Revenue totaled $19.1M, a 41% increase over 2Q07; net income was $0.1 million, compared with a net loss of $1.2M, or $0.09 per share

July 28, 2008

2 Min Read

TEL AVIV -- Scopus Video Networks Ltd. (NASDAQ: SCOP - News), a provider of digital video networking products, today announced its results for the second quarter of 2008, ending June 30, 2008.

Second Quarter Highlights:

  • Strong revenue growth reaching a record of $19.1 million, a 41% year-over-year increase

  • Net income of $0.1 million on a GAAP basis and $0.5 million on a non-GAAP basis (excluding stock based compensation)

  • Positive operating cash flow of $0.8 million

  • Strong booking and continued improvement in business fundamentals



Second Quarter 2008 Results Summary

Revenue for the second quarter totaled $19.1 million, a 41% increase from the $13.5 million reported in the second quarter of 2007. The breakdown of revenue by region was 51% in EMEA, 32% in Asia and Pacific Rim and 17% in the Americas. Gross profit for the second quarter of 2008 was $9.3 million compared with $6.5 million in the second quarter 2007. Gross profit as a percentage of revenues was 49%, compared with 48% in the second quarter of 2007.

Net income on a GAAP basis for the second quarter of 2008 was $0.1 million, or $0.00 per diluted share, compared with a net loss of ($1.2) million, or ($0.09) per basic share in the second quarter of 2007.

Net income on a non-GAAP basis for the second quarter of 2008, which excludes expenses related to stock based compensation, was $0.5 million, or $0.03 per diluted share, compared to a non-GAAP net loss of ($0.7) million, or ($0.05) per basic share, in the second quarter of 2007.

The Company ended the second quarter of 2008 with net cash, cash equivalents and short-term securities of $36.0 million, compared with $35.8 million as of March 31, 2008. The Company generated a positive operating cash flow of $0.8 million during the quarter

"In the quarter we continued to execute on our business plan, achieving strong sales growth and reaching a new revenue record," commented Dr. Yaron Simler, CEO of Scopus. "It is clear that the investments we have made in the past year and our focus on enhancing our competitive position are now bearing fruit. The second half of 2008 looks even brighter. We recently announced a number of new products and system capabilities that position us very well to increase our market share. These include the IRP-3910, designed to enable cable operators to manage the February 2009 transition from analog to digital broadcast. The IRP has been very well received by the market and we expect to generate revenue from this in the second half of 2008. We believe that we are well positioned to capitalize on the emerging trends in our industry."

Scopus Video Networks (Nasdaq: SCOP)

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like