Corbis 2004 Revenue Exceeds $170 Million; Corbis CEO Steve Davis Announces Global Expansion into Six New Markets and Launches Rights Representation Service.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Corbis, a leading provider of complete visual solutions, announced today that its 2004 revenues surpassed $170 million. The announcement was made at the company's annual meeting, at which Corbis CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steve Davis For other people with this name, see . Steve Davis, OBE, (born August 22, 1957, Plumstead, London[3]) is an English professional snooker (and to a lesser extent pool) player. He won 6 Snooker world titles during the 1980s. and founder Bill Gates (person) Bill Gates - William Henry Gates III, Chief Executive Officer of Microsoft, which he co-founded in 1975 with Paul Allen. In 1994 Gates is a billionaire, worth $9.35b and Microsoft is worth about $27b. addressed an audience of more than 350 media and publishing executives, journalists and industry analysts. Corbis reported $170.4 million in revenue, representing growth of approximately 22% over 2003 revenues of approximately $140 million. Recently-acquired zefa visual media group reported approximately $41 million (33 million Euro) in revenue. Davis estimated the two companies' combined 2004 revenues at approximately $211 million. "We have experienced strong growth across all our lines of business. Our strategy of offering complete visual solutions, encompassing existing imagery, rights services and assignment and representation, has gained tremendous traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. with the market. 2004 revenues are the highest in Corbis history," said Davis. "Today's creative professionals want exceptional imagery combined with the services necessary to use them in innovative ways--which is why more advertising and publishing clients start with Corbis for their visual projects then ever before." Corbis' revenue in the Americas grew at a rate of 18%, and international revenue grew at almost twice that rate, with European revenue growing 31%, Asian 51%, and Japanese 57%. Non-US sales accounted for approximately 42% of Corbis' revenues. With the zefa acquisition, Davis predicted continued growth in excess of 40% for 2005. Corbis also expects positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in 2005. Corbis 2004 Growth and Revenue Statistics Corbis Revenue $170.4 Million ---------------------------------------------------------------------- zefa Revenue $41 Million ---------------------------------------------------------------------- ---------------------------------------------------------------------- Total Worldwide Growth 22% ---------------------------------------------------------------------- ---------------------------------------------------------------------- Growth by Region over 2004 - Licensing Only ---------------------------------------------------------------------- Americas 18% ---------------------------------------------------------------------- Europe 31% ---------------------------------------------------------------------- Asia (excluding Japan) 51% ---------------------------------------------------------------------- Japan 57% ---------------------------------------------------------------------- ---------------------------------------------------------------------- Revenue Breakdown by Region (approximate) ---------------------------------------------------------------------- US 58% ---------------------------------------------------------------------- Non-US 42% ---------------------------------------------------------------------- In addition to presenting 2004 results, Corbis described its global expansion plans. Davis announced the January opening of Corbis' first office in Canada. This new office, combined with the acquisition of zefa, has extended Corbis' direct operations into five new markets -- Canada, Italy, Holland, Belgium and Poland -- strengthening its global reach. Davis also announced Corbis' intention to open its first office in China in 2005. "We have experienced significant expansion in Asia and Europe, as well as strong growth in revenues from new products and new distribution channels," said Davis. "To better service our advertising agencies, publishers and editorial clients, we are expanding our global presence, providing creative professionals around the world with access to image and motion licensing, research, and rights services 24/7. This is just one more way that we are fulfilling our commitment to meet our clients' visual needs." Davis also took the opportunity to announce the launch of Corbis' newest service, Rights Representation. Building upon Corbis' rights expertise, Rights Representation allows Corbis to better serve both creatives and rights holders by administering all aspects of the rights management and clearance process. The company launched this service with the announcement of rights representation partnerships with the Andy Warhol Noun 1. Andy Warhol - United States artist who was a leader of the Pop Art movement (1930-1987) Warhol Foundation for the Arts and Marvel The original code name for Microsoft Network. Enterprises, Inc., (NYSE NYSE See: New York Stock Exchange : MVL MVL Multiple-Valued Logic MVL Multiple Virtual Line MVL Montavista Linux MVL Moshannon Valley League (Pennsylvania high school baseball) MVL Mercury Vapor Light MVL Minimum Vector Length MVL Musikverein Lustenau ). For Pictures of Bill Gates and Steve Davis at Corbis' Annual Meeting please visit www.corbis.com/annualmeetingpics. About Corbis Corbis provides complete visual solutions used every day by publishers, advertising and design agencies, filmmakers, and other creative professionals to tell their stories with impact that goes beyond words. Our image licensing, rights services and assignment photography services enable clients around the world to differentiate brands, sell products and services, support news stories and entertain audiences. Corbis is headquartered in Seattle, with offices in New York, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Chicago, Montreal, London, Paris, Dusseldorf, Hamburg Hamburg, city, Germany Hamburg (häm`b  rkh), officially Freie und Hansestadt Hamburg (Free and Hanseatic City of Hamburg), city (1994 pop. , Milan,
Amsterdam, Brussels, Warsaw, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Kuala Lumpur Kuala Lumpur (kwä`lə lm`pr), city (1990 est. pop. , and Tokyo.
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