Digital video network solutions developer Scopus Video Networks Ltd. (Nasdaq:SCOP) has published its financial report for the fourth quarter and full year of 2008. This is the company's last financial report as a public company following the shareholders' approval of its $86 million takeover by Harmonic Inc. (Nasdaq: HLIT) last week.
Scopus posted record $20.3 million revenue for the fourth quarter, 22% more than the $16.5 million for the corresponding quarter of 2007. GAAP-based net loss was $200,000 for the fourth quarter, compared with a net profit of $500,000 for the preceding quarter, and a net loss of $300,000 for the corresponding quarter. $1.1 million in costs related to the takeover by Harmonic and the cancelled deal with rival Optibase Ltd. (Nasdaq: OBAS) were responsible for the loss.
Non-GAAP net profit was a record $1.2 million ($0.09 per share), up six-fold on the net profit of $200,000 for the corresponding quarter.
45% of revenue came from the Americas, 39% from Europe, the Middle East and Africa, and 16% from Asia. The company had a positive cash flow of $1.5 million.
For the year as a whole, Scopus posted $75.7 million revenue, 32% more than the $57.5 million revenue in 2007. GAAP-based net profit was $300,000 ($0.02 per share), compared with a net loss of $2.7 million in 2007. Non-GAAP net profit was $2.9 million ($0.20 per share) compared with a net loss of $900,000 in 2007.
Cash and cash equivalents rose to $36.1 million and the end of 2008 from $34.6 million at the end of the third quarter.
Scopus CEO Dr. Yaron Simler noted that the company reported continued sequential growth in revenue, and reached both GAAP and non-GAAP profit for the year as whole. He expects to close the takeover by Harmonic in March, and predicted that the two companies' "combined forces will enable us to emerge as a powerful and leading entity in the digital video network space."
Scopus's share rose 0.6% on Friday to $5.51, giving a market cap of $77 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2009
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