Scopus Shareholders OK $51 Million Harmonic Deal
TEL AVIV, ISRAEL
Scopus Video Networks posted financial results for the last time before becoming part of Harmonic. The Israeli video processing specialist posted a profit of $346,000 on revenues of nearly $75.7 million for 2008, compared to a net loss of nearly $2.8 million on revenues of nearly $57.5 million for the previous year. For the quarter ending Dec. 31, Scopus posted a $227,000 loss on revenues of more than $20 million, compared to a $259,000 loss on $16.5 million in '07.
Factoring out a $1.1 million 4Q charge related to a cancelled deal with Optibase and its acquisition by Harmonic, Scopus would have posted a record net income figure of $1.2 million. The company ended the year with cash and equivalents of more than $33.7 million. Its shareholders on Feb. 6 approved the company's acquisition by Harmonic (NASDAQ: HLIT) of Sunnyvale, Calif.
First announced Dec. 22, terms of the deal had Harmonic paying $5.62 per outstanding share of Scopus, for around $51 million. Scopus shares were trading at less than $4, but some investors balked at the deal, citing performance illustrated by '08 results.
The shareholder vote OK'd share prices of $5.62. After approval, Scopus will go private, with shares converted to cash. Subject to regulatory approval, the deal is expected to close this month.