Orad Hi-Tec Systems Ltd
Orad Hi-Tec Systems Ltd. records positive business growth in Q1 2015
Orad Hi-Tec Systems Ltd / Key word(s): Quarter Results Orad Hi-Tec Systems Ltd. records positive business growth in Q1 2015 – Revenues up 11.3% in Q1 to USD 10.4 million from USD 9.3 million in Q1 2014 – EBIT totals USD 1.6 million, up from USD 0.8 million in Q1 2014 – Net earnings constant at USD 0.7 million in both Q1 2015 and 2014 – Acquisition by Avid Technology to be completed by the end of June 2015 Kfar-Saba, Israel, 28 May 2015. Orad Hi-Tec Systems Ltd. (ISIN IL0010838071 Frankfurt – Prime Standard; Ticker: OHT), a leading developer, marketer and distributor of state-of-the-art 3D real-time graphics, video servers and media asset management solutions, once again recorded positive business growth in Q1 2015. Revenues were up 11.3 percent to USD 10.4 million after USD 9.3 million in the same quarter of the previous year. EBIT improved substantially from USD 0.8 million in Q1 2014 to USD 1.6 million. As a result of the stronger US dollar, net earnings were on a par with the previous year’s level at USD 0.7 million. After the dividend payment in March 2015, cash and cash equivalents at the end of the quarter totalled USD 9.6 million, down from USD 10.4 million at the end of 2014. Orad’s General Meeting in May 2015 approved the planned acquisition of Orad by Avid Technology already reported at a price of EUR 5.67 per share. The transaction is expected to be completed at the end of June 2015. The quarterly report is also available online at www.orad.tv in the Investor Relations segment. About Orad Hi-Tec Systems Orad Hi-Tec Systems is a world-leading provider of real-time 3D broadcast graphic, video server, and media asset management solutions including news, channel branding, sports production and enhancement, elections and special events, virtual studios, and virtual advertisement. Orad’s compelling solutions streamline production workflow, enhance viewer experience, and improve production value. Founded in 1993, Orad is a public company listed on the Frankfurt Stock Exchange (OHT). More information is available at http://www.orad.tv/. For further information contact: Orad Hi-Tec Systems Ltd Investor Relations Forward Looking Statements This press release contains forward-looking statements that are based on the current estimates and projection of future results and trends based on the knowledge of the environment in which the Company currently operates, but because of factors beyond its control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, economic downturn, financial risk, acquisition risk, changes in technology, as well as other risks. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. As a result, investors should not place undue reliance on these forward-looking statements. 2015-05-28 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Orad Hi-Tec Systems Ltd | |
15 Atir Yeda str POB 2177 | ||
44425 Kfar Saba | ||
Israel | ||
Phone: | +972-9-7676862 | |
Fax: | +972-9-7676861 | |
E-mail: | orad@orad.tv | |
Internet: | www.orad.co.il | |
ISIN: | IL0010838071 | |
WKN: | 928634 | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; London | |
End of News | DGAP News-Service |
362331 2015-05-28 |