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Sep 20, 2017
France
Financial Results First Semester 2017
Revenue Growth; Significant Decrease in Seasonal Losses; Increase in Net Cash

First Semester 2017 - Total Revenues: +9%

Dalet, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, has published its financial results for its first half-year ended June 30, 2017.

Results-S1-2017

DALET, a leading provider of software solutions for the creation, management and distribution of multimedia content for broadcasters, operators and content producers, has published its financial results for its first half-year ended June 30, 2017.

Total revenues for the semester were up by 9% at €22.7 million as compared to the first half of 2016. Gross profit, which includes the cost of services, increased at the same rate as revenues, despite a larger share of services in the total sales mix (services represented 22% of revenues, versus 20% for the first semester of 2016). This result reflects the initial implementation of new processes designed to better control the cost of projects deployment.

Research and development expenses were stable at €6 million (26% of revenues). Selling and Marketing expenses were up by 8%, an increase due to international expansion in new markets and increased presence at tradeshows. General and Administrative expenses were up by €0.3 million, related to the development of new offices in Japan and Brazil and expansion in Singapore.

The resulting current operating loss decreased significantly by 23% to -€1.4 million, as compared to the first half of 2016. It is noted that Dalet’s business experiences significant seasonality, with higher revenues in the second semester compared to the first semester, while expenses are almost fixed.
After €0.3 million in financial expenses, of which 10% is net interest expenses and 90% is related to exchange rates fluctuations, and €0.2 million in tax, net income for the semester amounted to a loss of €1.9 million as compared to a loss of €2.1 million for the first semester of 2016.

 

Improved cashflows – Stronger net cash position

Cash flows linked to operations amounted to €2.3 million, up by 35% as compared to the first semester last year, due to the decrease in seasonal loss and to an improved management of work capital. These cash flows linked to operations covered all investments and generated cash flows before financing activities of €0.6 million.
On 30 June 2017, net cash stood at €1.6 million, shareholder’s equity at €13 million. 

 

Perspectives 

Based on these results and on the initial activity of the second semester, DALET expects continued growth in 2017, and progressive improvement of its operating margins, with an objective of a current operating margin of 4 to 5% for the full year 2017.

DALET just participated at the IBC broadcast tradeshow in Amsterdam (September 15 to 19), where it released its new “Dalet Social Media Panel”, an innovative module that provides newsrooms with the capability to create and distribute stories to social media outlets, and provides journalists, on their Dalet desktop production tools, with real time feedback on the stories from their audience.
This innovative solution was awarded by a panel of judges from the industry the "Best of Show Award', one of the most prestigious awards at the show.

 

Next publication
Q3 revenues on 6 November 2017 after the close of trading

 

About Dalet Digital Media Systems

Dalet solutions enable broadcasters and media professionals to create, manage and distribute content to both traditional and new media channels, including interactive TV, the Web and mobile networks. Dalet combines into a single system a robust and proven Asset Management platform with advanced metadata capabilities; a configurable workflow engine, and a comprehensive set of purpose-built creative and production tools. This integrated and open environment enables end-to-end management of the entire News and Sport and Program content chain, and allows users to significantly improve efficiency, and to maximize the use and value of their assets. Dalet's solutions are delivered through a dedicated Professional and Integration Services Department to ensure the highest possible standards.

Dalet systems are used around the world by many thousands of individual users at hundreds of TV and Radio content producers, including public broadcasters (ABS-CBN, BBC, CBC, DR, France TV, RAI, RFI, Russia Today, RT Malaysia, VOA), commercial networks and operators (Canal+, FOX, eTV, Mediaset, NBC Universal, Time Warner Cable, Warner Bros., SiriusXM) and government organizations (UK Parliament, NATO, United Nations, Veterans Affairs, NASA).

Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0011026749, Bloomberg DLT:FP, Reuters: DALE.PA. For more information on Dalet, visit https://www.dalet.com.

Contacts

Actus Finance & Communication :

  • Investors: Guillaume Le Floch +331 53 67 36 70
  • Press-Media: Vivien Ferran +331 53 67 36 34

 

 

 

 

 

APPENDIX: DETAILED FINANCIAL INFORMATION H1 2017 

INCOME STATEMENT BY FUNCTION30 june 201630 june 2017

(in € thousands)6 months6 months

   

Revenues 20 89622 964

Cost of revenues-9 836- 10 657

Gross Profit11 05912 037

Research and development-6 084- 5 992

Selling and marketing-4 531- 4 890

General and administrative-2 312- 2 600

Current operating income-1 869- 1 445

Other income and expenses from operations- 76

Operating income-1 869-1 369

Net financial income (expense)-146- 325

Pre-tax income-2 015- 1 694

Income tax-90-246

Net consolidated income-2 105- 1 940

Net income, Group share-2 105-1 940

 

 

INCOME STATEMENT BY NATURE OF EXPENSE30 june 201630 june 2017

(in € thousands)6 months6 months

   

Revenues 20 89622 694

Cost of goods and third-party services resold-2 659-2 737

Commercial gross profit18 23619 957

Other external expenses-5 939- 6 649

Employee expenses-12 144-12 747

Taxes and duties-90-99

Other income and expenses from operations-29-21

EBITDA36442

Amortization expense and provisions net of reversals-1 905 - 1 886

Current operating income-1 869-1 445

Net financial income (expense)-146- 325

Pre-tax income-2 015-1 694

Net consolidated income-90- 246

Net consolidated income-2 105- 1940

Net income, Group share-2 105- 1940

 

 

BALANCE SHEET31 dec 201630 june 2017

(in euro thousand)  

   

Goodwill5 6045 508

Intangible assets5 3755 154

Property, plant and equipment1 3331 403

Long-term financial assets360370

Long-term restricted cash180181

Other non-current assets1 7181 926

Deferred tax assets424395

NON-CURRENT ASSETS14 99214 936

Inventories428290

Trade receivables17 81416 323

Sundry debtors1 7011 270

Cash and cash equivalents6 5325 950

Current tax assets299204

CURRENT ASSETS26 77424 037

TOTAL ASSETS41 76638 973

   

Capital7 1877 187

Premiums9 6829 682

Consolidated reserves-4 655- 3948

Consolidated income, Group share660- 1940

Translation reserves2 2761 979

Shareholder’s equity (attributable to the Group)15 15012 960

Non-controlling interests99

SHAREHOLDER’S EQUITY15 15912 969

Long-term financial debt2 9302 550

Long-term provisions677670

Deferred tax liabilities578529

Other non-current liabilities754787

NON-CURRENT LIABILITIES4 9384 536

Short-term provisions9618

Short-term financial debt2 3321 815

Current tax liabilities3872

Suppliers3 9622 776

Tax and social security liabilities4 3164 907

Other creditors10 92611 879

CURRENT LIABILITIES21 66921 468

TOTAL LIABILITIES41 76638 973

 

STATEMENT OF NET CASH FLOWS 30 june 201630 june 2017

(in € thousand)6 months6 months

Consolidated net income
(including non-controlling interests)
- 2 105- 1940

+/- Depreciation, amortisation and provisions
(except on current assets)                  1 9291 764

+/- Impairment losses – Long term assets  

+/- Income and expense linked to stock options and similar6442

-/+ Other income and expense  

-/+ Gains and losses on disposals12

Cash flow after cost of net financial debt and tax -112-132

+ Cost of net financial debt8232

+/- Tax expense (including deferred taxes)90246

Cash flow before cost of net financial debt and tax (A)60146

- Tax paid (B)-189- 247

+/- Change in working capital requirement from operating
activities 
(including liabilities for employee benefits) (C)

1 8612 447

= NET CASH FLOW FROM OPERATING ACTIVITIES
(D) = (A + B + C)
1 7322 345

   

- Cash outflow for acquisitions of property, plant and equipment
and intangible assets-1 733- 1 764

+ Cash from disposals of property, plant and equipment and
intangible assets176

+/- Impact of changes of scope  

+/- Change in loans and advances made51-72

= NET CASH FLOW FROM INVESTMENT ACTIVITIES
(E)
-1 682- 1 761

   

-/+ Repurchase and resale of treasury shares2-9

+ Cash from new borrowings300423

- Loan repayments (including finance leases)-480-649

- Net financial interest paid (including finance leases)-72-24

+/- Other cash flows from financing activities-140-712

= NET CASH FLOW FROM FINANCING ACTIVITIES (F)-390-971

   

+/- Impact of changes in exchanges rates (G)-60- 225

   

= CHANGE IN NET CASH POSITION (D + E + F + G)-399-612

   

Cash at end of period  

Cash and cash equivalents – Bank overdrafts3 9175 701

   

Cash at opening  

Cash and cash equivalents – Bank overdrafts4 3176 313

 

 

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Chiffre d’affaires 3ème trimestre : 4,2 M€ en millions d’euros 2006 2005 variation Chiffre d’affaires 1er trimestre 3,4 3,5 -2% Chiffre d’affaires 2ème trimestre 4,8 3,9 +22% Chiffre d’affaires 3ème trimestre 4,2 3,6 +17% Total Chiffre d’affaires 9 mois 12,4 11,0 +13% Marge brute 9 mois 11,2 9,7 +16% Le chiffre d’affaires du troisième trimestre (non audité) est de 4,2 M€, en croissance de 16% par rapport aux 3,6 M€ au T3-2005. Le taux de marge brute sur le trimestre progresse encore à 92% du chiffre d’affaires, du fait d’une forte augmentation des ventes de licences dans le mix des ventes (31% du CA, par rapport à 26% au T3-2005). Le chiffre d’affaires résultant sur les 9 premiers mois de l’exercice ressort à 12,4 M€, en croissance de 13% par rapport aux 11.0 M€ sur la même période de l’exercice précédent. La progression de la marge brute (+16%) est plus importante, passant de 9.7 M€ à 11.2 M€. Parmi les succès commerciaux remportés récemment par Dalet : Le diffuseur régional espagnol Radio Television del Principado de Asturias (RTPA) a choisi Dalet pour la mise en place d’un système complet « tri-média » gérant la Radio, la TV, la publication sur le web et l’archivage. Plus de 70 journalistes accèdent simultanément à ce système « end to end », mis à l’antenne par Dalet en s’appuyant sur l’intégrateur leader Telefonica Servicios Audiovisuales, La chaîne satellitaire russe Rusiya Al-Yaum va déployer un système Dalet pour assurer la production et la diffusion de ses programmes en langue Arabe. Cette nouvelle installation intervient moins de dix mois après le déploiement de DaletPlus chez Russia Today, chaine d’information continue créée en 2005 par TV-Novosti, et diffusée en anglais sur six continents et une centaine de pays. « Notre expérience nous a prouvé que le système Dalet conjugue une plateforme robuste de production et diffusion avec une interface utilisateur facile à utiliser. Au regard de la qualité des services et du support assurés par les équipes Dalet lors du déploiement de Russia Today, le choix de Dalet et de leur partenaire OKNO TV allait de soi pour cette deuxième installation destinée à notre chaine Rusiya Al-Yaum, » a déclaré Sergey Maganet, Directeur Technique de ANO TV-Novosti. La mise à l’antenne de Rusiya Al-Yaum est prévue pour le premier trimestre 2007, TVI, filiale belge du groupe RTL, a choisi une solution Dalet pour sa nouvelle salle de rédaction TV. Au cours du salon mondial du broadcast IBC qui a eu lieu à Amsterdam début septembre, Dalet a lancé sa nouvelle offre DaletPlus Enterprise Edition qui répond aux besoins des plus grands diffuseurs européens et mondiaux. Basé sur une architecture moderne de type SOA (Service Oriented Architecture), DaletPlus Enterprise Edition est une plateforme d’intégration ouverte offrant un moteur de workflow flexible, une gamme d’outils modulaires pour l’acquisition, l’édition, la programmation et la diffusion broadcast, ainsi que des automates de migration et de conversion de format des médias. Au 30/9/2006, le carnet de commandes de Dalet est de 13 M€, dont 4.1 M€ facturables sur l’année 2006. À propos de Dalet Digital Media Systems Dalet est un éditeur de logiciels destinés aux professionnels des médias leur permettant de valoriser leurs contenus audio et vidéo. De l’acquisition et l’édition à la programmation et la diffusion de contenu, Dalet propose une solution complète de production multimédia, « asset management » et diffusion pour les télévisions, les radios, et les organismes publiques. Dalet compte plus de 1700 références dans 60 pays parmi lesquels ABC, ARD (BR, NDR, SR, WDR), ASF (Radio Trafic FM), BBC, Cadena Ser, Radio Canada, Catalunya Radio, Deutsche Welle, EMAP, Emmis, Entercom, Fashion Show Media Network, MBC, Mediaset, MediaCorp Singapore, National Public Radio (NPR), Radio France, RFI, Radio Suisse Romande, RFM/Groupe Europe 2, Rhein-Neckar Fernsehen, S4C-Welsh TV, SKY Television, Voice of America, Weather Channel, et XM Satellite Radio. Euronext - Compartiment Eurolist C - ISIN FR0000076176 – Reuters DALE.PA Nombre d’actions : 11.845.461 Pour toute information complémentaire Pour toute information complémentaire, merci de contacter Dalet au +33 1 41 27 67 00.
2006 Revenues: €17.5 Million, +7%
Dalet announced consolidated revenues (unaudited) for the year ended December 31, 2006 of €17.5 million, a 7% increase with respect to €16.3 million in 2005, confirming a renewed growth trend. Gross margin increased by 12% from €14.2 million to €15.9 million, the gross margin rate reaches 90%. Revenues for Q4-2006 (unaudited) were €5.1 million, compared to €5.3 million for Q4-05 (-3%) and €4.2 million in Q3-06 (+21%). Millions of Euros H2-06* H1-06 2006 2005 Variation 2006/2005 Revenues 9,3 8,2 17,5 16,3 +7% Gross Margin 8,5 7,3 15,9 14,2 +12% Gross Margin Rate _ _ 90% 87% _ (*), non audited The geographical distribution of the revenue remains well balanced: Europe 61%, Americas 20%, Asia-Pacific 5%, Africa-Middle East 14%. The sales mix has continued to improve: license revenues increase from 28% of sales to 32%, associated professional services from 29% to 32%, resale of hardware drops from 19% to 14%, recurring support revenues are stable at €3.9 million (23% of revenues). Indirect sales (not including support revenues) represented 52% of sales in 2006 vs. 37% in 2005. This indirect sales channel strategy, in particular with large integrators, has allowed for an increase in sales while controlling costs. In 2006, Dalet has added new key references to its list of clients in digital video for TV: RTPA-TV Asturias, Deutsche Welle, Russia Today TV (after a first contract for the English-language channel in 2005, the contracts for the Arabic-language channel and for the archive project in 2006). These large scale deployments confirm the position of Dalet as a key player in this market. Outlook Based on the above performance, an operating result close to breakeven is expected for 2006, thus confirming Dalet’s recovery. The Radio automation market is a mature one, representing a stable source of revenue for Dalet. The growth opportunity is in the TV market, as the transition to digital video enables broadcasters and content producers to simplify and optimize their workflows. The emergence of new distribution platforms (Digital Terrestrial TV, IPTV, mobile TV), formats (HDTV, 16:9) and the availability of new forms of interactivity are all opportunities for Dalet clients to attract new audiences and generate additional revenues. Hence the strong growth in sales in the Dalet TV product line registered in 2006 should extend through 2007. It should be further accelerated in the second half of 2007 with the launch of new versions of the software specifically targeting News and Sports workflows. Thanks to its positioning as a supplier of open, scalable, modular solutions, and capitalizing on the new customer references and indirect channels, Dalet is ideally placed to grow and move along with this market in this major technology transition. About Dalet Dalet is a leading developer of software solutions that facilitate the management of audio and video assets for broadcast, entertainment, government, education, corporations and non-profit organizations. Developed for standard IT hardware, Dalet software solutions enable organizations to capture, manage and store digital media. The all-digital solutions greatly enhance productivity through immediate access to and management of valuable media assets. Dalet solutions are used in 50 countries by over 1,700 customers including the largest public broadcasters (ARD, BBC, CBC, Deutsche Welle, Media Corporation of Singapore, NPR, RFI, Radio Suisse Romande, VOA), commercial networks (Arab Radio and Television, BFMTV, Emap, Emmis Broadcasting, Prime TV and XM Satellite) and government organizations (Queensland Courts, The Scottish Parliament). Eurolist C – Paris ISIN : FR0000076176 – Reuters : DALE.PA - Bloomberg DLT:FP Number of outstanding shares: 12.721.483 Contact Dalet: Tel: +33 1 41 27 67 00 Visit the new « Corporate » section dedicated to Investor Relations on our website www.dalet.com
Operating Result 2006: + EUR 0.4 Million
Dalet consolidated revenues for 2006 were €17.5 million, an 8% increase with respect to €16.3 million in 2005. Gross margin increased by 12% from €14.3 million to €15.9 million, the gross margin rate reaches 91%. in Euro millions H2-06 H1-06 2006 2005 Variation 2006/2005 Revenues 9,3 8,3 17,5 16,3 +8% Cost of goods sold -0,8 -0,8 -1,6 -2,1 _ Gross margin 8,5 7,4 15,9 14,3 +12% Gross margin rate 91% 90% 91% 87% +4% Staff costs -3,7 -3,8 -7,5 -9,0 -17% Other operating costs -3,2 -3,4 -6,6 -7,0 -6% Depreciation and amortization -0,7 -0,5 -1,2 -0,6 _ Operating result before non recurring items 0,9 -0,3 0,6 -2,5 _ Operating result 0,8 -0,4 0,4 -3,1 _ Financial result -0,4 -0,3 -0,7 -0,3 _ Income tax 0,3 -0,2 0,1 -0,7 _ Net result 0,7 -0,9 -0,1 -4,1 _ Dalet has maintained a well balanced geographical distribution of its revenues, and its sales mix has continued to improve: license revenues increase from 28% of sales to 32%, associated professional services from 29% to 32%, resale of hardware drops from 19% to 14%, recurring support revenues are stable at €3.9 million (23% of revenues). At the same time, operating expenses decreased, notably personnel costs (-17%). Indirect sales (excluding support revenues) represented 52% of sales in 2006 vs. 37% in 2005. This indirect sales channel strategy, in particular with large system integrators, has allowed for an increase in sales while controlling costs. Operating profit before non recurring items is €0.6 million, a very significant improvement compared to a loss of €2.5 million in 2005. Operating profit is €0.4 million, compared to an operating loss of €3.1 million for 2005. In addition, the €1 million revenue increase between the first semester and the second semester of 2006, due to the seasonality of Dalet activity, has been achieved without any increase in the level of operating expenses, thus indicating that the breakeven point typical of software companies has been reached. Net result is almost breakeven at -€0.1 million, compared to -€4.0 million in 2005. It includes a financial cost of €0.4 million related to the convertible loan issued in 2004 (interest and interest premium in case of non conversion of the bonds at maturity). Dalet shareholders, both institutional funds as well as individual shareholders, have shown their confidence in the company and in its recovery: by converting in advance part of the convertible bonds issued in March 2004, which reach maturity in 2008 and 2009 (720,000 bonds converted out of a total of 3.6 million), thus reducing the company’s debt; by exercising during the first quarter of 2007 the warrants issued together with the convertible offering: 90% of warrants still not exercised on Dec. 31, 2006 were exercised before the March 2007 expiration date. This has resulted in a capital increase of €0.88 million. David Lasry, CEO of Dalet, commenting on the figures released: "Our 2006 results are an important milestone in our development plan. After years of significant investments in R&D, the growth in sales of our new solutions for TV digital production, in particular through our indirect channel, coupled with a tight control of our expenses, has allowed us to reach breakeven. The new contracts and system extensions signed early in 2007 with key references such as BBC Arabic TV and CBS Sports demonstrate our aggressive sales presence and the maturity of our product offering on the market. It offers us a unique competitive advantage for coming news and sports projects related to the emergence of new distribution platforms (Digital Terrestrial TV, IPTV, HDTV, mobile TV)". About Dalet Digital Media Systems Dalet is a leading developer of software solutions that facilitate the management of audio and video assets for broadcast, entertainment, government, education, corporations and non-profit organizations. Developed for standard IT hardware, Dalet software solutions enable organizations to capture, manage and store digital media. The all-digital solutions greatly enhance productivity through immediate access to and management of valuable media assets. Dalet solutions are used in 50 countries by over 1,700 customers including the largest public broadcasters (ARD, BBC, CBC, Deutsche Welle, Media Corporation of Singapore, NPR, RFI, Radio Suisse Romande, VOA), commercial networks (Arab Radio and Television, BFMTV, Emap, Emmis Broadcasting, Prime TV and XM Satellite) and government organizations (Queensland Courts, The Scottish Parliament). Eurolist C – Paris ISIN : FR0000076176 – Reuters : DALE.PA - Bloomberg DLT:FP Number of outstanding shares: 12.725.483, and 870.563 shares on a secondary line (DALET NV, ISIN FR0010420448) For more information Contact Dalet: Tel: +33 1 41 27 67 00 Visit the « Corporate » section dedicated to Investor Relations on our website www.dalet.com Dalet - Consolidated balance sheet statement (IFRS - in Euro millions) 31/12/06 (12 months) Goodwill 3,3 3,3 Intangible assets 2,9 1,8 Tangible assets 0,5 0,5 Financial assets 0,2 0,4 Restricted cash (over 12 months) 0,7 0,3 Other non current assets 0,2 0,2 Total non current assets 7,7 6,4 Trade receivables 7,3 5,2 Other current assets 0,8 3,7 Cash and cash equivalents 2,6 1,5 Total current assets 10,7 10,5 Total Assets 18,4 16,9 _ _ _ Shareholders’ equity 5,3 3,4 Long-term financial debt 4,2 5,2 Long-term provisions 0,2 0,2 Deferred tax liabilities 0,4 0,6 Total non current liabilities 4,8 5,9 Short term provisions 0,3 0,4 Short term financial debt 1,4 0,7 Trade payables 1,6 1,8 Liability for current tax 1,8 1,9 Other current liabilities 3,3 2,8 Total current liabilities 8,4 7,5 Total Liabilities and Shareholders’ Equity 18,4 16,9 Dalet - Simplified consolidated cashflow sheet statement (in Euro millions) 2006 (12 months) Cash at beginning of period 1,5 4,2 Cashflow before cost of net financial debt and tax (A) 1,3 -2,8 - Income tax paid (B) 0 -0,1 +/- Change in cashflow requirement associated with the activity(C) -1,0 1,5 = Cashflow generated by operating activities (D)=(A+B+C) 0,3 -1,4 Cashflow associated with investment operations (E) -2,3 -2,4 Cashflow associated with financing operations (F) 3,0 1,2 +/- Impact of changes in exchange rates (G) 0,1 -0,1 = Change in net cash position (D + E + F + G) 1,0 -2,7 Cash at end of period 2,6 1,5
Q1-07 Revenues: EUR 4.2 Million
Dalet has announced consolidated revenues (unaudited) for the first quarter of 2007 of €4.2 million, compared to €3.4 million in Q1-06 (+23%). Gross Margin totalled €3.3 million, an 8% increase with respect to €3.0 million for the same period last year. The resulting Gross Margin rate is 79%, compared to 89% in Q1-06. This change is due to the recognition during the quarter of revenue resulting from a hardware resale for a project in which Dalet exceptionally ensures the role of system integrator. License revenues linked to this contract will be consolidated in coming quarters. As a result, the gross margin rate should be maintained between 85% and 90% over the year 2007. in Euro millions 2007 2006 variation Q1 Revenues 4.2 3.4 +23% Q1 Gross Margin 3.3 3.0 +8% Dalet released several new products during the NAB Show which was held in Las Vegas last April: Dalet Enterprise Edition, first workflow engine designed for open broadcast systems, offers a comprehensive set of media ingest, production and distribution tools for radio, television and interactive media. Because the Dalet Enterprise Edition architecture is independent of the video formats used, it enables broadcasters and media driven organizations to deploy a wide range of SD and HD workflows; Thanks to its web services-based Application Programming Interface (API), Dalet Enterprise Edition can be integrated into Services-Oriented Architectures (SOA): this empowers system integrators and IT departments and allows them to embed digital media services offered by Dalet Enterprise Edition into large scale corporate-wide applications. Dalet NewsPro for Omneon is a plug-and-play digital production and playout system for small to mid-size newsrooms. This end-to-end platform combines tapeless ingest with collaborative desktop video editing and powerful voice-over tools; it adds a flexible asset management and media migration engine to ensure playout on Omneon video servers and to facilitate archiving. Packaged as a turn-key solution, Dalet NewsPro for Omneon can be deployed in record time Dalet NewsWire 2.0 is the next generation scripting and newsroom system. It provides all the usability journalists and producers come to expect from a best-of-breed newsroom with the advanced functionalities required by system administrators. Already deployed at several television stations including CBS Sports in the US, DR in Denmark and RTM in Malaysia, Dalet NewsWire 2.0 provides the ideal scripting platform for both news and feature programming. These new products gave way to enthusiastic market response and will allow Dalet to expand its offering by targeting on the one hand with Dalet Enterprise Edition, large broadcasters seeking flexible solutions for very large deployments, on the other with Dalet NewsPro for Omneon, mid-size TV stations such as digital terrestrial local and regional channels through indirect sales channels. At the end of Q1-2007, Dalet has a backlog for the rest of 2007 of over €9 million. About Dalet Digital Media Systems Dalet is a leading developer of software solutions that facilitate the management of audio and video assets for broadcast, entertainment, government, education, corporations and non-profit organizations. Developed for standard IT hardware, Dalet software solutions enable organizations to capture, manage and store digital media. The all-digital solutions greatly enhance productivity through immediate access to and management of valuable media assets. Dalet solutions are used in 50 countries by over 1,700 customers including the largest public broadcasters (ARD, BBC, CBC, Deutsche Welle, Media Corporation of Singapore, NPR, RFI, Radio Suisse Romande, VOA), commercial networks (Arab Radio and Television, BFMTV, Emap, Emmis Broadcasting, Prime TV and XM Satellite) and government organizations (Queensland Courts, The Scottish Parliament). Eurolist C – Paris ISIN : FR0000076176 – Reuters : DALE.PA - Bloomberg DLT:FP Number of outstanding shares: 12.725.483, and 870.563 shares on a secondary line (DALET NV, ISIN FR0010420448) For more information Contact Dalet: Tel: +33 1 41 27 67 00 Visit the « Corporate » section dedicated to Investor Relations on our website www.dalet.com.
First semester 2007 revenues
(in euro millions) 2007 2006 Variation in % Revenues first quarter 4,1 3,4 +22% Revenues second quarter 4,0 4,8 -17% Total revenues first semester 8,1 8,2 -1% Gross margin 7,0 7,4 -6% Gross margin rate 86% 90% Levallois-Perret, France– July 29, 2007 – Dalet today announced consolidated revenues (unaudited) for the second quarter of 2007 of €4.0 million, compared to €4.8 million for the same period last year (-17%). The resulting revenues for the first semester of 2007 are €8.1 million vs. €8.2 million in H1-06 (-1%). Gross Margin for the semester was €7.0 million vs. €7.4 million for H1-2006. Gross Margin rate over Q2-2007 was 93%, whereas the Gross Margin rate during Q1-07 was lower, due to the recognition during the first quarter of the revenue resulting from a hardware resale for a project in which Dalet exceptionally ensures the role of system integrator. For the full year 2007, Dalet expects a Gross Margin rate close to 90%, in the upper part of the 85% to 90% range previously announced. In terms of geographical distribution of the revenues, Dalert experienced a significant increase in US sales, which should continue over the course of 2007. About Dalet Dalet is a leading developer of software solutions that facilitate the management of audio and video assets. Dalet software allows some of the world’s most demanding radio, television and government organizations to progress from relying upon paper, tapes, and proprietary systems, to modern, all-digital operations running on standard IT platforms. Operating worldwide, Dalet solutions are used in 60 countries by over 1,700 customers including ABC, ARD (BR, NDR, SWR, WDR, SR), BBC, BFM TV, Cadena Ser, Canadian Broadcasting Corp, Danish Broadcast, Deutsche Welle, EMAP, Emmis, Entercom, Harpo Productions, MBC, Mediaset, MediaCorp Singapore, National Public Radio (NPR), Prime TV, Radio France, Radio France International, Radio Suisse Romande, SKY Television, South Africa Broadcast Corp., Voice of America, Weather Channel, and XM Satellite Radio. Eurolist- Paris Euronext - ISIN FR000007617 - Reuters DALE.PA Number of outstanding shares: 14 334 848 Contact Dalet: Tel: +33 1 41 27 67 00 www.dalet.com
Revenues Q4-2007: €7.5 MILLION, +48%; 2007 Revenues: €19 MILLION, +9%
(Euro millions) Q4-2007* Q4-2006 Variation 2007* 2006 Variation Revenues 7.5 5.1 +48% 19.0 17.5 +9% Gross margin 6.2 4.6 +36% 16.3 15.9 +3% Gross margin rate 83% 90% 86% 91% (*) unaudited Dalet announced record revenues for the fourth quarter of 2007 (unaudited) of €7.5 million, compared to €5.1 million for Q4-06 (+48%). The gross margin (revenues minus cost of goods sold) for the quarter increased by 36%, from €4.6 million to €6.2 million. For the year ended December 31, 2007, Dalet consolidated revenues (unaudited) were €19.0 million, a 9% increase with respect to €17.5 million in 2006, with a gross margin of €16.3 million compared to €15.9 in 2006 (+3%). Total order intake over the year increased by 37% from €11.9 million in 2006 to €16.3 million for 2007. Significant increase in US sales In terms of geographical breakdown of revenues, Europe represented 67%, Americas 15%, Africa-Middle East 12% and Asia-Pacific 6%. US sales increased sharply, in spite of the adverse effect of the dollar to euro exchange rate fluctuations (+42% in Euros, +55% in US Dollars). Sales growth for new product lines for digital television (Euro millions) 2007 2006 % Radio 6.4 7.4 -14% OpenMedia product (sold) 2.9 4.3 -33% TV and digital video 9.7 5.8 +68% Total 19.0 17.5 As reported on 1/28/2008, Dalet sold the assets of its German subsidiary related to the OpenMedia product. OpenMedia sales had decreased by 33% from €4.3 million in 2006 to €2.9 million in 2007. Whereas OpenMedia sales declined, sales of new Dalet products for television broadcasters steadily increased, with revenues growing by 68% from €5.8 million in 2006 to €9.7 million in 2007. Sales of digital solutions for radio decreased by 14%, from €7.4 million to €6.4 million, reflecting the general trend of this mature market. Dalet believes nonetheless that its unique ability to provide unified solutions for radio and television will be a compelling selling proposition in coming years for its radio customers as they transition to unified multimedia production environments combining radio, TV and web delivery channels. Dalet solidifies its position as a leading supplier of MAM solutions In 2006, Dalet had registered its first significant contract wins on the Media Asset Management (MAM) market in Europe. Dalet MAM software empowers content producers to streamline their production costs and increase their revenue opportunities by simplifying the distribution of rich-media assets across both interactive and traditional platforms. In 2007, Dalet added key references with contract wins at BBC World Service, and system deployments at CBS Sports, Channel One Russia, The Press Association, Warner Bros. and Westdeutscher Rundfunk (WDR). Now fully focused on its core product offerings, Dalet is ideally placed to grow and move along with the MAM market of which it has become a key player. About Dalet Digital Media Systems Dalet empowers broadcasters and content professionals to produce and manage audio and video content in a digital, multi-platform world. Dalet media asset management (MAM) software streamlines production costs and increases revenue opportunities by simplifying the distribution of rich-media assets across both interactive and traditional platforms. Dalet software is used around the world by thousands of content producers including major public broadcasters (BBC, CBC, DR, DW, NPR, RFI, RSR, Russia Today, VOA, WDR), commercial networks (ART, eTV, Grupo Prisa, Prime Television, The Press Association, Warner Bros., XM Satellite…) and government organizations (Queensland JAG, Canadian House of Commons, The European Commission). Dalet is traded on the EURONEXT stock exchange (Eurolist C): ISIN: FR0000076176, Bloomberg DLT:FP, Reuters: DALE.PA Number of outstanding shares: 17 526 364 For more information on Dalet, visit www.dalet.com. Contact Dalet: +33 1 41 27 67 00
2007 Financial Results
IFRS (in euro millions) 2007 2006 % variation Revenues 19.1 17.5 +9% Cost of Goods Sold -2.7 -1.6 Gross Margin 16.4 15.9 +3% Gross Margin Rate 86% 91% -5% Operating result before non recurring items 0.8 0.6 +35% Other operating expenses -2.3 -0.1 Operating result -1.6 0.4 Net result -2.3 -0.1 Dalet consolidated revenues for 2007 were €19.1 million, a 9% increase with respect to €17.5 million in 2006. Gross margin increased by 3% from €15.9 million to €16.4 million. Sales growth for new product lines for digital television In January 2008 Dalet sold the assets of its German subsidiary related to the OpenMedia product. OpenMedia sales had decreased by 33% from €4.3 million in 2006 to €2.9 million in 2007. Sales of digital solutions for radio decreased by 16%, from €7.7 million to €6.5 million, reflecting the general trend of this mature market. In contrast, sales of new Dalet products for television broadcasters steadily increased, with revenues growing by 76% from €5.5 million in 2006 to €9.7 million in 2007. Improved result from operations At the same time, operating expenses were stable (+2%). The result operating profit before non recurring items was €0.8 million, a 35% increase with respect to €0.6 million for 2006. In addition, the €2.3 million increase in gross margin between the first semester and the second semester of 2007, due to the seasonality of Dalet activity, has been achieved without any increase in the level of operating expenses. This resulted in an improvement of the operating result before non recurring items of €1.8 million between the first and second semester 2007 (€1.3 million vs -€0.5 million). Impact of the asset sale in Germany On January 26, 2008 Dalet’s German subsidiary Dalet ANN GmbH sold the assets related to its OpenMedia legacy product, effective 1/1/2008. According to IFRS 5 standards, this asset sale generates in 2008 a loss in the value of the goodwill to be taken into account in the 2007 financials. The goodwill depreciation, netted from the gain in asset sale, results in a depreciation of long term assets of €2.2 million (non cash item), which appears in the P&L under “Other operational costs”. Due to the impact of this goodwill amortization, the operating result was a loss of €1.6 million, compared to a profit of €0.4 million for 2006, and the net result was -€2.3 million, compared to -€0.1 million in 2006. An improved financial structure : no debt, cash level increased Dalet shareholders have shown their confidence in the company and in its continued recovery, by converting in advance all of the convertible bonds issued in March 2004, which were to reach maturity in 2008 and 2009, thus reducing the company’s debt from ne4.2 million to €0.1 million. Taking as well into account the exercise during the first semester of 2007 of the remaining outstanding warrants the cashflows generated from financing activties reached €1.1 million. It should be noted that the cashflows generated from operations were €2.4 million, covering the -€2.3 million needed for investment activities. Net cash on 12/31/2007 was €3.7 million. Outlook David Lasry, CEO of Dalet, commenting on the figures released: « Our 2007 results confirm that we are on the right track. Following the sale of OpenMedia, which has also helped streamline operating costs, Dalet is now fully focused on its core product offerings. The growth in sales of our new solutions for TV digital production and the new contracts signed recently with key references such as BBC World Service, RTBF and Warner Bros are proof of the wide acceptance of our product offering on the market, and should allow for our continued growth in 2008 in the digital production for News and Sport, Media Asset Management, Video on demand and HD markets». About Dalet Digital Media Systems Dalet empowers broadcasters and content professionals to produce and manage audio and video content in a digital, multi-platform world. Dalet media asset management (MAM) software streamlines production costs and increases revenue opportunities by simplifying the distribution of rich-media assets across both interactive and traditional platforms. Dalet software is used around the world by thousands of content producers including major public broadcasters (BBC, CBC, DR, DW, NPR, RFI, RSR, Russia Today, VOA, WDR), commercial networks (ART, eTV, Grupo Prisa, Prime Television, The Press Association, Warner Bros., XM Satellite…) and government organizations (Queensland JAG, Canadian House of Commons, The European Commission). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0000076176, Bloomberg DLT:FP, Reuters: DALE.PA Number of outstanding shares: 17 526 364 For more information on Dalet, visit www.dalet.com Contact Dalet: +33 1 41 27 67 00 DALET- CONSOLIDATED BALANCE SHEET (IFRS- in euro millions) 31-dec.-07 31-dec.-06 12 months 12 months Goodwill 0.4 3.3 Intangible assets 3.5 2.9 Tangible Assets 0.4 0.5 Financial Assets 0.2 0.2 Restricted cash (over 12 months) 0.1 0.7 Other non current assets 0.2 0.2 Deferred tax assets 0 0 TOTAL NON CURRENT ASSETS 4.8 7.7 Trade receivables 6.9 7.3 Other current assets 0.9 0.8 Cash and cash equivalents 3.7 2.6 TOTAL CURRENT ASSETS 11.5 10.7 Assets classified as held for sale 2.5 TOTAL ASSETS 18.9 18.4 SHAREHOLDERS’ EQUITY 8.5 5.3 Long-term financial debt 0.1 4.2 Long term provisions 0.2 0.2 deferred tax liabilities 0.7 0.4 TOTAL NON CURRENT LIABILITIES 1.0 4.8 Short term provisions 0.1 0.3 Short term financial debt 0.6 1.4 Trade payables 2.1 1.6 Liability for current tax 1.6 1.8 Other current liabilities 3.7 3.3 TOTAL CURRENT LIABILITIES 8.0 8.4 Liabilities classified as held for sale 1.3 TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 18.9 18.4 DALET-SIMPLIFIED CONSOLIDATED CASHFLOW STATEMENT (in euro millions)) 31-dec.-07 31-dec.-06 12 months 12 months CASH AT BEGINNING OF PERIOD 2.6 1.5 Cash flow before cost of net financial debt and tax (A) 2.2 1.3 - Income tax paid (B) -0.2 0.0 +/- Change in cash flow requirement associated with the activity (C ) 0.4 -1.0 = CASH FLOW GENERATED BY OPERATING ACTIVITIES (D) = (A + B + C) 2.4 0.3 CASH FLOW ASSOCIATED WITH INVESTMENT OPERATIONS (E) -2.4 -2.3 CASH FLOW ASSOCIATED WITH FINANCING OPERATIONS (F) 1.1 3.0 +/- Impact of changes in exchange rates (G) 0.0 0.1 = CHANGE IN NET CASH POSITION ( D + E + F + G ) 1.2 1.0 CASH AT END OF PERIOD 3.7 2.6
First quarter 2008 Revenues
(in euro millions) Q1-2008 Q1-2007 OpenMedia revenues (product sold) - .7 Revenues for Radio and Digital video 3.6 3.4 Total revenues 3.6 4.1 Cost of Goods Sold -.4 -.9 Gross margin 3.2 3.2 Gross Margin rate 88% 78% DALET has announced consolidated revenues (unaudited) for the first quarter of 2008 of €3.6 million, compared to €4.1 million in Q1-07. On a pro-forma basis, excluding the Q1-2007 revenues related to the OpenMedia activity which was sold, revnues were 3% up, from €3.4 million to €3.6 million. Gross Margin was stable at €3.2 million, due to a significant improvement in the sales mix: license revenues increased from 20% of sales to 35%, associated professional services evolved from 27% to 24%, resale of hardware dropped from 30% to 16%, recurring support revenues increased slightly from 23% to 25% of revenues. The resulting Gross Margin rate is 88%, a strong increase compared to 78% in Q1-07. At the same time, operating expenses decreased significantly, as a result of the asset sale in Germany related to the OpenMedia legacy product, which entailed a large proportion of professional services and a smaller licence revenue component. Order Intake during the quarter increased by 7%, from €4.3 million to €4.3 million. Among the significant contracts recently signed : ABS-CBN, the largest integrate media and entertainment group in the Philippines covering through its 50+ TV stations networks over 40% of national audience, has selected Dalet Media Library for the management of its digital archive, which contains currently over 300,000 tapes. Al-Watan Television (Kuweit) which is to be launched later this year and will be the first tapeless HD channel in the Middle-East, has chosen Dalet News Suite as its tapeless newsroom and production system. Al-Watan Television aims to broadcast high quality news and family entertainment programs delivered with a Kuwaiti feel to its local citizens and Arab expatriates viewers. These new references reinforce Dalet’s position on the growing Asia and Middle East broadcast markets, and confirm its leadership on the HD production and Media Asset Management markets. About Dalet Dalet empowers broadcasters and content professionals to produce and manage audio and video content in a digital, multi-platform world. Dalet media asset management (MAM) software streamlines production costs and increases revenue opportunities by simplifying the distribution of rich-media assets across both interactive and traditional platforms. Dalet software is used around the world by thousands of content producers including major public broadcasters (BBC, CBC, DR, DW, NPR, RFI, RSR, Russia Today, VOA, WDR), commercial networks (ART, eTV, Grupo Prisa, Prime Television, The Press Association, Warner Bros., XM Satellite…) and government organizations (Queensland JAG, Canadian House of Commons, The European Commission). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0000076176, Bloomberg DLT:FP, Reuters: DALE.PA Number of outstanding shares: 17 526 364 For more information on Dalet, visit www.dalet.com Contact Dalet: +33 1 41 27 67 00
REVENUES FOR Q2-2008 : €5.5 MILLION, +38%
(Revenues (in euro millions) H1-2008 H1-2007 change TV / digital video 6.6 3.7 +79% Radio 2.5 3.1 -19% OpenMedia product (activity sold) - 1.3 Total revenues for the semester 9.1 8.1 +12% Cost of Goods Sold -1.2 -1.1 Gross Margin 7.9 7.0 +13% Gross Margin Rate 87% 87% Dalet announced record revenues for the second quarter of 2008 (unaudited) of €5.5 million, compared to €4.0 million for Q2-07 (+38%). The resulting revenues for the first semester 2008 are €9.1 million, a 12% increase compared to €8.1 million in H1-07. On a pro-forma basis, excluding the H1-2007 revenues related to the OpenMedia activity which was sold, revenues were up by 32%. The gross margin (revenues minus cost of goods sold) for the semester increased by 13%, from €7.0 million to €7.9 million. The proportion of licence revenues in the sales mix increased significantly, from 28% to 40% of total revenues. Sales growth in TV: +79% Sales in the TV market increased by 79% at €6.6 million for the semester, compared to €3.7 million for H1-2007. They represent 72% of total sales, with a large portion beyond the News market in areas such as HD production for sports, VOD, and digital video archives. Order Intake for the semester: +55% The strong growth in order intake in the first quarter further increased during the second quarter, with total order intake for the first semester at €8.4 million, compared to €5.4 million in H1-2007 (+55%). Dalet confirms the trend initiated in 2007, with growth led by sales in the TV and digital video market. Next announcement : Week of August 25, 2008, Full H1-2008 financials About Dalet Dalet empowers broadcasters and content professionals to produce and manage audio and video content in a digital, multi-platform world. Dalet media asset management (MAM) software streamlines production costs and increases revenue opportunities by simplifying the distribution of rich-media assets across both interactive and traditional platforms. Dalet software is used around the world by thousands of content producers including major public broadcasters (BBC, CBC, DR, DW, NPR, RFI, RSR, Russia Today, VOA, WDR), commercial networks (ART, eTV, Grupo Prisa, Prime Television, The Press Association, Warner Bros., XM Satellite…) and government organizations (Queensland JAG, Canadian House of Commons, The European Commission). Dalet is traded on the NYSE-EURONEXT stock exchange (Eurolist C): ISIN: FR0000076176, Bloomberg DLT:FP, Reuters: DALE.PA Number of outstanding shares: 17 526 364 For more information on Dalet, visit www.dalet.com Contact Dalet: +33 1 41 27 67 00