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.
The latest product and technology information
Future US's leading brands bring the most important, up-to-date information right to your inbox