Scopus Announces First Quarter 2007 Results
Scopus Video Networks Ltd. (NASDAQ: SCOP), a provider of digital video networking products, announced its results for the first quarter of 2007, ending March 31, 2007.
First Quarter 2007 Results Summary Revenues for the first quarter totaled $12.3 million, a 1.2% sequential increase from the $12.1 million revenues in the fourth quarter of 2006, and a 7.7% increase from the first quarter of 2006. The breakdown of revenue by region was 48% in EMEA, 30% in Asia and Pacific Rim and 22% in the Americas.
Gross profit in the first quarter of 2007 was $6.1 million compared with $6.0 million in the prior quarter, and $5.7 million in the first quarter 2006. Gross profit as a percentage of revenues was 50%, at a similar level when compared to both the prior quarter and the first quarter of 2006.
Pro-forma net loss for the first quarter of 2007, which excludes expenses related to stock based compensation as defined under FAS123R was $730 thousand, or $0.05 per share, compared to a net loss of $417 thousand, or $0.03 per share, in the fourth quarter of 2006, and a net profit of $60 thousand, in the first quarter of 2006.
Net loss on a GAAP basis for the first quarter of 2007 was $1.2 million, or $0.09 per share, compared with $780 thousand, or $0.06 per share, in the fourth quarter of 2006 and a net loss of $377 thousand, or $0.03 per share in the first quarter of 2006.
The Company achieved a positive operating cash flow of $124 thousand during the quarter, and ended the first quarter with cash and cash equivalents of $23.5 million, plus $6.5 million in short term investments, totaling $30.0 million. This is compared with $30.0 million on December 31st, 2006.
“I am pleased with our progress and our first quarter results, which came in better than our expectations in all parameters: revenues, gross margin and positive operating cash flow,” commented Dr. Yaron Simler, CEO of Scopus. “We saw good progress across the world. In the United States in particular, the splicing application of the IVG product has now advanced to the field trial stage in several locations with top-tier MSOs. This important milestone is another step forward in the execution of our strategy to penetrate leading US MSOs with our IVG product.”
Conference Call Details
The Company will also be hosting a conference call later today at 1:00pm EDT (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: 1 800 994 4498
UK Dial-in Number: 0 800 917 9141
ISRAEL Dial-in Number: 03 918 0691
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: www.scopus.net.
About Scopus Video Networks:
Scopus Video Networks (NASDAQ:SCOP) develops, markets and supports digital video networking products that enable network operators to offer advanced video services to their subscribers. Scopus’ products support digital television, HDTV, live event coverage and content distribution.
Scopus provide a comprehensive digital video networking product offering, including intelligent video gateways, encoders, decoders and network management products. Scopus’ products 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: www.scopus.net
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