Chyron reported revenue growth for the second quarter and six months ended June 30, and narrowed its loss compared to the same period in 2009.
The Melville, N.Y.-based graphics supplier recorded second quarter revenues of $6.94 million, an increase of 20% over revenues of $5.78 million for the second quarter of 2009, and a net loss of $0.71 million, 35% lower than the $1.09 million net loss reported for the second quarter of 2009.
For the first six months of 2010, Chyron recorded total revenues of $13.81 million, an increase of $1.76 million, or 15% over the comparable prior year period, and a net loss of $1.37 million, a $0.60 million or 30% improvement over the $1.97 million net loss for the first six months of 2009.
Revenues from Chyron's services business, which includes its Axis cloud-based graphics system, were $1.5 million, up 29% from the second quarter of 2009. Revenues from Chyron's hardware-based products business were $5.4 million for the quarter, up 18% from a year ago. While Chyron President and CEO Michael Wellesley-Wesley cited the continued growth of Axis, the percentage of Chyron's overall revenues accounted for by its services business was only slightly higher in the second quarter 2010 than a year ago, 22% compared to 21% in the second quarter 2009.
On the company's earnings conference call, Wellesley-Wesley said that the broadcast business was recovering but that the "budgets and investment plans of our worldwide media customers continue to be strained by the weak economy." As an example of the market choppiness that still persists, he noted that Chyron's international business grew 90% in the second quarter but that its broadcast products business was flat in the U.S.
"Even though the recovery seems tenuous, it is nevertheless real," said Wellesley-Wesley, who added that Chyron is ramping up its sales and marketing efforts with the hire of several key executives including Chief Commercial Officer Susan Brazer, Chief Marketing Officer Bonnie Barclay and VP of Sales for EMEA (Europe, Middle East and Africa) Paul Glasgow.
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