TANDBERG Television Announces 4Q06 Revenue of $85.3m.OSLO, Norway -- TANDBERG Television (OSE OSE - Open Systems Environment :TAT): Financials TANDBERG Television (TAT) delivered revenues of $85.3m in 4Q06, up 9% compared to $78.5m in 4Q05. The gross margin was 57.3%, compared with 58.2% in the same quarter in 2005. Operating profit was $11.2m compared to $16.2m in the same quarter last year. Pre-tax profit was $14.5m (including $2.7m from the disposal of investments), compared to $18.0m in the same period in the previous year. The cash balance at the end of the quarter was $125.2m and included net cash income from operations of $4.9m, compared with $21.7m in the same period in 2005. Total assets for the group were $568.8m, with an equity ratio of 84% at 31 December 2006. Total shares outstanding at the end of the quarter were 80,529,876. On January 15th, 2007 TAT announced that it had reached agreement with ARRIS Inc, a US NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on listed company to combine the two companies through an acquisition of all outstanding TANDBERG Television shares by ARRIS, subject to certain conditions as noted in the press release of January 15th, 2007. The offer price of NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 96 consists of NOK 80 cash and NOK 16 in ARRIS shares, although ARRIS can increase the cash portion of the offer at its discretion. The TAT Board of Directors, and TAT Officers have unanimously recommended that TAT shareholders accept the offer. TAT has recently received enquiries from shareholders and the market relating to the process leading up to the announced bid on January 15th, 2007. TAT has been advised by Deutsche Bank since 2002 in exploring strategic opportunities. Subsequent to the profit warning announced September 6th, 2006, TAT received a number of unsolicited approaches from industry participants, and instructed Deutsche Bank to approach other potentially interested parties. A number of parties conducted due diligence, culminating in the receipt of competitive bids, of which ARRIS' bid delivered the highest value to TAT shareholders. Having reviewed the competitive landscape, increasing consolidation of both customers and competitors, and the loss of business opportunities to larger competitors, the Board concluded that a combination to create a larger scale operation, at the premium offered by ARRIS was in the best interests of shareholders. It is expected that the offer document will be issued to TAT shareholders before the end of February, 2007. Market & Products TANDBERG Television concluded 2006 with a quarter of profitable growth and ended a year in which the company successfully leveraged its digital compression, on-demand and advanced media software technologies to further solidify its position as the global leader in digital media infrastructure. TANDBERG Television continued to demonstrate its video compression technology leadership with a number of key wins. These included a satellite segment order for MPEG-4 AVC HD systems valued in excess of $8M ,an IPTV (Internet Protocol TV) Also called "TV over IP," IPTV delivers scheduled TV programs and video-on-demand (VOD) via the IP protocol and digital streaming techniques used to watch video on the Internet. segment order for MPEG-4 AVC SD system for EPM EPM equine protozoal myeloencephalitis. Telecommunications who are creating the first IPTV service in Columbia, South America, and a fiber to the premises Fiber to the premises (FTTP) is a form of fiber-optic communication delivery in which an optical fiber is run directly onto the customers' premises. This contrasts with other fiber-optic communication delivery strategies such as fiber to the node (FTTN), fiber to the curb network for Rochester Telephone in Indiana. Further, TANDBERG Interactive solutions were used by NBC for the second consecutive year to enhance the live broadcast of the 64th Annual Golden Globe Awards. The company also continued to successfully expand its software business with a number of operators in Europe and Asia commencing on-demand deployments with the TANDBERG OpenStream Digital Services Platform. In the UK, Red Bee Media Red Bee Media Limited is a media company which operates a playout centre in west London in the United Kingdom for television and radio broadcasters such as the BBC, UKTV, Virgin Media Television, ESPN and the Community Channel. The company also provides backup facilities for Five. selected the TANDBERG Xport[TM] software to enable next-generation on-demand entertainment services with a system that brings together TANDBERG Television's encoding technologies with its software solutions for on-demand and interactive television. The system is the first in the world to support both high definition (HD) and standard definition (SD) MPEG-2 and MPEG-4 AVC ingest and editing. Basis of Preparation The interim consolidated, financial statements have been prepared in accordance International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). (IFRS) and IFRIC IFRIC International Financial Reporting Interpretations Committee IFRIC International Financial Reporting Issues Committee interpretations issued and effective at the time of preparing these statements. All figures are quoted in US Dollars. The Board of Directors of TANDBERG Television ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and Jan Chr. Opsahl, Chairman Eric Cooney, 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. |
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