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Rimage Reports First Quarter 2012 Financial Results

Rimage Corporation (NASDAQ:RIMG) today reported its financial results for the first quarter ended March 31, 2012.
  • First quarter 2012 revenues totaled $19.5 million, in line with guidance, and down 9% compared with $21.5 million in revenues in the first quarter of 2011. The decrease reflected lower revenues from disc publishing, partially offset by revenues from Qumu, acquired on October 10, 2011.
  • Qumu revenues totaled $1.4 million in the first quarter. During the quarter, the Company took steps to drive sales momentum of Qumu products, focusing on execution and lead generation.
  • Revenues for disc publishing were $18.1 million in the recent first quarter, a decrease of 16% from the first quarter of 2011. The decline was driven primarily by a decrease in sales of consumables and soft European performance. The decline in consumables was affected by the comparison against a particularly strong quarter last year which reflected stocking by customers concerned with supply disruptions caused by the Japan tsunami and the impact from a large retail hardware order in 2010 that significantly expanded the Company’s presence in the market. In addition, retailers have reduced their consumables inventories in 2012 due to lower consumer demand.
  • Gross margin for the recent first quarter was 49% compared with 50% in the same quarter last year. Operating expenses in the quarter increased to $12.5 million from $8.5 million in the comparable quarter last year, largely attributable to the addition of expenses associated with Qumu.
  • The net loss for the 2012 first quarter was $1.7 million, or $(0.17) per share. This compares with net income of $1.5 million in the first quarter of 2011, or $0.16 per diluted share. Excluding the amortization of intangibles associated with Qumu, the net loss per share was $(0.14) in the recent first quarter.
  • Cash and investments totaled $67 million at March 31, 2012 compared with $70 million at December 31, 2011. During the first quarter, the Company paid out $1.7 million in dividends.

Sherman L. Black, president and CEO, said, “The quarterly performance met our financial guidance and was characterized by a decline in disc publishing revenues, partially offset by the contribution from Qumu. While lower sales to the retail sector and weakness in Europe were the primary factors in the decrease in disc publishing, we generated growth in other areas, specifically law enforcement applications and our business in Asia Pacific.

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