ChyronHego 2Q Revenue Climbs 37%

ChyronHego Corp. today reported a 37% increase in revenue in the second quarter to $14.7 million compared to $10.7 million in 2Q 2013. The company said this $4 million increase was primarily driven by the contribution of services from the 2013 merger with Hego, which included a sale of tracking systems to a European Soccer League.

Operating income in the quarter was $3 million compared to an operating loss $1.9 million in the year-ago period. Net income for the second quarter was $2.9 million, or $0.08 per basic and diluted share, as compared to a net loss of $2.1 million, or ($0.09) per basic and diluted share, in the second quarter of 2013.

President-CEO Johan Apel said: “We are very excited to show our first profitable quarter since Q2 2011. Our efforts in both keeping costs under control and driving revenue growth are bearing fruit. We are expecting growth in revenues to continue in the coming quarters. In terms of revenues, we are ahead of plan in both the U.S. and Europe and we have a positive outlook regarding the development of these markets. Our customers are investing with us and they appreciate our efforts to create the most complete offering within broadcast graphics.”

Apel added: “We closed the acquisition of ZXY Sport Tracking AS on April 30 and they have since received orders from several new customers. The WeatherOne AS acquisition closed on July 1 and we expect to see positive impact from their operations in the Q3 financials.”