Orad Hi-Tec Systems Ltd
Orad Hi-Tec Systems Ltd: Orad Hi-Tec Systems announces 30% revenue growth and substantial net income in the first quarter of 2014
Orad Hi-Tec Systems Ltd / Key word(s): Quarter Results 22.05.2014 08:30 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Orad Hi-Tec Systems announces 30% revenue growth and substantial net income in the first quarter of 2014 - Net income amounts to $0.7 million - Revenues up approx. 30% to $9.3 million - Level of bookings remains high - Orad solutions to feature at the FIFA World Cup Kfar-Saba, Israel, May 22, 2014 - Orad Hi-Tec Systems Ltd. (ISIN IL0010838071; Symbol: OHT), a world-leading provider of real-time 3D broadcast graphics, video servers and media asset management solutions for the broadcasting markets, today announced that it continued the positive performance of the previous two quarters in the first quarter of 2014, boosting revenues substantially by 29.7% to $9.3 million, up from $7.2 million recorded in the same prior-year quarter. The continued positive performance enabled Orad to post net income of $0.7 million. This compares to a loss of $0.9 million posted in the first quarter of 2013. Net income also was considerably higher than in the past two quarters. Gross profit rose from $4.6 million in the first quarter of 2013 by 36.2% to $6.3 million in the first quarter of 2014. The gross margin was 67.8%, up from 64.6% in first quarter of 2013. The operating income in the first quarter of 2014 was $0.8 million after a loss of $0.7 million in the first quarter of 2013. Cash and cash equivalents as of the end of March 2014 amounted to $6.4 million, up from $5.8 million. Booking levels for server and media asset management products remained high in the first quarter of 2014, while bookings for complementary offerings such as professional services increased. Orad is positive as regards the remainder of the 2014 financial year and aims at generating substantial revenue growth in the future. As is the case at every major sporting event, solutions from Orad will also feature heavily during the upcoming FIFA World Cup. The quarterly report is available for download from the Internet at www.orad.tv. 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 Ilan Sidi, CFO ilan@orad.tv Investor Relations: edicto GmbH Dr. Sönke Knop Frankfurt Germany +49 69-90550551 sknop@edicto.de 22.05.2014 DGAP's 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: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; London End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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