Revenues Grew 31% Year Over Year Reaching $19.9 Million TEL AVIV,
November 10 /PRNewswire-FirstCall/ -- Scopus Video Networks Ltd.
(NASDAQ:SCOP), a provider of digital video networking products,
today announced its results for the third quarter of 2008, ending
September 30, 2008. Third Quarter Highlights: - Strong revenue
growth reaching a record of $19.9 million, a 31% year-over-year
increase and a 4% sequential increase. - Net income of $0.5 million
on a GAAP basis and $0.9 million on a non-GAAP basis (excluding
stock based compensation) Third Quarter 2008 Results Summary
Revenue for the third quarter totaled $19.9 million, a 31% increase
from the $15.2 million reported in the third quarter of 2007. The
breakdown of revenue by region was 43% EMEA, 23% Asia and Pacific
Rim and 34% Americas. Gross profit for the third quarter of 2008
was $10.1 million compared with $7.3 million in the third quarter
2007. Gross profit as a percentage of revenues was 51%, compared
with 48% in the third quarter of 2007. Net income on a GAAP basis
for the third quarter of 2008 was $0.5 million, or $0.04 per
diluted share, compared with a net loss of $0.1 million, or $0.01
per basic share in the third quarter of 2007. Net income on a
non-GAAP basis for the third quarter of 2008, which excludes
expenses related to stock based compensation, was a record $0.9
million, or $0.06 per diluted share, compared to a non-GAAP net
income of $0.4 million, or $0.03 per diluted share, in the third
quarter of 2007. The Company ended the third quarter of 2008 with
net cash, cash equivalents and short-term securities of $34.6
million, compared with $36.0 million as of June 30, 2008. The
Company used $1.4 million worth of cash during the quarter,
primarily as a result of the Company's decision to increase
inventory levels, due to the overall growth in the business. "Our
third quarter is a continuation of our strong growth in sales and
improving profitability, and is driven by the solid business
execution that we have shown throughout this and last year,"
commented Dr. Yaron Simler, CEO of Scopus. "Most importantly, our
third quarter results demonstrate the inherent operating leverage
in our business model and our achievements are all the more
remarkable given the current global economic slowdown. While the
economic situation does add uncertainty, we believe that our high
level of net cash and diverse customer base, are enhancing our
already strong competitive positioning." 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 today at 1:00pm ET. On the call, management will
review and discuss the results, and will be available to answer
investor questions. The dial in numbers are as follows: US Dial-in
Number: +1-888-668-9141 UK Dial-in Number: 0800-917-5108 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 thatenable 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 offerintelligent 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. 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) September 30, December 31, 2008 2007 2007
(Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $
28,630 $ 10,464 $ 23,090 Short-term deposits - 23,361 7,227 Trading
securities 6,012 - 5,230 Trade accounts receivable (net of
allowance for doubtful accounts of $137 and $455 and $152
respectively) 13,758 8,934 12,409 Inventories 13,443 8,888 7,774
Other receivables and current assets 2,896 2,061 2,151 Total
current assets 64,739 53,708 57,881 Fixed assets, net 4,278 3,050
3,453 Deposits in general severance fund 219 218 230 Other assets
130 92 105 TOTAL ASSETS $ 69,366 $ 57,068 $ 61,669 LIABILITIES AND
SHAREHOLDERS EQUITY CURRENT LIABILITIES: Trade accounts payable $
11,452 $ 4,435 $ 6,221 Other payables and current liabilities
11,639 9,350 11,184 Total current liabilities 23,091 13,785 17,405
Liabilities for vacation and severance pay 1,980 1,740 1,945
SHAREHOLDERS' EQUITY: Ordinary shares 4,561 4,454 4,517 Additional
paid-in capital 78,808 76,528 77,428 Other comprehensive income 51
- 72 Accumulated deficit (39,125) (39,439) (39,698) TOTAL
SHAREHOLDERS' EQUITY 44,295 41,543 42,319 TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY $ 69,366 $ 57,068 $ 61,669 SCOPUS VIDEO
NETWORKS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Dollars in
thousands, except share and per share data) Nine month ended Three
month ended September 30, Year ended September 30, December 31, 2 0
0 8 2 0 0 7 2 0 0 8 2 0 0 7 2 0 0 7 (Unaudited) (Unaudited)
Revenues $ 55,402 $ 40,944 $ 19,897 $ 15,175 $ 57,477 Cost of
revenues 28,010 21,064 9,790 7,848 29,901 Gross profit 27,392
19,880 10,107 7,327 27,576 Research and development expenses, net
of grants from the OCS 10,420 7,808 3,702 2,742 10,675 Sales and
marketing expenses 13,126 11,618 4,743 3,747 15,601 General and
administrative expenses 3,813 4,113 1,354 1,563 5,692 Operating
profit (loss) 33 (3,659) 308 (725) (4,392) Financing income, net
572 1,206 224 619 1,673 Profit (loss) before income taxes 605
(2,453) 532 (106) (2,719) Income tax expense (32) (65) (14) (39)
(58) Net profit (loss) 573 (2,518) 518 (145) (2,777) Basic net
earnings (loss) per ordinary share 0.04 (0.19) 0.04 (0.01) (0.20)
Diluted net earnings (loss) per ordinary share 0.04 (0.19) 0.04
(0.01) (0.20) Shares used in basic net earnings (loss) per share
computation 14,001,032 13,509,988 14,021,821 13,651,381 13,595,346
Shares used in diluted net earnings (loss) per share computation
14,913,792 13,509,988 14,432,484 13,651,381 13,595,346 Company
Contact: Investor Relations Contact Moshe Eisenberg Ehud Helft /
Kenny Green Chief Financial Officer GK Investor Relations Tel:
+972-3-900-7100 Tel: (US) +1-646-201-9246 For more information
visit: http://www.scopus.net/ 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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