 increased 9% to $2.1 million from the same period a year ago. For the full year 2011, revenues increased 15% to $8.4 million. The improvement was primarily due to expanded installation of digital signage systems with the company's largest customer.
Gross profit in the fourth quarter 2011 increased 9% to $670,000 from same year-ago period. For the full year 2011, gross profit increased 21% to $2.6 million.
Operating loss in the fourth quarter 2011 was $1.6 million, compared to $1.2 million in the same period a year ago. For the full year 2011, operating loss was $8.0 million versus $5.7 million in 2010. The increase was primarily due to CodecSys sales and marketing, contract labor as well as non-cash stock-based compensation which accounted for more than half of the increase.
Net loss in the fourth quarter 2011 was $2.4 million or $(0.02) per basic and diluted share, an improvement from a net loss of $7.0 million or $(0.14) per basic and diluted share in the fourth quarter 2010. For the full year 2011, net income totaled $1.3 million or $0.02 per basic and diluted share, compared to a net loss of $18.7 million or $(0.43) per basic and diluted share in 2010. The annual improvement was primarily due to a decrease of $10.4 million in interest expense from restructuring a senior convertible note and a gain on derivative valuation of $15.2 million.
On March 16, 2012, Broadcast completed a $6.95 million private placement to fund the company's growth initiatives and retire senior long-term debt at discount to par. After paying off the long-term note and financing costs, net proceeds totaled approximately $2.5 million.
"2011 marked our third consecutive year of revenue growth, driven by the continued rollout of our digital signage solutions," said Rod Tiede, Broadcast International's CEO. "However, during the year we also made tremendous progress with our new flagship product, CodecSys, culminating in the fourth quarter with our first CodecSys OTT installation. This launch with Multicable propelled us into a new, hugely expansive and fast-growing market for IP video delivery.
"This achievement reflects how we have strengthened our CodecSys marketing efforts, including establishing new channel partnerships with key industry players, including Fujitsu in Q4 and more recently Vivicast. In fact, Fujitsu has made CodecSys such an integral part of its video compression solution that it has trained over 200 people in its global sales channels. Our first purchase order from Fujitsu is imminent as the response has been tremendous.
"As we advance through the beginning of 2012, we are encouraged by the continued growth of our BI Networks and our expanding CodecSys customer base, especially our recent CodecSys OTT win with TeleCable. All of our BI Network solutions now use our CodecSys technology to optimize content delivery and storage, providing the end user high quality video content with minimal bandwidth. This includes Zions Bank, who recently chose us to provide its customer's an engaging digital marketing and merchandising network.
"Our recent capital raise of nearly $7 million allowed us to strengthen our balance sheet and provides the resources for us to pursue large scale rollouts for both CodecSys and BI Networks, and capitalize on two rapidly growing industries. We are confident our technologies will continue to be adopted worldwide and driving new customer wins through the year."
Broadcast International will stream its fourth quarter and full year 2011 results podcast on Monday, April 2, 2012 at 11:00 a.m. Eastern time. The video podcast will be available via the Investor Relations section of the company's Web site at .
Broadcast International President and CEO Rod Tiede, CFO Jim Solomon, and Senior VP and General Manager of the CodecSys Division Steve Jones will discuss the company's financial results, and provide an operational update and outlook for 2012.
: Monday, April 2, 2012
: 11:00 a.m. Eastern time (9:00 a.m. Mountain time)
:
If you have any difficulty connecting with the podcast, please contact Liolios Group at 1-949-574-3860.
Broadcast International is a leading provider of video-powered broadcast solutions, including IP, digital satellite, Internet streaming and other types of wired/wireless network distribution. BI's patented CodecSys software is a breakthrough, multi-codec video compression technology that cuts video bandwidth requirements over satellite, cable, IP and wireless networks. By slashing bandwidth needs, CodecSys enables a new generation of rich-media applications and offers unprecedented price/ performance benefits for existing applications. Broadcast International is a public company (OTCBB: BCST) headquartered in Salt Lake City, UT.
For more information visit: and .
All statements in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the caption "Additional Factors That May Affect Our Business" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto. In addition, we operate in a highly competitive and rapidly changing environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise any forward-looking statement.
Cameron Francis
Vice President Products
Broadcast International
801-562-2252
Michael Koehler or Matt Glover
Liolios Group, Inc.
949-574-3860
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Datum: 30.03.2012 - 12:00 Uhr
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