TANDBERG Reports Third Quarter 2007 Results
Overview of 3Q07:
* Revenue of 165.3 MUSD with volume of 15,398 units
* Operating profit of 38.7 MUSD and pre-tax profit of 33.0 MUSD
* Cash flow from operations of 53.8 MUSD
* Codian acquisition closed, with financial impact as of October 1
FINANCIALS
Third quarter revenues were 165.3 MUSD compared with 109.6 MUSD in the same quarter last year. Gross margin for the quarter was 65.5%, compared with 67.9% in the same quarter last year. Selling, general & administrative (SG&A) expenses for 3Q07 totaled 62.9 MUSD, compared with 45.5 MUSD in the same quarter last year. Operating profit was 38.7 MUSD compared with 24.9 MUSD in the same quarter last year. Earnings per share (after tax) were 0.218 USD in 3Q07 compared with 0.164 USD in the same quarter last year.
The Company generated cash flow from operations of 53.8 MUSD in the quarter which after a net cash outflow from investments and financing of 144.0 MUSD, gave a total cash outflow of 90.2 MUSD. As of September 30, the Company had a cash balance of 50.3 MUSD and an equity ratio of 62.8%.
OPERATIONS
Reviewing third quarter results, Fredrik Halvorsen, Chief Executive Officer, stated, “Video is becoming an integral component of a total IP solution. TANDBERG’s healthy topline growth in the third quarter reflects this industry trend. The Company executed solidly, strengthened by continued investment in sales and R&D.
To pursue a leadership role in the larger IP communications market, the Company acquired Codian, an award-winning infrastructure provider. The acquisition provides additional resources for accelerating technology innovation. The integration is well underway and well received by customers, partners, and employees of both companies.
Continued tight working capital management is evident from the balance sheet with stable DSOs at 62.3 days. “
MARKETS
In 3Q07, TANDBERG sold 15,398 units compared with 10,102 units in the same quarter last year, a 52.3% increase.
AMERICAS
Revenue in the Americas Theatre during 3Q07 totaled 92.4 MUSD compared with 64.4 MUSD the same quarter last year.
The Americas results reflect a strong finish to the Federal buying season, as well as a high-performing and customer-focused sales team. In addition, customers in the Theatre are embracing the complete high-definition (HD) end-to-end solution offered by TANDBERG.
The Americas Theatre will focus on the network business. Most importantly, the integration of Codian will include cross-training of sales teams and channel partners.
EMEA
Revenue in EMEA during 3Q07 totaled 54.0 MUSD, compared with 35.8 MUSD in the same quarter last year. The Theatre completed the quarter with an overall strong performance, but with somewhat mixed regional execution. High performing areas included Spain, the Netherlands, and Northern Europe.
The EMEA team will focus on scaling its sales and channel teams, as well as selective geographic expansion. As in the Americas Theatre, integration of Codian is a priority.
ASIA PACIFIC
Revenue in APAC during 3Q07 totaled 18.9 MUSD, compared with 9.5 MUSD in the same quarter last year. Theatre performance was on track for the quarter, but North Asia is still fragile.
In South Asia, Singapore and Australia continue to perform strongly.
STRATEGIC INITIATIVES
To take advantage of the IP communication market opportunity and establish a distinct position as a provider of Natural Communication, TANDBERG continues to execute along the three priorities outlined for 2007:
Sustain strong operating fundamentals: The Company balanced long term and short term execution in the field.
Address areas of opportunity in the core business in 2007: TANDBERG has been expanding at the high end of the market with telepresence. In the third quarter, HP announced the HP Halo Gateway, based on TANDBERG technology. The Gateway links HP telepresence studios with standards-based videoconferencing systems. In addition, personal telepresence systems such as the 1700 MXP are gaining importance in this market. HP and TANDBERG are committed to an ongoing partnership.
Invest aggressively to capture the converged IP communication opportunity: TANDBERG’s acquisition of Codian positions the Company to pursue a leadership role in the larger IP communications market. The transaction closed on September 24, 2007 and is already providing customers with a robust platform for large scale HD videoconferencing deployments, and will accelerate innovation. The integration of Codian is proceeding with minimal disruption to the business, and support for Codian Multipoint Control Units in the TANDBERG Management Suite has been made available.
The TANDBERG Video Communication Server (VCS) was launched in 3Q as a key part of the Company’s SIP strategy. The VCS promotes personalized video with the FindMe™ feature, which allows users to set dialing destinations for incoming calls. Calls are completed every time, reaching a person instead of a device.
FINANCIAL STATEMENTS - BASIS FOR PREPARATION
The enclosed consolidated condensed financial statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation used in the preparation of the financial statements are consistent with the policies used in the annual financial statements for the year ended December 31, 2006. The enclosed consolidated condensed financial statements should be read in conjunction with the 2006 annual financial statements, which include a full description of the Group’s accounting policies.
ABOUT TANDBERG
TANDBERG is a leading provider of telepresence, high-definition videoconferencing and mobile video products and services. The Company has dual headquarters in New York and Oslo. TANDBERG designs, develops and markets systems and software for video, voice and data communication. The Company provides sales, support and value-added services in more than 90 countries worldwide. TANDBERG is publicly traded on the Oslo Stock Exchange under the ticker TAA.OL. Please visit www.tandberg.com for more information.
TANDBERG is a registered trademark or trademark in the U.S. and certain other countries. All other trademarks are property of their respective owners.
웹사이트: http://www.tandberg.com
연락처
TANDBERG Deborah Wong +65 6236 9205 이메일 보내기
Briman Communications David Kim +82 587 3922 이메일 보내기
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2009년 10월 21일 13:47