PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Avigilon Corporation

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Avigilon Corporation Announces Second Quarter 2012 Results - Avigilon Corporation (TSX: AVO), a leader in high-definition (HD) surveillance systems, announced its financial results for the three and six months ended June 30, 2012. All figures are stated in Canadian dollars unless otherwise noted - Avigilon.com
Avigilon Corporation Announces Second Quarter 2012 Results

 

NewswireToday - /newswire/ - Vancouver, British Columbia, Canada, 2012/08/08 - Avigilon Corporation (TSX: AVO), a leader in high-definition (HD) surveillance systems, announced its financial results for the three and six months ended June 30, 2012. All figures are stated in Canadian dollars unless otherwise noted - Avigilon.com. TSX: AVO

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Audio/Video Equip./Surveillance Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Second Quarter 2012 Highlights

• Revenue was $24.4 million, an increase of 52% over Q2 2011 revenue of $16.0 million.
• Gross margin was 48%, compared to 42% a year earlier.
• EBITDA was $2.1 million, compared to Q2 2011 EBITDA of $2.1 million. (See “Non-IFRS Measures” below.)
• Net income was $1.3 million, an increase of 22% from $1.1 million in Q2 2011.

First Half 2012 Highlights
• Revenue was $42.1 million in the first six months of 2012, an increase of 61% from $26.0 million in the same period last year.
• Gross margin was 48%, up from 43% in the prior year.
• EBITDA was $3.3 million, an increase of 23% over $2.7 million in the first half of 2011. (See “Non-IFRS Measures” below.)
• Net income was $2.0 million, a 63% increase compared to $1.2 million a year earlier.

“Effective execution of our growth strategy has led to record revenues in the second quarter," said Alexander Fernandes, president and chief executive officer at Avigilon. "We have been expanding our global sales team, building awareness of our brand, and investing in product innovation. I expect all these activities to continue to drive strong growth.”

Financial Review
Avigilon reported revenue of $24.4 million in the three months ended June 30, 2012, an increase of $8.4 million, or 52%, compared to $16.0 million of revenue in the second quarter of 2011. Revenue growth was broadly based, with five of the six regions growing by at least 47% year-over-year, and no single sale representing more than 5% of revenue. In comparison, a one-time enterprise sale of $2.3 million was completed in Q2 2011, representing 14% of revenue. Factoring out that enterprise sale, revenue in the current quarter grew 80% over the previous year.

Gross margin was $11.7 million in the second quarter, an increase of $5.0 million or 74% from $6.7 million the previous year. As a percentage of revenue, gross margin was 48% in Q2 2012 compared to 42% a year earlier. The increased gross margin percentage has resulted primarily from a shift in sales mix. In particular, the large enterprise sale in the second quarter of last year, referenced above, had a product mix that resulted in low gross margins.

Selling and marketing expenses were $6.6 million in the second quarter of 2012, a $3.7 million increase from $2.9 million a year earlier. The increase was primarily due to a higher number of sales personnel, as we continue to grow our global sales team to support revenue growth, and activities associated with the Company’s recently expanded marketing program designed to promote the Avigilon brand.

Research and development expenses, net of related income tax credits, were $1.2 million in Q2 2012, a $0.5 million increase compared to $0.7 million in the prior year’s second quarter. The Company has increased its investment in R&D as it focuses on continuing to expand and enhance its product offering.

General and administrative expenses were $2.1 million in the second quarter, up $0.9 million from $1.2 million of G&A expense in Q2 2011. The increase was primarily due to additional personnel and their related expenses to support Avigilon’s growth and its status as a public company.

EBITDA was $2.1 million in the second quarter, an increase of $19,000 or 1% from a year earlier. The increases in revenue and gross margin were largely offset by planned spending on further growth, investments that typically drive results in future periods.

Net income was $1.3 million in Q2 2012, an increase of $0.2 million or 22% compared to net income of $1.1 million in the second quarter of 2011. Earnings per share were $0.04 (basic and diluted), compared to $0.06 (basic) and $0.04 (diluted) a year earlier. Avigilon’s basic share count at June 30, 2012 was 31,451, 287.

Financial statements can be downloaded from the Avigilon website at ir.avigilon.com or SEDAR at sedar.com/.

Conference Call
Avigilon has scheduled a conference call to discuss these results on Wednesday, August 8, 2012, beginning at 5:00 pm. EDT (2:00 pm. PDT). To access the live call, dial 647-427-7450 or 1-888-231-8191, or view the webcast at ir.avigilon.com. A replay will be available for one year on the Company’s website, and for one week by dialing 778-371-8506, 416-849-0833 or 1-855-859-2056, reference number 13629310.
Non-IFRS Measures

The term "EBITDA" refers to earnings before deducting interest, taxes, depreciation, amortization, foreign exchange gain or loss, and stock-based compensation. Management believes that EBITDA is a useful measure as it provides an indication of the operational results of the business prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset amortization. EBITDA does not have a standardized meaning prescribed by International Financial Reporting Standards (IFRS) and is not necessarily comparable to similar measures provided by other companies. Accordingly, investors are cautioned that EBITDA should not be construed as an alternative to operating income or net income determined in accordance with IFRS as an indicator of the Company’s financial performance or as a measure of its liquidity and cash flows.

About Avigilon
Avigilon (avigilon.com) is defining the future of protection through innovative high-definition surveillance solutions. Delivering the world's best image quality, our industry-leading HD network video management software and megapixel cameras are reinventing surveillance.

Forward Looking Statements
Certain statements contained in this news release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”,“expects” or “does not expect”,“is expected”,“budget”,“scheduled”,“estimates”,“forecasts”,“intends”,“anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”,“could”,“would”,“might” or “will” be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that any forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks, uncertainties and other factors include, among other things those risks identified in Avigilon’s prospectus filed on SEDAR at sedar.com/.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Audio/Video Equip./Surveillance Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Avigilon Corporation

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Audio/Video Equip./Surveillance articles,
CATCH Visitors via Your Competitors Announcements!


Avigilon Corporation Announces Second Quarter 2012 Results

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Press Office - Avigilon.com 
media[.]avigilon.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Avigilon Corporation securities in any jurisdiction including any other companies listed or named in this release.

Audio/Video Equip./Surveillance via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Avigilon Corporation / Company Profile


Read Audio/Video Equip./Surveillance Most Recent Related Newswires:

Avigilon Expands H4 Platform with H4 PTZ Camera Line Featuring Video Analytics
Safran Identity & Security to Provide The French National Police with its Latest Video Analysis Platform
Axis Introduces Durable Fixed Domes, Including Stainless Models, Exceptional Light Sensitivity and Wide Dynamic Range
Axis Updates its Popular AXIS P32 Series for Even Better Image Quality
PlateSmart ARES Competes in AST Homeland Security Awards
AxxonSoft exhibiting at Security Essen 2016
MOBOTIX and Advantech Integrate Video Solutions for the Transport Sector
Genetec, Inc. and MOBOTIX AG Announce Technology Integration Partnership
Axis Introduces Small and Cost-efficient Bullet Style IP Cameras
HR Introduces HDMI Audio Extractor W/50 Watt Amp
Axis Celebrates 20 Years of Network Video Cameras
Axis Introduces New Series of Cost Efficient HD Fixed Domes with Built-in Infrared Illumination
Axis Introduces Laser Focus Technology for PTZ Surveillance Cameras
Avigilon Expands H4 Platform with 360-degree Fisheye Camera Line
Axis Introduces All-in-One Wireless Video Surveillance Solution for Small Businesses

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  Triggr & Bloom

Visit  BizJobs.com





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)