Orad Hi-Tec Systems Ltd closes second quarter of 2009 with a profit of US$ 0.4 million

(PresseBox) ( Kfar-Saba, Israel, )
Orad Hi-Tec Systems Ltd. (ISIN IL0010838071; Symbol: OHT), a world-leading provider of real-time broadcasting and virtual graphical solutions, returned to profitability in the second quarter of 2009. Profit for the period amounted to US$ 0.4 million after totaling US$ 1.0 million in the second quarter of the previous year. Revenues came in at US$ 5.6 million after previously amounting to US$ 8.1 million. This enabled Orad to stabilize revenues at the level of the first quarter of 2009, while still increasing profit compared to the loss of US$ 0.2 million in the previous quarter. Incoming orders developed positively in the second quarter and by the end of this quarter the previous year's level of order backlog had once again been reached. Orad is able to report an increase in demand particularly in the Virtual Studio division, in which primarily the European business is developing positively. Orad therefore expects revenues in the second half of the year to be below those for the first six months of 2009.

Orad recorded revenues of US$ 11.2 million in the first half of 2009, after generating US$ 15.7 million in the corresponding period of the previous year. Profit for the first half year amounted to US$ 0.2 million after coming in at US$ 2.0 million in the first half of 2008. In the second quarter, the gross profit margin remained at the level of the previous quarter of 70 percent and therefore beat the comparative figure for the previous year of 67 percent. As of the end of the reporting period, Orad had cash totaling US$ 13.7 million. The decline compared to last year's value of US$ 15.2 million was mainly due to the increase in receivables. Earnings per share amounted to US$ 0.02 in the first half of 2009 after totaling US$ 0.18 in the first half of the previous year.

The full six months report is available on the internet at www.orad.tv.
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