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Orad Hi-Tec Systems Ltd. announces figures for the first quarter of 2013
- Revenues at USD 7.2 million in the first quarter of 2013
- Gross profit at USD 4.6 million; gross margin at 64.6 percent
- Operating loss at USD 0.7 million
- Growth expected in 2013
Orad Hi-Tec Systems Ltd. (ISIN IL0010838071; Symbol: OHT), a world-leading provider of real-time 3D broadcast graphic, video server and media asset management solutions for the broadcasting markets, today announces financial figures for the first quarter of 2013. Revenues in the first quarter of 2013 were USD 7.2 million, compared to USD 7.1 million in the previous quarter and around USD 9.0 million one year previously. The gross profit totaled USD 4.6 million after USD 4.4 million in the fourth quarter of 2012 and USD 6.2 million in the prior year's first quarter. The gross margin was 64.6 percent, up from 62.5 percent in the fourth quarter of 2012; it had been 69.0 percent in the first quarter of 2012.
Although a continued slowdown of the international broadcast market is noticeable, Orad managed to reduce its operating loss compared to the previous quarter. The operating loss in the first quarter of 2013 was USD 0.7 million, which compares to a loss of USD 1.1 million in the fourth quarter of 2012 and to operating profit of USD 0.8 million in the first quarter of 2012. The net loss totaled USD 0.9 million in the reporting period after a net loss of USD 0.6 million in the forth quarter of 2012 and a net profit of USD 0.9 million in the first quarter of 2012.
Cash and cash equivalents as of the end of March 2013 amounted to USD 7.2 million, up from USD 7.1 million at the end of December 2012.
Given its good positioning in the market and its attractive product portfolio, Orad is confident to continue to gain market share. The company also reiterates its goal and expectation to return to a course of growth during 2013. Just recently, Orad received very good feedback at this year's NAB tradeshow, the leading international trade fair organized by the National Association of Broadcasters in the USA. At this trade fair, Orad presented a new graphics rendering engine and enhanced solutions for the broadcast market.
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