The increase is driven by a 34% increase in service revenues to more than $2 million.
Graphics provider Chyron today announced its financial results for the third quarter ended Sept. 30, 2011. Among them:
Total revenues of $7.47 million for the third quarter of 2011 increased 9% as compared to $6.88 million for the prior year’s third quarter;
Service revenues increased 34% to $2.11 million as compared to $1.58 million in the third quarter of 2010;
Service revenues as a percentage of total revenues were 28% for the third quarter of 2011 as compared to 23% in the same year ago period.
The company recorded a net loss of $3.49 million for the third quarter of 2011, as compared to a $0.48 million net loss for the third quarter of 2010. The company’s third quarter of 2011 income tax provision, of $2.6 million includes a $2.72 million charge, and corresponding decrease in deferred tax assets, as a result of management’s determination that it is more likely than not that $7.48 million of the company’s net operating loss carryforwards scheduled to expire at the end of 2012 will expire unutilized.
Michael Wellesley-Wesley, Chyron President and CEO, commented, “Our results for the third quarter of 2011 displayed improvement given the current uncertain economic conditions in the U.S. and Europe with our top line showing modest growth over last year’s third quarter. Our services revenues increased 34% in the third quarter of 2011 over the same period in 2010 as we remain focused on expanding our Axis World Graphics platform. Operating expenses in the third quarter of this year showed a slight increase as we continue to invest in the future growth of the Company by making strategic hires for key sales positions.”
Wellesley-Wesley concluded, “Going forward, we anticipate further improvements in 2012, especially in the domestic market owing to factors associated with the 2012 Olympics and the upcoming Presidential election. Internationally, we are looking for an increased contribution from our EMEA and Latin America operations as a result of the increased headcount in the sales department that have been put in place this year.”
Read the company’s report here.