Chyron Rides Broadcast Recovery

MELVILLE, N.Y.: Chyron’s graphics service logged a bigger second-quarter revenue increase than the company’s traditional dedicated hardware, though hardware did the heavy lifting. Service--including Axis online graphics, maintenance, training and creative--generated $1.53 million, up 29 percent over year ago. Product revenues were $5.4 million, up 18 percent.

Total revenues were $6.94 million, up 20 percent over 2Q09. Service revenues were 22 percent of total revenues compared to 21 percent a year ago.

Net loss was $711,000, a 35 percent improvement over a $1.09 million net loss in 2Q09.

“If the economy continues to improve, we anticipate that our revenues will continue to improve in the second half of the year over the prior year periods; however, our focus will remain on cost containment and cash generation,” said Chyron’s Michael Wellesley-Wesley, president and CEO. “The budgets of our worldwide media customers are impacted by economic ups and downs, and though we have seen improvement in our markets, we believe that a guarded outlook for the short-term is prudent given the fragile and patchy nature of this recovery.”

Wellesley-Wesley said Chyron’s prospects would improve next year.

“We believe that Chyron is well-positioned to gain market share in its core broadcast market and able to penetrate new media verticals with Axis graphics,” he said.

Chyron finished the quarter June 30, 2010 with cash and equivalents of $5.3 million and non-current liabilities of $3.8 million. Shares of Chyron (NASDAQ: CHYR) opened today at $1.70, down 18 percent year-to-date.
-- Deborah D. McAdams

May 11, 2010
: “Chyron Cuts Loss, Grows Revenues”
The video graphics company reported revenues of $6.9 million for the three months ending March 31, 2010, up 10 percent over 1Q09. Net loss was $700,000 versus $900,000.

March 11, 2010: “Chyron Posts Increased Sales and Loss for 4Q”
The TV graphics specialist posted revenues of $7.2 million for the quarter ending Dec. 31, up 7 percent over last year and 13 percent over 3Q09. Net loss was $312,000, compared to $243,000 a year ago and $800,000 for 3Q09.