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Envivio Reports Second Quarter Fiscal 2013 Financial Results

SOUTH SAN FRANCISCO, Calif., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Envivio (Nasdaq:ENVI), a leading provider of live and on-demand multi-screen IP video processing and delivery solutions, today announced financial results for the second quarter of fiscal 2013 ended July 31, 2012.

Financial Highlights

  • Revenue for the second quarter of fiscal 2013 was $10.8 million, compared to $11.5 million in the second quarter of fiscal 2012.  
  • GAAP net loss for the quarter was $4.3 million, or $0.16 per share, compared to net income of $55,000, or $0.00 per share, in the second quarter of fiscal 2012.  
  • Non-GAAP net loss for the quarter was $3.5 million or $0.13 per share, compared to net income of $425,000 or $0.03 per share in the second quarter of fiscal 2012. A reconciliation of the difference between these non-GAAP financial measures with the most directly comparable GAAP measures, as well as a description of the items excluded from the non-GAAP measures, is included in the financial statements portion of this press release.

"Our results for the second quarter reflect project delays by our service provider customers and the impact of the macroeconomic environment. We are disappointed in our quarterly performance and have taken actions to reduce our cost structure," said Julien Signès, president and CEO, Envivio. "However, we do not view the revenue shortfall as indicative of the market backing away from multi-screen deployments. Our win rates have remained consistent and recent advances in our 4Caster and Muse encoding products as well as new features in our Halo network media processor strengthen our solution portfolio."

As of July 31, 2012, Envivio had cash, cash equivalents and short-term investments of $63.2 million.

Business Highlights

  • A1 Telekom Austria AG chose Envivio's solutions to expand its A1 TV IPTV service. Envivio Muse™ multi-screen encoding and processing software running on the Envivio 4Caster™ 1RU appliances power the full lineup of A1 Telekom Austria's broadcast and on-demand HD, SD and 3GPP mobile services.
  • Envivio introduced 4Caster G4, a powerful new encoding appliance for Envivio Muse. 4Caster G4 significantly improves density and video quality, offers a flexible multi-node configuration, and supports next generation codecs such as HEVC.
  • Envivio announced new TV Anytime capabilities for the versatile Envivio Halo™ network media processor, to support time-shifted multi-screen applications such as catch-up TV, start over and network PVR. One key element now available on Halo is Personalized Index Creation (PIC), a new and advanced approach enabling dynamic asset creation in the network, including highlights creation and time-shifted TV assets.
  • Envivio introduced version 3.50 of its on-demand transcoding software, Envivio Muse On-Demand. This latest revision offers significant improvements in file-to-file transcoding speed—up to 35 percent in internal testing against platforms that require hardware acceleration. Muse On-Demand also delivers industry-leading video quality, measured at 20 percent better than a leading competitor, in tests using objective VQ measurement tools.
  • AJK Cable Networks has deployed a converged Envivio headend system for its new MPEG-4 AVC (H.264) multi-screen video service, Reena TV. AJK is the first cable operator in India to use a single headend to serve the full range of display devices.
  • WealthTV, an independent cable TV network based in the United States, selected Envivio Muse™ iTV encoding software on the Envivio 4Caster™ appliance for HD content distribution of its live broadcast services to TVs, PCs and other mobile devices in Asia.
  • StarHub deployed Envivio 4Caster encoders powered by Envivio Muse software for HDTV, OTT and mobile TV services. StarHub is the official broadcaster for UEFA EURO 2012™ football in Singapore, and recently expanded its service offering to consumers around the country.
  • Chunghwa Telecom (CHT), the leading telecommunications service provider in Taiwan, selected Envivio for transcoding and processing of Olympic Games video content delivered to subscribers' PCs, tablets and smartphones.

Business Outlook

In August 2012 the company began cost-cutting efforts including a reduction in force of nine employees and operating expense reductions.

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