ChyronHego Posts 39% 2Q Revenue Gain

ChyronHego Corp. today reported second quarter financial results that included:

• Total revenues of $10.7 million for the second quarter, an increase of 39% when compared to $7.7 million for the prior year’s second quarter.

• Operating loss of $1.9 million for the second quarter, as compared to an operating loss of $1.1 million for the prior year’s second quarter.

• Excluding Hego AB merger-related expenses and restructuring costs of $2.8 million in second quarter results, operating profit of $900,000 for the second quarter as compared to an operating loss of $1.1 million for the prior year’s second quarter.

• Net loss of $2.1 million for the second quarter of 2013, as compared to net loss of $0.6 million for the prior year’s second quarter.

• Excluding Hego merger-related expenses, restructuring costs and a valuation adjustment for contingent consideration related to the Hego merger in second quarter results, net income of $0.8 million, as compared to net loss of $0.6 million for the prior year’s second quarter.

Michael Wellesley-Wesley, ChyronHego CEO, commented: “The second quarter was a pivotal quarter in the formation of ChyronHego. Having effected an extensive rebranding, we presented the combined company to our customers at the NAB tradeshow in April and received a very encouraging response. In early May, 2013, we eliminated a number of Chyron positions primarily in the United States, thus completing a restructuring initiative that began in 2012, and on May 22, 2013, we formally completed our merger with Hego AB to form ChyronHego.

“We’ve now been conducting business as a brand new company for just over two months. We have won significant new business in terms of product sales with BT Sport and ITV Regional News in the U.K. and major U.S. and LatAm networks, as well as with U.S. TV station groups. In the area of multi-year sports production services contracts, Hego announced its largest ever contract with the German Soccer League, during the quarter. I am optimistic regarding our business prospects for the second half of 2013.”