Chyron Q3 Revenue Up but Net Loss Reported

28 Nov

SCRI's NewsBriefs

Follow Broadcast Pro Video Breaking News on Twitter

  • Share
  • Share

For the third quarter of 2011, total revenues were $7.47 million, an increase of $0.59 million or 9%, from revenues of $6.88 million for the third quarter of 2010.

Service revenues, which include revenues from the Company’s AXIS cloud-based graphics service, as well as systems hardware and software maintenance agreements, training and creative services, were $2.11 million for the third quarter of 2011, a 34% increase over service revenues of $1.58 million for the prior year’s third quarter. Service revenues as a percentage of total revenues for the third quarter of 2011 were 28% as compared to 23% in the prior year’s third quarter.  Product revenues were $5.36 million for the third quarter of 2011 as compared to $5.31 million for the prior year’s third quarter.

Gross profit margin was 69% for the third quarter of 2011, the same as for the third quarter of 2010. Operating expenses were$6.02 million for the third quarter of 2011, increasing 11% from operating expenses of $5.43 million for the prior year’s third quarter, primarily due to higher compensation and travel costs in the sales and marketing areas primarily because of increased headcount. The Company had an operating loss in the third quarter of 2011 of $0.87 million, compared to an operating loss of$0.67 million for the prior year’s third quarter.

The Company recorded a net loss of $3.49 million for the third quarter of 2011, as compared to a $0.48 million net loss for the third quarter of 2010.  The Company’s third quarter of 2011 income tax provision, of $2.6 million includes a $2.72 million charge, and corresponding decrease in deferred tax assets, as a result of management’s determination that it is more likely than not that$7.48 million of the Company’s net operating loss carryforwards scheduled to expire at the end of 2012 will expire unutilized.

or the nine months ended September 30, 2011, total revenues were $23.48 million, an increase of $2.79 million, or 13%, over the comparable prior year period.

Service revenues were $5.66 million for the nine months ended September 30, 2011, up $1.03 million, or 22%, over the comparable prior year period. Product revenues for the nine months ended September 30, 2011 were $17.82 million, an increase of $1.75 million, or 11%, compared to the comparable prior year period. Service revenues for the nine months endedSeptember 30, 2011 were 24% of total revenues as compared to 22% for the comparable prior year period.

Gross profit margin remained at 70%, the same as for the comparable prior year period. Operating expenses of $17.84 million for the first nine months of 2011 increased by $1.62 million, or 10%, from the comparable prior year period. While there was an operating loss of $1.51 million for the first nine months of 2011, this represents a $0.3 million improvement over the $1.81 million operating loss reported for the first nine months of 2010.

Net loss for the nine months ended September 30, 2011 was $3.85 million, as compared to a net loss of $1.85 million for the first nine months of 2010.

Comments are closed.