TANDBERG reports further outstanding progress in the First Quarter of 2008
TANDBERG® has announced unaudited financial results for the first quarter ended March 31, 2008. The highlights were:
- Revenue of $178.1 million compared with $128.5 million in Q1 2007
- Sold 15,077 units compared with 12,866 units in Q1 2007, a 17.2% increase
- Operating profit of $37.4 million and pre-tax profit of $34.7million
First quarter revenues were $178.1 million compared with $128.5 million in the same quarter last year, representing 38.7% year-over-year growth. Operating profit was $37.4 million compared with $29.2 million in the same quarter last year. Earnings per share (after tax) were $0.221 in Q1 2008 compared with $0.195 in the same quarter last year.
Reviewing first quarter results, Fredrik Halvorsen, Chief Executive Officer, stated, "Our customers report that video is moving from a nice-to-have to an essential tool for transforming their businesses. In addition, our alliance partners recognize the value of integrating TANDBERG video into their unified communications platforms. The Company's solid performance in the first quarter reflects this increasing importance of video communication for our customers and our strategic partners.
"In the quarter, TANDBERG delivered interoperability with Microsoft Office Communications Server 2007, enabling users of Microsoft Office Communicator 2007 to seamlessly connect face-to-face with other team members that use TANDBERG room-based video and telepresence systems. The Company also announced development of the first high-definition webcam for Microsoft, enabling high-definition mass adoption of video, and licensed the Microsoft RT Video codec and Microsoft RT Audio codec. In addition, Nortel and TANDBERG announced joint delivery of fully-managed telepresence and high-definition (HD) videoconferencing solutions to enterprises worldwide.
"The Codian acquisition significantly strengthened the total solution and credibility within the infrastructure space. The integration of the two organizations has been a success and is progressing ahead of plan."
In 1Q08, TANDBERG sold 15,077 units compared with 12,866 units in the same quarter last year, a 17.2% increase. The Company experienced significant growth of 22% growth in the Americas. Canada performed well, while Latin America executed below target.
Unit volume growth in EMEA was 56%. The Theatre executed well across all regions, with particularly strong performance in Spain, Benelux and the Nordic region. The EMEA Channels team showed steady progress in developing Systems Integrator and Service Provider partners. A new and more scalable organization, including a strengthened management team, provides a good foundation for continued growth.
There was strong revenue growth in APAC during Q1 2008. The current performance in APAC reflects investment in the region. South Asia continued its strong performance, concluding the quarter with a successful technology office opening in India.
TANDBERG is establishing a distinct position as a provider of high-definition video and telepresence. Within the expanding unified communications market, IP telephony, service provider and software players are looking to video as a key new offering for their customers.
To leverage this market opportunity, TANDBERG has laid out the following priorities for 2008:
1) Capture the market expansion by developing global services capabilities, executing on our channel strategy and investing in productivity-based selling and marketing;
2)Deepen Strategic Partnerships through advancing the strategies of VOIP players, continuing to lead in seamless Microsoft integration, and developing a credible service provider partnering proposition;
3) Enable True Unified Communications through leadership in scalable, robust infrastructure, improving ease of use, and developing telepresence grade network solutions.
Source: www.VCInsight.com
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