EVS Shareholders Approve Cancellation
LIEGE, BELGIUM: Shareholders of EVS Broadcast Equipment S.A. approved the cancellation of 250,000 shares during the company’s Extraordinary General Meeting held today. Shareholders also OK’d the renewal of authorizations to buy back shares. A proposal to issue 200,000 new warrants was postponed until later for technical reasons, EVS said.
Following the cancellation of the 250,000 shares, EVS now has 13,625,000 shares outstanding.
For the full year of 2008, EVS (EBR: EVS) posted a profit of 45.2 million euros ($66.5 million), up nearly 15 percent from 2007, on total revenues of 110.7 million euros ($162.9 million, based on average exchange rate for the period). The results were diminished by EVS posting its first decline in sales after six consecutive quarters of growth.
Analysts in March upgraded EVS from “hold” to “buy” with a target price of around 31 euros. Shares at the time were trading for about 25 euros, or $32 U.S. The stock today is closing in on 36 euros, or around $50 U.S. in today’s exchange rate. -- Deborah D. McAdams