ChyronHego merger lifts sales, but loss widens

Johan Apel, chief executive of ChyronHego Corp., of Johan Apel, chief executive of ChyronHego Corp., of Melville. Photo Credit: ChyronHego Corp.

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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.

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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.

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