02.15.2009 03:05 PM
Scopus Posts ’08 Profit
(Feb. 16, 2009) TEL-AVIV, ISRAEL: Scopus Video Networks 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. 9 approved the acquisition by Harmonic (NASDAQ: HLIT) of Sunnyvale, Calif. The deal was first announced Dec. 22 under terms where HLIT would pay $5.62 per outstanding share of Scopus, for a total of around $51 million. Scopus shares were trading at less than $4 at the time, but some investors balked, citing company performance as illustrated by its ’08 results.
The shareholder vote OK’d the share prices of $5.62. When the deal goes down, Scopus will become a private company, with shares converted to cash. Subject to regulatory approval, the acquisition is expected to close next month.