ChyronHego merger lifts sales, but loss widens
ChyronHego Corp. Friday posted a 57 percent year-over-year increase in first quarter revenues to $12.6 million, but a wider net loss of $3.2 million, or 10 cents per diluted share, versus $900,000, or 5 cents per diluted share, in 2013.
The growth in revenue was largely attributed to the merger between Long Island-based Chyron Corp. and Sweden's Hego AB that was completed in May 2013.
Shares of the Melville-based broadcast graphics and data visualization company lost more than 11 percent to close at $2.06.
In a conference call, CEO Johan Apel said that gross margins were squeezed by investments related to graphics projects with European soccer leagues and Major League Baseball.