Chyron 2012 Q3 & Year to Date Revenue Down on 2011

9 Nov

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Chyron, a provider of Graphics as a Service for on-air and digital video applications,  announced a 3 percent decline in revenue for the third quarter and nine months ended September 30, 2012. Highlights follow:
• Total revenues of $7.25 million for the third quarter of 2012 as compared to $7.47 million for the prior year’s third quarter;
• Revenues of $22.81 million for the first nine months of this year as compared to $23.48 million for the comparable prior year period;
• Operating loss of $1.0 million for the third quarter as compared to an operating loss of $0.87 million for the prior year’s third quarter;
• Operating loss of $3.18 million for the first nine months of this year as compared to an operating loss of $1.51 million for the comparable prior year period;
Michael Wellesley-Wesley, Chyron President and CEO, said, “Our third quarter revenues of $7.25 million were 3% below the comparable period in 2011. This continues the pattern of nearly flat year over year comparisons we experienced in the first half. As is the case for other companies in our industry we have experienced a slowdown in our product revenue stream as a result of delays in spending as broadcasters emphasize cost control and reschedule their capital expenditures. This decline was experienced in North America and more markedly in Europe where the economy has stalled. This was offset somewhat by improvements in our Asian and Latin American markets. Our services revenues grew 13% year over year with the result that services accounted for 33% of total revenues in the third quarter. We have taken steps to align our operating expenses with the current business climate.”
On the bright side, service revenues at Chyron for the first nine months were $6.37 million, a 13% increase over the prior year’s first nine months. Axis revenues increased 7%, maintenance agreements revenues increased 23%, training revenues increased 6% and systems commissioning revenues increased fivefold, but other services revenues decreased primarily due to a decline in creative services revenues. Product revenues for the first nine months were $16.43 million, an 8% decline compared to the first nine months of 2011. Product revenues represented 72% and service revenues 28% of total revenues for the first nine months of this year as compared to 76% and 24%, respectively, for the first nine months of last year.

Chyron, a provider of Graphics as a Service for on-air and digital video applications,  announced a 3 percent decline in revenue for the third quarter and nine months ended September 30, 2012. Highlights:
• Total revenues of $7.25 million for the third quarter of 2012 as compared to $7.47 million for the prior year’s third quarter; • Revenues of $22.81 million for the first nine months of this year as compared to $23.48 million for the comparable prior year period;• Operating loss of $1.0 million for the third quarter as compared to an operating loss of $0.87 million for the prior year’s third quarter;• Operating loss of $3.18 million for the first nine months of this year as compared to an operating loss of $1.51 million for the comparable prior year period;
Michael Wellesley-Wesley, Chyron President and CEO, said, “Our third quarter revenues of $7.25 million were 3% below the comparable period in 2011. This continues the pattern of nearly flat year over year comparisons we experienced in the first half. As is the case for other companies in our industry we have experienced a slowdown in our product revenue stream as a result of delays in spending as broadcasters emphasize cost control and reschedule their capital expenditures. This decline was experienced in North America and more markedly in Europe where the economy has stalled. This was offset somewhat by improvements in our Asian and Latin American markets. Our services revenues grew 13% year over year with the result that services accounted for 33% of total revenues in the third quarter. We have taken steps to align our operating expenses with the current business climate.”
On the bright side, service revenues at Chyron for the first nine months were $6.37 million, a 13% increase over the prior year’s first nine months. Axis revenues increased 7%, maintenance agreements revenues increased 23%, training revenues increased 6% and systems commissioning revenues increased fivefold, but other services revenues decreased primarily due to a decline in creative services revenues. Product revenues for the first nine months were $16.43 million, an 8% decline compared to the first nine months of 2011. Product revenues represented 72% and service revenues 28% of total revenues for the first nine months of this year as compared to 76% and 24%, respectively, for the first nine months of last year.

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