- 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.
Rimage Reports First Quarter 2012 Financial Results
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