Chyron (AMEX: CGS), a leading provider of broadcast-quality digital
graphics solutions for television stations and networks and for
online, out of home and mobile applications, today announced its
financial results for the second quarter and six months ended June
30, 2008. Key Financial Highlights: Revenue of $10.0 million for
2Q08, up 30% over prior year; and $18.3 million for the six months,
up 28% over prior year; Net Income of $1.1 million for 2Q08, up 76%
over prior year; and $1.4 million for the six months, up 102% over
prior year; and Adjusted EBITDA of $1.6 million for 2Q08, up 92%
over prior year; and $2.4 million for the six months, up 127% over
prior year. For the second quarter ended June 30, 2008, revenues
were $10.0 million, an increase of 30% from revenues of $7.8
million in the second quarter of 2007. Operating income for the
quarter was $1.2 million, nearly double the second quarter of 2007.
Net income for the quarter was $1.1 million, or $0.07 per share, an
increase of 76% from net income of $0.6 million, or $0.04 per
share, in the second quarter of 2007. Adjusted EBITDA increased to
$1.6 million, nearly double the second quarter of 2007. The Company
defines Adjusted EBITDA as GAAP net income plus interest, income
tax expense, depreciation, amortization and non-cash stock option
expense. An explanation of management's use of this measure of
results and a reconciliation of Adjusted EBITDA to the most
directly comparable GAAP measure of net income is set forth at the
end of this press release. For the six months ended June 30, 2008,
revenues were $18.3 million, an increase of 28% from revenues of
$14.3 million in the prior year period. Operating income for the
six months was $1.3 million, more than double the prior year
period. Net income for the six months was $1.4 million, also more
than double the prior year period. Adjusted EBITDA for the six
months increased to $2.4 million from $1.1 million in the prior
year period. Michael Wellesley-Wesley, Chyron President and CEO,
commented, "We achieved record levels of revenue for the second
quarter, as well as record gross profit margin of 72%. Despite
increasing our R&D expenditure by 32% over the prior year
quarter, and raising our sales and marketing investment in our new
AXIS web-based services, we achieved an operating profit that was
close to double that of the prior year period. We continue to
experience substantial increase in demand across our product lines
and services, especially for our high-end HDTV broadcast graphics
systems, and remain on track with our growth plan for 2008." "Later
this week, Chyron's brand new Lyric 7.0 software will be deployed
across multiple high-end Chyron graphics systems that we expect
will play a central role in NBC's wall to wall Olympics coverage,"
Mr. Wellesley-Wesley added. "We expect that NBC Olympics graphics
will be created primarily through the use of Chyron's products. We
also expect that a number of other international broadcasters will
use our products for their Olympics coverage, and so for the next
few weeks, we will truly be 'The Company the Whole World Watches.'"
In addition, Mr. Wellesley-Wesley added, "We recently announced the
adoption of our AXIS services by the Gannett Broadcasting Group
across all 23 Gannett owned stations. This publicity has resulted
in a great deal of interest in AXIS, and we believe that this
platform has an exciting future in both our core broadcast market
as well as new online markets such as newspapers and radio. We are
working to integrate AXIS functionality across the entire Chyron
product line very soon, and we have already connected the AXIS
content creation environment with our ChyTV and ChyTV.Net digital
signage solution in an enterprise level beta test." Conference Call
and Webcast: Second Quarter Financial Results: Chyron Corporation
management will host a conference call on Wednesday, August 6,
2008, at 10:00 AM eastern time, to review the second quarter and
six month results. Participants using the telephone should dial
(888) 679-8034 (U.S. and Canada) or (617) 213-4847 (International)
and refer to passcode 77899508. Web participants are encouraged to
go to either www.chyron.com or www.earnings.com at least 15 minutes
prior to the start of the call to register, download, and install
any necessary audio software. The replay numbers and passcode are
(888) 286-8010 (U.S. and Canada) or (617) 801-6888 (International)
and refer to passcode 96004024. The online archives will be
available on both sites shortly after the conclusion of the call.
Each replay will continue for seven days, through August 13, 2008.
About Chyron Chyron continues to define the world of digital and
broadcast graphics with newsroom, Web, Mobile, HD, and 3D
integration solutions. Winner of numerous awards, including two
Emmys, Chyron has proven itself as a leader in the industry with
sophisticated graphics offerings that include Online, Chyron's AXIS
Graphics online content creation software, HD/SD switchable on-air
graphics systems, clip servers, channel branding and telestration
systems, graphic asset management and XMP integration solutions,
and the award-winning WAPSTR mobile phone newsgathering
application, as well as digital signage. For more information about
Chyron's products and services, please visit the Company's websites
at www.chyron.com, www.chytv.com and www.axisgraphics.tv (AMEX:
CGS). Special Note Regarding Forward-looking Statements This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements relating to (i) continued substantial increases in
demand across the Company's product lines and services and the
Company's progress on its growth plans for 2008, (ii) the expected
use of the Company's products by NBC and other broadcasters in
their Olympics coverage, (iii) the potential for AXIS to have an
exciting future in the Company's markets, and (iv) the Company's
plans to integrate AXIS into its ChyTV and ChyTV.net solutions.
These forward-looking statements are based on management's current
expectations and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set
forth in or implied by such forward-looking statements. These risks
and uncertainties include, but are not limited to, product
concentration in a mature market, dependence on the emerging
digital market and the industry's transition to digital television
("DTV") and high definition television ("HDTV"), Chyron's ability
to integrate its AXIS online graphics creation solution into its
product offerings and to generate profits from AXIS, consumer
acceptance of DTV and HDTV, resistance within the broadcast or
cable industry to implement DTV and HDTV technology, rapid
technological changes, continued growth, use and improvement of the
Internet, new technologies that could render certain Chyron
products to be obsolete, competitors with significantly greater
financial resources, new product introductions by competitors,
seasonality, ability to maintain adequate levels of working
capital, Chyron's ability to successfully maintain the level of
operating costs, expansion into new markets and other factors
discussed under the heading "Risk Factors" contained in Item 1A in
Chyron's Annual Report on Form 10-K for the year ended December 31,
2007, which has been filed with the Securities and Exchange
Commission, as well as any updates to those risk factors filed from
time to time. All information in this press release is as of the
date of the release, and Chyron undertakes no duty to update this
information unless required by law. CHYRON CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands,
except per share amounts) � � Three Months Ended Six Months Ended
June 30, June 30, 2008 � 2007 2008 � 2007 � Net sales $10,043 $
7,755 $18,347 $14,284 Gross profit 7,280 5,348 13,140 9,756
Operating expenses: Selling, general and administrative 4,440 3,457
8,610 6,719 Research and development 1,688 1,274 3,203 2,404 Total
operating expenses 6,128 4,731 11,813 9,123 Operating income 1,152
617 1,327 633 Interest and other income (expense), net (3) 39 77 67
Income before taxes 1,149 656 1,404 700 Income taxes 40 25 40 25
Net income $1,109 $ 631 $1,364 $ 675 � Net income per common share
- Basic $0.07 $0.04 $0.09 $0.04 Diluted $0.07 $0.04 $0.08 $0.04 �
Weighted average number of common and common equivalent shares
outstanding: Basic 15,567 15,221 15,528 15,219 Diluted 16,726
15,872 16,662 15,939 CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands) � � June 30, December 31, 2008 2007
Assets: Cash and cash equivalents $4,207 $ 6,290 Accounts
receivable, net 6,931 5,909 Inventories, net 3,134 2,796 Deferred
taxes 686 686 Other current assets 617 441 Total current assets
15,575 16,122 Non-current assets 6,497 3,355 Total assets $22,072
$19,477 � Liabilities and shareholders' equity: Current liabilities
$7,661 $7,675 Non-current liabilities 1,187 1,666 Total liabilities
8,848 9,341 � Shareholders' equity 13,224 10,136 Total liabilities
and shareholders' equity $22,072 $19,477 The Company defines
Adjusted EBITDA as GAAP net income plus net interest, income tax
expense, depreciation, amortization and non-cash stock option
expense. These results are provided as a complement to results
provided in accordance with GAAP because management believes this
non-GAAP financial measure is a good indication of the Company's
ability to generate cash that is or will be used in the business.
Adjusted EBITDA is not a measurement of financial performance under
GAAP and should not be considered a substitute for net income as a
measure of performance. RECONCILIATION OF ADJUSTED EBITDA TO NET
INCOME (Unaudited) (in thousands) � � Three Months Ended Six Months
Ended June 30, June 30, 2008 � 2007 2008 � 2007 � Net income $1,109
$631 $1,364 $675 Interest, net 15 (31) 8 (43) Income taxes 40 25 40
25 Depreciation 186 123 354 231 Amortization 30 0 62 0 EBITDA
$1,380 $748 $1,828 $888 Stock Option Expense 233 94 553 162
Adjusted EBITDA $1,613 $842 $2,381 $1,050
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