Vizrt Ltd. Reports 2011 and Q4 2011 Results with New Records - Seite 2

did not expect a significant downturn in the economy in the short term, as was
the case in late 2008 and much of 2009, but at the same time that decision
makers were strongly guided by uncertainty and caution."

"During the quarter, we continued to improve the integration of the various
product lines, which not only has made our own operations more efficient, but
also enhanced the value proposition to our customers.  The effect of these
efforts has been strong cross selling of our BG products to existing MAM, ONL
and LiberoVision customers."

"Decision making cycles for MAM and ONL transactions have lengthened, especially
for the larger projects.  As a consequence, results from these product lines
were not as strong as those for BG.  However, the launch of the latest version
of our Viz Media Engine product towards the end of 2011 has created significant
interest and we are seeing a growing deal volume coming through now."

"We were very satisfied with the development of our profitability, partially
explained by the strong performance of our BG business line, which carries a
higher margin than our other activities.  Overall, our focus on increased
operational efficiency paid off with OPEX increasing at a much lower rate than
our revenue growth."

Results Overview

+---------------------------------+------+------+----------+------+-----------+
|In KUSD |Q42011|Q42010|Change in%|Q32011|Change in %|
+---------------------------------+------+------+----------+------+-----------+
|Revenue |33,483|31,771|5% |31,760|5% |
+---------------------------------+------+------+----------+------+-----------+
|Gross Profit |23,156|20,057|15% |21,080|10% |
+---------------------------------+------+------+----------+------+-----------+
|Gross Margin |69% |63% |  |66% |  |
+---------------------------------+------+------+----------+------+-----------+
|Recurring Operating Income |7,193 |4,221 |70% |3,792 |90% |
+---------------------------------+------+------+----------+------+-----------+
|Recurring Operating Income-Margin|21% |13% |  |12% |  |
+---------------------------------+------+------+----------+------+-----------+
|EBITDA |8,891 |6,157 |44% |5,628 |58% |
+---------------------------------+------+------+----------+------+-----------+
|EBITDA-Margin |27% |19% |  |18% |  |
+---------------------------------+------+------+----------+------+-----------+
|Net Profit (loss) |6,000 |-193 |N/A |3,320 |81% |
+---------------------------------+------+------+----------+------+-----------+