Vizrt offers up another record quarter

Vizrt Ltd. says its first quarter of 2007 results set yet another record revenue quarter reaching $19.9M compared to revenues of $12.0M in Q1 2006. Revenue increased by 66%, of which 41% was organic growth. EBIT was $3.9M, up 78% compared to EBIT of $2.2M in Q1 2006 and EBITDA (excluding taxes, interest, depreciation, amortization of intangible assets and deferred stock-based compensation) went up 89% to $5.0M compared to $2.7M in Q1 2006. Also $3.7M net profit was up 63% compared to last year’s same time frame.

Mr. Bjarne Berg, President and CEO, commented; “The outlook for Vizrt is dependent on how well we manage to integrate the MAM products (Ardendo) into the existing salesforce and to get enough specialists hired to answer to the worldwide demand. If we manage to do that, we believe we will continue to grow in an existing pace.”

Berg says the company is working on a downscaled version of the Viz|Engine, Multi Platform Solution (MPS), which can accommodate (profiled) 3D-graphics with a nicer look on cell phones and on web-sites.

“The MPS project is progressing according to plans and received the NAB engineering award at the show in Las Vegas in April,” he adds. “We are expecting to make first deliveries to customers both within and outside the traditional broadcast industry within the coming months. To explore the various options to realize the full potential of the MPS product, including the spin off option, we have decided to engage external advisors.”

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