Loss deepens for Melville maker of TV graphics software
The Chyron logo Credit: Chyron
Melville-based Chyron Corp., a maker of TV, online and mobile graphics systems, reports an increase in annual sales, but deeper losses, for 2011 compared to the previous year. The company attributed the losses to its increased investments in new products and initial costs for a sales expansion in Latin America and emerging markets.
The loss came even though the company's full-year general and administrative expenses rose only 1 percent compared to 2010, Michael Wellesley-Wesley, the Chyron president and chief executive, said in a statement Thursday. Operating expenses, including the spending on sales and product development, rose 11 percent for the year, he said.
Chyron reports revenue of $31.5 million last year, compared to $27.7 million in 2010. Its loss totaled $4.24 million, compared to a loss of $2.39 million the previous year; that produced a 26-cent loss per diluted share, compared to a 15-cent per share loss in 2010.
In the fourth quarter, the company lost $400,000 on revenue of $8.1 million, compared to a loss of $550,000 on revenue of $7 million in the same quarter of 2010.
The company's lightly traded stock rose 6 cents Thursday after releasing its premarket earnings report, and continued to rise Friday, adding 5 cents a share by midday.
With a $28.7 million market capitalization, Chyron's stock has dropped 37 percent in the past 52 weeks.
Chyron makes products for on-air graphics, video clip systems, channel brand development and graphics management.
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