LONDON: Business software supplier Pilat Media swung to into the black on increased revenues for the first quarter of 2010. Pilat reported 1Q10 revenues up nearly 19 percent to £4.87 million (US$7 million). Profit after taxes totaled £289,000 (US$416,000) compared to a loss last year of £623,000 (US$896,800).
“Improved profitability has been matched by an increase in cash to more than £3 million which has put us on a strong financial footing.” said Pilat Chairman Michael Rosenberg. “We also have much greater visibility on our future revenues than at this time last year and are on target to achieve growth in 2010 as a whole.”
Pilat also announced the establishment of an East Coast office in the United States, where it currently has a presence in Denver. The company is based in London and also has offices near Sydney, Australia, in the Netherlands and in Israel. The new office is in New York City at 540 Madison Ave., and will officially open for business on June 1. A reception will be held there June 10.
“Increasing IBMS [Integrated Broadcast Management System] sales to major media players and broadcasting companies in this region and throughout North America has been the primary driver for us to add a second office in the U.S.,” said Pilat Media CEO Avi Engel. “Not only will we be able to serve these customers more effectively, we will have a base of operations with which to continue expanding our market share, and work comfortably with our European offices.”
-- Deborah D. McAdams, with information from TV Technology
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