Record Revenue of $19.1 Million, 41% Increase Over the Second
Quarter of 2007 TEL-AVIV, Israel, July 28 /PRNewswire-FirstCall/ --
Scopus Video Networks Ltd. (NASDAQ:SCOP), a provider of digital
video networking products, today announced its results for the
second quarter of 2008, ending June 30, 2008. Second Quarter
Highlights: - Strong revenue growth reaching a record of $19.1
million, a 41% year-over-year increase - Net income of $0.1 million
on a GAAP basis and $0.5 million on a non-GAAP basis (excluding
stock based compensation) - Positive operating cash flow of $0.8
million - Strong booking and continued improvement in business
fundamentals Second Quarter 2008 Results Summary Revenue for the
second quarter totaled $19.1 million, a 41% increase from the $13.5
million reported in the second quarter of 2007. The breakdown of
revenue by region was 51% in EMEA, 32% in Asia and Pacific Rim and
17% in the Americas. Gross profit for the second quarter of 2008
was $9.3 million compared with $6.5 million in the second quarter
2007. Gross profit as a percentage of revenues was 49%, compared
with 48% in the second quarter of 2007. Net income on a GAAP basis
for the second quarter of 2008 was $0.1 million, or $0.00 per
diluted share, compared with a net loss of ($1.2) million, or
($0.09) per basic share in the second quarter of 2007. Net income
on a non-GAAP basis for the second quarter of 2008, which excludes
expenses related to stock based compensation, was $0.5 million, or
$0.03 per diluted share, compared to a non-GAAP net loss of ($0.7)
million, or ($0.05) per basic share, in the second quarter of 2007.
The Company ended the second quarter of 2008 with net cash, cash
equivalents and short-term securities of $36.0 million, compared
with $35.8 million as of March 31, 2008. The Company generated a
positive operating cash flow of $0.8 million during the quarter "In
the quarter we continued to execute on our business plan, achieving
strong sales growth and reaching a new revenue record," commented
Dr. Yaron Simler, CEO of Scopus. "It is clear that the investments
we have made in the past year and our focus on enhancing our
competitive position are now bearing fruit. The second half of 2008
looks even brighter. We recently announced a number of new products
and system capabilities that position us very well to increase our
market share. These include the IRP-3910, designed to enable cable
operators to manage the February 2009 transition from analog to
digital broadcast. The IRP has been very well received by the
market and we expect to generate revenue from this in the second
half of 2008. We believe that we are well positioned to capitalize
on the emerging trends in our industry." ----- The press release
contains non-GAAP financial measures. In this regard, GAAP refers
to generally accepted accounting principles in the United States.
Pursuant to regulations promulgated by the Securities and Exchange
Commission, the Company has provided reconciliations within the
press release of the non-GAAP financial measures to the most
directly comparable GAAP financial measures. The non-GAAP results
provided in the press release exclude the cost of options. Due to
recent changes in US GAAP regulations, in accordance with FAS123R
guidelines, from the first quarter of 2006 and onwards, we have
been implementing and recording options expenses as part of our
P&L, management believes that the presentation of the non-GAAP
information provides investors with a better understanding of
Scopus' financial results going forward and assists investors in
comparing Scopus' historical, current and future expected results.
Conference Call Details The Company will also be hosting a
conference call later today, July 28, 2008 at 9:00am ET (6:00am
Pacific Time, 2:00pm UK Time, 4:00pm Israel Time). On the call,
management will review and discuss the results, and will be
available to answer investor questions. To participate, please call
one of the following teleconferencing numbers: US Dial-in Number:
1-888-668-9141 UK Dial-in Number: 0-800-917-5108 Israel Dial-In
Number: 03-918-0609 International Dial-in Number: +972-3-918-0609
For those unable to listen to the live call, a replay of the call
will be available from the day after the call in the investor
relations section of Scopus' website, at: http://www.scopus.net/
About Scopus Video Networks Scopus Video Networks (NASDAQ:SCOP)
develops, markets and supports digital video networking solutions
that enable network operators to offer advanced video services to
their subscribers. Scopus' solutions support digital television,
HDTV, live event coverage and content distribution. Scopus'
comprehensive digital video networking solution offer intelligent
video gateways, encoders, decoders and network management products.
Scopus' solutions are designed to allow network operators to
increase service revenues, improve customer retention and minimize
capital and operating expenses. Scopus' customers include
satellite, cable and terrestrial operators, broadcasters and
telecom service providers. Scopus' products are used by hundreds of
network operators worldwide. For more information visit:
http://www.scopus.net/ This press release contains forward-looking
statements concerning our marketing and operations plans. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements. All
forward-looking statements in this press release are made based on
management's current expectations and estimates, which involve
risks, uncertainties and other factors that could cause results to
differ materially from those expressed in forward-looking
statements. These statements involve a number of risks and
uncertainties including, but not limited to, risks related to the
evolving market for digital video in general and the infancy of the
video-over-IP in particular and the ability to successfully
demonstrate to service providers integrated solutions, general
economic conditions and other risk factors. Scopus does not
undertake any obligation to update forward-looking statements made
herein. SCOPUS VIDEO NETWORKS CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands) June 30, December 31, 2008 2007 2007
(Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $
30,016 $ 2,514 $ 23,090 Short-term deposits - 28,463 7,227 Trading
securities 5,968 - 5,230 Trade accounts receivable (net of
allowance for doubtful accounts of $137 and $455 and $152
respectively) 14,637 9,215 12,409 Inventories 9,106 9,534 7,774
Other receivables and current assets 2,756 1,408 2,151 Total
current assets 62,483 51,134 57,881 Fixed assets, net 4,196 3,056
3,453 Deposits in general severance fund 257 215 230 Other assets
120 74 105 TOTAL ASSETS $ 67,056 $ 54,479 $ 61,669 LIABILITIES AND
SHAREHOLDERS EQUITY CURRENT LIABILITIES: Trade accounts payable $
10,007 $ 3,237 $ 6,221 Other payables and current liabilities
11,819 8,814 11,184 Total current liabilities 21,826 12,051 17,405
Liabilities for vacation and severance pay 1,901 1,669 1,945
SHAREHOLDERS' EQUITY: Ordinary shares 4,542 4,405 4,517 Additional
paid-in capital 78,332 75,648 77,428 Other comprehensive income 100
- 72 Accumulated deficit (39,645) (39,294) (39,698) TOTAL
SHAREHOLDERS' EQUITY 43,329 40,759 42,319 TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY $ 67,056 $ 54,479 $ 61,669 Six month ended
Three month ended Year ended June 30, June 30, December 31, 2008
2007 2008 2007 2007 (Unaudited) (Unaudited) Revenues $ 35,504 $
25,769 $ 19,078 $ 13,514 $ 57,477 Cost of revenues 18,220 13,216
9,795 7,044 29,901 Gross profit 17,284 12,553 9,283 6,470 27,576
Research and development expenses, net of grants from the OCS 6,718
5,066 3,427 2,581 10,675 Sales and marketing expenses 8,383 7,871
4,601 3,918 15,601 General and administrative expenses 2,458 2,550
1,316 1,358 5,692 Operating loss (275) (2,934) (61) (1,387) (4,392)
Financing income, net 348 587 134 228 1,673 Profit (loss) before
income taxes 73 (2,347) 73 (1,159) (2,719) Income tax expense (19)
(26) (19) (13) (58) Net profit (loss) 54 (2,373) 54 (1,172) (2,777)
Basic and diluted net loss per ordinary share 0.00 (0.18) 0.00
(0.09) (0.20) Weighted average number of ordinary shares
outstanding used in basic and diluted loss per ordinary share
calculation 13,953,537 13,438,118 13,963,541 13,480,995 13,595,346
Company Contact: Moshe Eisenberg Chief Financial Officer Tel:
+972-3-900-7100 Investor Relations Contact: Ehud Helft / Kenny
Green GK Investor Relations Tel: (US) +1-646-201-9246 DATASOURCE:
Scopus Video Networks Ltd CONTACT: Company Contact: Moshe
Eisenberg, Chief Financial Officer, Tel: +972-3-900-7100, ;
Investor Relations Contact: Ehud Helft / Kenny Green, GK Investor
Relations, Tel: (US) +1-646-201-9246,
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