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PRESS RELEASES
TEL AVIV, Israel, May 5 /PRNewswire-FirstCall/ -- Scopus Video Networks
Ltd. (NASDAQ: SCOP), a provider of digital video networking products, today
announced its results for the first quarter of 2008, ending March 31, 2008.
First Quarter Highlights:
- Revenue reached a first quarter record of $16.4 million, a 34% increase
over the first quarter of 2007 - Net income of $0.3 million on a non-GAAP
basis (excluding the cost of options) - Net loss of $1 thousand on a GAAP
basis - Positive operating cash flow of $0.9 million in the quarter -
Continued improvement in business fundamentals
First Quarter 2008 Results Summary
Revenue for the first quarter totaled $16.4 million, a 34% increase from
the $12.3 million reported in the first quarter of 2007. The breakdown of
revenue by region was 52% in EMEA, 20% in Asia and Pacific Rim and 28% in
North and Latin America.
Gross profit for the first quarter of 2008 was $8.0 million compared with
$6.1 million in the first quarter 2007. Gross profit as a percentage of
revenues was 48.7%, compared with 49.6% in the first quarter of 2007.
Pro-forma net income for the first quarter of 2008, which excludes
expenses related to stock based compensation was $310 thousand, or $0.02 per
diluted share, compared to a net loss of $730 thousand, or $0.05 per basic
share, in the first quarter of 2007.
Net loss on a GAAP basis for the first quarter of 2008 was $1 thousand,
or $0.00 per share, compared with a net loss of $1.2 million, or $0.09 per
share in the first quarter of 2007.
The Company ended the first quarter of 2008 with net cash, cash
equivalents and short-term securities of $35.8 million, compared with $35.5
million as of December 31, 2007. The Company generated a positive operating
cash flow of $897 thousand during the quarter.
"We had a fantastic start to 2008. I am excited by our continued progress
and financial results, which topped our expectations in all parameters:
revenue, margins, positive operating and net income, and strong cash flow,"
commented Dr. Yaron Simler, CEO of Scopus. "Our continued focus on our
systems' offering has improved our traction in the market for our newly
released products and systems. This, coupled with our solid execution across
the board, has been instrumental in enabling us to maintain our positive
momentum. At the same time, we believe we are well positioned to benefit from
additional opportunities derived from the emerging trends of our industry."
The press release contains non-GAAP financial measures. In this regard,
GAAP refers to generally accepted accounting principles in the United States.
Pursuant to regulations promulgated by the Securities and Exchange
Commission, the Company has provided reconciliations within the press release
of the non-GAAP financial measures to the most directly comparable GAAP
financial measures.
The pro-forma results provided in the press release exclude the cost of
options. Due to recent changes in US GAAP regulations, in accordance with
FAS123R guidelines, from the first quarter of 2006 and onwards, we have been
implementing and recording options expenses as part of our P&L, management
believes that the presentation of the pro forma information provides
investors with a better understanding of Scopus' financial results going
forward and assists investors in comparing Scopus' historical, current and
future expected results.
Conference Call Details
The Company will also be hosting a conference call later today, May 5th,
2008 at 1:00pm ET (10:00am Pacific Time, 6:00pm UK Time, 8:00pm Israel Time).
On the call, management will review and discuss the results, and will be
available to answer investor questions.
To participate, please call one of the following teleconferencing numbers:
US Dial-in Number: 1-866-652-8972
International Dial-in Number: +972-3-918-0691
For those unable to listen to the live call, a replay of the call will be
available from the day after the call in the investor relations section of
Scopus' website, at: http://www.scopus.net
About Scopus Video Networks
Scopus Video Networks (NASDAQ:SCOP) develops, markets and supports
digital video networking solutions that enable network operators to offer
advanced video services to their subscribers. Scopus' solutions support
digital television, HDTV, live event coverage and content distribution.
Scopus comprehensive digital video networking solutions offer intelligent
video gateways, encoders, decoders and network management platforms. Scopus'
solutions are designed to allow network operators to increase service
revenues, improve customer retention and minimize capital and operating
expenses.
Scopus' customers include satellite, cable and terrestrial operators,
broadcasters and telecom service providers. Scopus' products are used by
hundreds of network operators worldwide.
For more information visit: http://www.scopus.net
This press release contains forward-looking statements concerning our
marketing and operations plans. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. All forward-looking statements in this press release are made
based on management's current expectations and estimates, which involve
risks, uncertainties and other factors that could cause results to differ
materially from those expressed in forward-looking statements. These
statements involve a number of risks and uncertainties including, but not
limited to, risks related to the evolving market for digital video in general
and the infancy of the video-over-IP in particular and the ability to
successfully demonstrate to service providers integrated solutions, general
economic conditions and other risk factors. Scopus does not undertake any
obligation to update forward-looking statements made herein.
SCOPUS VIDEO NETWORKS
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
March 31, December 31
2008 2007 2007
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 30,064 $ 23,467 $ 23,090
Short-term deposits - 6,509 7,227
Trading securities 5,717 - 5,230
Trade accounts receivable
(net of allowance for
doubtful accounts of $139
and $442 and $152
respectively) 13,386 10,247 12,409
Inventories 7,545 11,427 7,774
Other receivables
and current assets 2,062 1,699 2,151
Total current assets 58,774 53,349 57,881
Fixed assets, net 3,913 2,998 3,453
Deposits in general
severance fund 237 215 230
Other assets 114 71 105
TOTAL ASSETS $ 63,038 $ 56,633 $ 61,669
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 7,062 $ 5,448 $ 6,221
Other payables
and current liabilities 11,095 8,386 11,184
Total current liabilities 18,157 13,834 17,405
Liabilities for vacation
and severance pay 2,095 1,762 1,945
SHAREHOLDERS' EQUITY:
Ordinary shares 4,523 4,352 4,517
Additional paid-in capital 77,790 74,807 77,428
Other comprehensive income 172 - 72
Accumulated deficit (39,699) (38,122) (39,698)
TOTAL SHAREHOLDERS' EQUITY 42,786 41,037 42,319
TOTAL LIABILITIES
AND SHAREHOLDERS EQUITY $ 63,038 $ 56,633 $ 61,669
SCOPUS VIDEO NETWORKS
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands, except share and per share data)
Three months ended March Year ended
31, December 31
2008 2007 2007
(Unaudited)
Revenues $ 16,426 $ 12,255 $ 57,477
Cost of revenues 8,425 6,172 29,901
Gross profit 8,001 6,083 27,576
Research and development
expenses, net of grants
from the OCS 3,291 2,485 10,675
Sales and marketing
expenses 3,782 3,953 15,601
General and administrative
expenses 1,142 1,192 5,692
Operating loss (214) (1,547) (4,392)
Financing income, net 214 359 1,673
Loss before income taxes 0 (1,188) (2,719)
Income tax expense (1) (13) (58)
Net loss (1) (1,201) (2,777)
Basic and diluted net
loss per ordinary share (0.00) (0.09) (0.20)
Weighted average number
of ordinary shares
outstanding used in basic
and diluted loss per
ordinary share
calculation 13,939,415 13,394,766 13,595,346
Company Contact:
Moshe Eisenberg
Chief Financial Officer,
Tel: +972-3-900-7100, Moshee@scopus.net;
Investor Relations Contact:
Ehud Helft / Kenny Green
GK Investor Relations
Tel: (US) +1-646-201-9246, info@gkir.com
SOURCE Scopus Video Networks Ltd
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