[May 20, 2013] ViewCast Reports 2013 1Q Results Tweet May 20, 2013 (Close-Up Media via COMTEX) -- ViewCast Corp., a developer of solutions for the capture and streaming of video over enterprise, broadband and mobile networks, reported results for the first quarter ended March 31. In a release dated May 15, the Company reported that net sales of $2.4 million in the first quarter 2013 compared to $3.4 million in the prior year period. On-going operational expense controls remained in place during the quarter, as the loss was similar to the year-earlier period despite the lighter revenue levels. Chief Executive Officer John Hammock said, "Like many capital equipment companies, we started the year slowly, which we attribute to typical seasonality and the absence of orders from our former primary OEM customer who placed a very large order in the 2012 first quarter. But we are enthusiastic about the second half of the year, when our new products have had time to gain traction and the results of our strategic sales initiatives have taken hold. We are seeing important market acceptance of our popular Osprey product lines, which we have enhanced with several new technological advances. In the past 12 months, we have also released six new products in our Niagara appliance product line, which we expect to generate growth as the year progresses. Our goal is to build momentum throughout 2013 and finish the year with a strong second half." First Quarter 2013 Operational Highlights -Named David Brandenberg, a ViewCast investor and former chairman, CEO and President of Intervoice, Chairman of the Board of Directors. Brandenberg has been on the ViewCast Board since 2008 and will take a more active role in complementing the management team efforts going forward. -Launched the Osprey 825e video capture card, a high-definition card for inputting up to 3G HD-SDI signals. The PCI Express card is compatible with small form-factor computers and, at half height, can fit anywhere. -Launched the Osprey 100e video capture card, a single-channel card optimized with PCI Express technology with significantly higher transfer speeds and low latency. -Unveiled the Osprey 210e at NAB 2013 in April. With Microsoft DirectShow interface, on-board analog stereo audio inputs and high reliability, the Osprey 210e is designed for a wide variety of end users and systems integrators. -Operational expenses were cut by approximately 20 percent from the 2012 first quarter. In addition, the Company announced that a longtime investor in ViewCast has made a direct investment of $550,000 in the Company. On May 6, the Company entered into a Loan and Security Agreement effective April 30, with the Ardinger Family Partnership, for $550,000, with certain mutually agreed upon covenants and prepayment requirements. "We believe this investment signals confidence in the strategic direction we are going, and in the intrinsic value of our technology and product development," Hammock said. First Quarter Financial Results In the 2013 first quarter, revenues were $2.4 million compared to $3.4 million in the prior year period. Operating expenses for the first quarter 2013 were $1.9 million compared to $2.4 million for the prior year period. Operating loss for the first quarter 2013 was $(397,000) compared to operating loss of $(275,000) for the year-earlier period. Net loss for the first quarter 2013 was $(458,000), or $(0.01) per fully diluted share, compared to net loss of $(405,000), or $(0.01) per fully diluted share, in the first quarter 2012. EBITDA (earnings before interest, taxes, depreciation and amortization) for the 2013 first quarter was $(320,000), compared to $(240,000) in the 2012 first quarter. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]