MELVILLE, N.Y.: Chyron revenues grew and losses diminished in the first quarter of 2010. The video graphics company reported revenues of $6.9 million for the three months ending March 31, 2010, up 10 percent over 1Q09. Net loss was $700,000 versus $900,000.
“After spending the recessionary period developing our technology and putting into place the means to drive future growth, we believe that revenue and earnings bottomed out in 2009 and we expect to see both begin to climb this year,” Chyron chief Michael Wellesley-Wesley said. “While traditionally the weakest quarter, the first quarter of 2010 has been satisfactory. We surpassed our internal projections and are on track to achieve, if not surpass, our projections for the second quarter.”
Operating loss was $500,000 compared to an operating loss of $1.1 million a year ago. earnings before interest, taxes, depreciation and amortization plus share-based compensation expense totaled $200,000 versus an adjusted EBITDA loss of $500,000 a year ago. Chyron spent $1.6 million on R&D, down 9 percent.
Service revenues from Chyron’s online Axis graphics product, plus maintenance contracts and training for broadcast graphics came to $1.5 million, up 33 percent. Product revenues were $5.3 million, up 4 percent.
Cash and equivalents were $4.86 million at March 31, 2010; current portion of term loan was $326,000. Chyron (NASDAQ: CHYR) shares were trading at $1.79 this morning, down 14 percent year-to-date.
-- Deborah D. McAdams
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