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Rimage Reports Second Quarter 2012 Financial Results

Stocks in this article: RIMG

“Qumu is demonstrating strong traction with its enterprise video communications solution,” Mr. Black continued. “It ended the second quarter with a contracted commitment backlog of $6.6 million, which includes the largest transaction in Qumu’s history. Subsequent to the end of the quarter, we closed another multi-year, multi-million dollar transaction with a large European telecommunications provider. Revenues from both the transactions will be recognized over the next several quarters.

“We are also seeing good response to Signal, our online publishing product introduced last quarter. Our initial focus for this product is on the protection of pre-release content for the media and entertainment market and on existing enterprise customers and targets for Qumu.”

“Looking ahead, we are confident about the outlook for our software products. The two significant multi-million dollar Qumu orders that we received in the last 60 days confirm the market need for our Qumu solution. With the stronger outlook for Qumu and higher third quarter disc publishing revenues we expect overall third quarter company revenues to be higher than either the first or second quarters of this year,” concluded Mr. Black.

Dividend Approved

On July 24, 2012, the Company’s Board of Directors approved a $0.17 per share quarterly cash dividend, payable on September 14, 2012, to shareholders of record on August 31, 2012. Based on the current stock price, this dividend represents a 9% yield. During the second quarter, the Company paid out $1.7 million in dividends and $0.9 million to repurchase shares.

Financial Guidance

For the third quarter 2012, the Company expects revenues of between $20 and $22 million and the net loss per share is expected to be between $(0.05) and $(0.13). Excluding amortization of Qumu intangibles, non-GAAP net loss per share is expected to be between $(0.02) and $(0.10). For the full year 2012, the Company expects Qumu contracted commitments to grow significantly from 2011; however, a significant portion of these contracted commitments will be recognized into revenue in 2013 and 2014. The Company defines contracted commitments as the dollar value of signed customer purchase commitments. With this shift in the Qumu revenue model combined with weak first half disc publishing revenues, 2012 overall Company revenues are expected to decline slightly from 2011. 2012 disc publishing revenue is now expected to decrease close to 10% for the year. In addition, the Company expects 2012 cash flow from operations at approximately break even for the year.

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