Chyron Announces Preliminary Results of Restructuring.Business Editors MELVILLE, N.Y.--(BUSINESS WIRE)--Feb. 5, 2002 Chyron Corporation Chyron Corporation is a Melville, NY based company founded in 1966. The company develops and manufactures on screen graphics solutions for the broadcast industry. In the United States the graphics (e.g. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CYRO), manufacturer of the world's premier television character generators, graphics, routing and automation systems, announced today the preliminary results of its restructuring. The restructuring of staff and overhead were concluded in late December 2001. The Company now employs a total of 190 people, a reduction of some 26% over Q3 2001 numbers. Planned overhead expenditures have also been adjusted to meet a leaner operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . While the Company will attend the major broadcast events at NAB and IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention this year, the expenditure on these events will be reduced substantially. The restructuring has set the scene for quarterly cost savings in excess of $2.7 million, which the Company anticipates will enable it to generate positive cash flow at a quarterly sales level of approximately $10 million, a figure which is well below quarterly sales achieved in 2001. As a result of these changes and the recently announced placement of Senior Subordinated Convertible Notes and increase in bank facilities, the Company ended 2001 with cash in excess of $4.0 million and a working capital line in excess of $5.0 million. Commenting on this announcement, Roger Henderson, Chief Executive Officer said, "With cash in the bank, a substantially leaner organization and an opening backlog in excess of twice the 2001 backlog, we believe that Chyron Chyron may refer to:
adj. 1. Having the ability to originate, produce, or procreate. 2. Of or relating to the production of offspring. generative pertaining to reproduction. by Q2 2002. We have taken the view that the economic climate for 2002 will be similar to 2001, we have planned accordingly and see ourselves as a vibrant and regenerated force in the marketplace." About Chyron Corporation Serving the television industry for three decades, Chyron Corporation (OTC BB: CYRO) has established itself as a leading innovator in the development of television graphics and distribution systems, including products to meet the demands of digital and interactive television. Chyron provides a broad range of leading-edge hardware and software products, including on- and off-line content creation software, character generators, clip and still store products, signal distribution systems, master control switchers, broadcast automation and media management. For more information about Chyron products and services, please visit the company web site at www.chyron.com. Certain of these statements contained in this press release may be deemed forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements, and other matters addressed in this press release, involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from these statements and matters are the risks and other factors detailed, from time to time, in the Company's reports with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . All trademarks are the property of their respective owners. |
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