Broadcast International Reports First Quarter 2012 Results
(firmenpresse) - SALT LAKE CITY, UT -- (Marketwire) -- 05/15/12 -- Broadcast International (OTCBB: BCST), a leading provider of video-powered broadcast solutions, reported financial results for the first quarter ended March 31, 2012.
Vivicast Media, the industry's leading provider of over-the-top (OTT) and IPTV programming, selected CodecSys to optimize its expanding OTT content solutions and services
TeleCable, one of the largest cable and media network companies in Mexico, selected CodecSys as the core video management platform to launch its new OTT video programming service
BI Networks deployed "first-of-its-kind" digital signage network for Zions Bank, the oldest financial institution in Utah with more than 100 branches. BI's network replaced virtually 90% of the institution's printed marketing collateral with a digital solution consisting of digital signage and posters, tablets and music with messaging
Partnered with ipCapital Group (ipCG), a leading intellectual property (IP) strategy firm, to drive the strategic expansion and protection of its IP portfolio
Joined industry consortium, DASH Promoters Group, to support and drive adoption of a new adaptive streaming standard, MPEG DASH (Dynamic Adaptive Streaming over HTTP)
Revenues in the first quarter 2012 increased 3% to $1.75 million from $1.69 million the same year-ago period. The improvement was primarily due to expanded installation of digital signage systems with the company's largest customer.
Gross profit in the first quarter 2012 increased 21% to $499,605 or 29% of total revenue from $411,727 or 24% of total revenue in the same year-ago period.
Operating loss in the first quarter 2012 was $2.1 million, an improvement from an operating loss of $3.1 million in the same year-ago period. The decrease was primarily due to a non-recurring, non-cash compensation expense under the company's approved equity incentive plan in Q1 2011.
Net loss in the first quarter 2012 totaled $185,477 or $(0.00) per basic and diluted share, an improvement from a net loss of $746,965 or $(0.01) per basic and diluted share in the same year-ago period. The improvement was primarily due to a $1.7 million gain from the extinguishment of debt compared to a loss of $970,000 in the same year-ago period. Net loss for Q1 2012 also included a decrease of $2.6 million in the derivative valuation gain related to the company's derivative securities and an increase in debt conversion costs of $600,239.
At March 31, 2012, the company had cash and cash equivalents of $1.3 million, compared to $961,265 at December 31, 2011.
"Our performance in Q1 reflects our focus on driving revenue growth, customer diversification and margin expansion," said Rod Tiede, Broadcast International's CEO. "In fact, our quarterly gross margin was the highest of any first quarter in the company's history. This achievement was driven by a greater mix of software and services from our digital signage solutions.
"Broadcast continues to win new customers by harnessing the increasing demand for enterprise IP video and OTT solutions across all major global markets and client verticals. These wins included TeleCable, Vivicast, Axio TV, HSM Americas and Zions Bank.
"We are operating in the 'sweet spot' of the global transformation of traditional broadcast television to multi-screen, OTT and enterprise IP video solutions. Our disruptive and patented CodecSys technology, the only multi-codec compression technology in the market, is uniquely positioned to capitalize on this rapid transition. As we progress through 2012, we are encouraged by the continued growth of our BI Networks business and expanding CodecSys customer base."
Broadcast International will stream its first quarter 2012 results podcast on Wednesday, May 16, 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.
: Wednesday, May 16, 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: 15.05.2012 - 20:05 Uhr
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