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Melville-based ChyronHego swings to $2.9M profit

Johan Apel, chief executive of ChyronHego Corp., of

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

Melville-based ChyronHego Corp., a developer of digital broadcast graphics, said Monday that it swung to its first profitable quarter in three years.

Net income for the second quarter ending June 30 was $2.9 million, or 8 cents per diluted share, compared with a net loss of $2.1 million, or 9 cents a share, in the second quarter of 2013. Revenues for the second quarter of $14.7 million increased 37 percent from the year-ago quarter.

The growth in revenue was largely attributed to the May 2013 merger between Chyron Corp. and Sweden's Hego AB, and the sale of tracking systems to a European soccer league.

ChyronHego also closed the acquisition of Norway-based ZXY Sport Tracking AS on April 30 and the Norway-based WeatherOne AS acquisition on July 1, company officials said.

"We are very excited to show our first profitable quarter since" the second quarter of 2011, said Johan Apel, president and chief executive of ChyronHego, whose real-time data visualization products and services are used in live television, news and sports. "Our efforts in both keeping costs under control and driving revenue growth are bearing fruit. We are expecting growth in revenues to continue in the coming quarters."

Operating expenses were $8.3 million compared to $9.2 million in the same quarter last year. Operating income was $3 million compared to a $1.9 million operating loss in the second quarter in 2013, which included merger-related expenses and restructuring costs of $2.6 million.

Shares of ChyronHego rose 12 cents to close at $2.22 on the Nasdaq composite market Monday. Its shares are up 4.7 percent since Jan. 2.

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