Vizrt Reports Q4 and 2012 Results - Growth in APAC and The Americas partially offsetting continued market softness in Europe - Seite 3

Vizrt product lines and geographical overview

Broadcast Graphics (BG)

BG revenues for FY 2012 of MUSD 94.3 showed a slight decrease of 3% compared to FY 2011 and a 12% decrease comparing Q4 2012 to Q4 2011. Compared to Q3 2012, BG revenues were up 4%. BG revenues accounted for 77% of total revenues.

Media Asset Management (MAM)

MAM revenues FY 2012 came in at MUSD 21.9, a 7% increase Y-o-Y and a 12% increase comparing Q4 2012 to Q4 2011. Compared to Q3 2012, MAM revenues were down by 7%. MAM revenues FY 2012 accounted for 18% of total revenues.

Online (ONL)

ONL revenues for FY 2012 came in at MUSD 5.7, compared to MUSD 8.3 for 2011, a decrease of 32%. Comparing Q4 2012 to Q4 2011 revenues decreased by 29%. Compared to Q3 2012 ONL revenues were up by 15%. ONL revenues for FY 2012 accounted for 5% of total revenues.

Geographical Overview

Both, The Americas and APAC posted 9% growth as compared to 2011. The Americas revenues totaled MUSD 30.3, as compared to MUSD 27.8 in 2011, and APAC came in with MUSD 31.1, as compared to MUSD 28.5 in 2011. Revenues in the EMEA region were affected by the ongoing weakness in the macro-economic environment, and were down by 13% from MUSD 69.1 to MUSD 60.4.

FINANCIALS

Gross profit and gross margin

The gross margin for 2012 was 67%, as compared to 66% for the same period LY. The increase is mainly due to improved delivery of MAM projects and continued improved margins for the MAM product line. The gross profit for 2012 was affected by a MUSD 2.6 amortization of intangible assets from acquisitions, compared to MUSD 2.8 for FY 2011. Adjusted for these amortization effects, the gross margin was 69%, compared to 68% LY.

The gross margin for Q4 2012 was 70%, as compared to 69% for the same period LY.  The gross profit was affected by MUSD 0.7 in Q4 2012, compared to MUSD 0.7 in Q4 2011, in relation to the amortization of intangible assets resulting from acquisitions. Adjusted for these amortization effects, the gross margin was 72%, compared to 71% for FY 2011.

Recurring operating expenses

Total recurring operating expenses for FY 2012 and Q4 2012 were MUSD 62.6 and MUSD 14.3, down 3% compared to FY 2011, and significantly lower as compared to each of the first three quarters of 2012. The decrease is mainly due to an annualized adjustment of the variable compensation component, included mainly in OPEX, and based on annual target achievements as well as a lower headcount resulting from our policy not immediately to fill non-mission critical vacancies. The quarterly average recurring OPEX of MUSD 15.7 better reflects the recurring OPEX cost base.