Broadcast International Reports Second Quarter 2012 Results
(firmenpresse) - SALT LAKE CITY, UT -- (Marketwire) -- 08/14/12 -- Broadcast International (OTCQB: BCST) (OTCBB: BCST), a leading provider of video-powered broadcast solutions, reported financial results for the second quarter ended June 30, 2012.
CodecSys deployments with WestStar TV, Digital Direct Networks, HSM Americas, aioTV, Axio TV and Beehive Networks
Partnered with Beenius to offer a processing platform for its new 'Beesmart' interactive TV service
Debuted new CodecSys Media Server capable of streaming content from a unified source to multiple clients and devices for a complete "TV Anywhere" solution
Completed strategic funding to accelerate market expansion of CodecSys and improve capital structure
Honored by Digital Screenmedia Association for BI Network's "first-of-its-kind" digital signage solution
Revenue in the second quarter 2012 increased 14% sequentially to $2.0 million from $1.8 million in the prior quarter, and decreased 16% from $2.4 million the same year-ago period. The year-over-year decrease was primarily due to fewer expansion sites installed for the company's largest digital signage customer.
Gross profit in the second quarter 2012 was $654,000 or 33% of total revenue, an improvement from $499,600 or 29% of total revenue in the previous quarter, and compared to $736,600 or 31% of total revenue in the same year-ago period.
Operating loss in the second quarter 2012 was $1.8 million, an improvement from an operating loss of $2.1 million in the previous quarter, and versus an operating loss of $1.6 million in the same year-ago period.
Net profit in the second quarter 2012 totaled $847,200 or $0.01 per basic and diluted share, compared to a net loss of $185,000 or $(0.00) per basic and diluted share in the prior quarter, and an improvement from a net profit of $442,300 or $0.01 per basic and diluted share in the same year-ago period. The year-over-year improvement was primarily due to an increase in the company's derivative valuation of $772,300, offset by the increased loss from operations and interest expense.
"Our Q2 and first half 2012 results reflect our continued focus on driving margin expansion and expense optimization," said Jim Solomon, CFO of Broadcast International. "Our progress is illustrated by the several milestones we achieved for the first half of the year, including the highest gross profit and gross margin in the company's history.
"We are encouraged by these results and will continue to focus on driving revenue growth, while balancing operating expenses and customer commitments. Along those lines, we recently implemented cost-cutting initiatives to further optimize our organization. Specifically, we made significant reductions in headcount, operating and administrative expenses. We anticipate these initiatives will decrease our quarterly operating expenses by more than $600,000 when the program is fully implemented."
William Boyd, chairman of Broadcast International, commented: "From an operational perspective, Broadcast continues to win new customers by harnessing the increasing demand for enterprise IP video and OTT solutions across all global markets. In fact, our sales pipeline continues to expand, as we leverage our disruptive and patented CodecSys technology to capitalize on the rapid industry transition.
"We expect these opportunities to drive significant revenue growth in the second half of the year. With our strong revenue outlook, coupled with our recent and ongoing expense reductions, we expect to reach cash flow breakeven in the fourth quarter. The executive committee will continue to work closely with the management team to achieve these objectives that ultimately, will benefit Broadcast shareholders, customers and employees."
Broadcast International will stream its second quarter 2012 results podcast tomorrow (Wednesday, August 15) at 9:00 a.m. Eastern time. The video podcast will be available via the Investor Relations section of the company's Web site at .
Broadcast International management will discuss the company's financial results, and provide an operational update and outlook for 2012.
: Wednesday, August 15, 2012
: 9:00 a.m. Eastern time (7:00 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: 14.08.2012 - 20:05 Uhr
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