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TECHNICOLOR : Third Quarter 2013 Revenues From Continuing Operations: +1.2% At Constant Currency, +3.9% Excluding Legacy Activities

PARIS, Oct. 25, 2013 (GLOBE NEWSWIRE) --

   Third quarter 2013 revenues from continuing operations: +1.2% at constant
                  currency, +3.9% excluding legacy activities

  ·       Solid Licensing revenues, profitable growth and market share gains in
                   Connected Home and Entertainment Services

               ·        Technicolor reconfirms its 2013 objectives



+--------------------+ +-------+-------+----------+ +-------+-------+----------+
|In € million        | |Q3 2012|Q3 2013|   Change,| |9M 2012|9M 2013|   Change,|
|                    | |       |       |  reported| |       |       |  reported|
+--------------------+ +-------+-------+----------+ +-------+-------+----------+
|Group revenues from | |    922|    881|    (4.4)%| |  2,488|  2,470|    (0.7)%|
|continuing          | |       |       |          | |       |       |          |
|operations[1]       | |       |       |          | |       |       |          |
|                    | |       |       |          | |       |       |          |
|Change at constant  | |       |  +1.2%|          | |       |  +2.4%|          |
|rate (%)            | |       |       |          | |       |       |          |
|                    | |       |       |          | |       |       |          |
|Change at constant  | |       |       |          | |       |       |          |
|rate excluding      | |       |  +3.9%|          | |       |  +5.5%|          |
|legacy[2] (%)       | |       |       |          | |       |       |          |
|                    | |       |       |          | |       |       |          |
|o/w Technology      | |    128|    123|    (4.5)%| |    364|    349|    (4.2)%|
|                    | |       |       |          | |       |       |          |
|    Change at       | |       |       |          | |       |       |          |
|    constant rate   | |       | (3.9)%|          | |       | (3.5)%|          |
|    (%)             | |       |       |          | |       |       |          |
|                    | |       |       |          | |       |       |          |
|    Entertainment   | |    449|    398|   (11.2)%| |  1,206|  1,130|    (6.2)%|
|    Services        | |       |       |          | |       |       |          |
|                    | |       |       |          | |       |       |          |
|    Change at       | |       |       |          | |       |       |          |
|    constant rate   | |       | (6.1)%|          | |       | (3.9)%|          |
|    (%)             | |       |       |          | |       |       |          |
|                    | |       |       |          | |       |       |          |
|    Change at       | |       |       |          | |       |       |          |
|    constant rate   | |       | (1.0)%|          | |       |  +2.2%|          |
|    excl. legacy (%)| |       |       |          | |       |       |          |
|                    | |       |       |          | |       |       |          |
|    Connected Home  | |    345|    361|     +4.4%| |    918|    990|     +7.9%|
|                    | |       |       |          | |       |       |          |
|    Change at       | |       |       |          | |       |       |          |
|    constant rate   | |       | +12.6%|          | |       | +12.9%|          |
|    (%)             | |       |       |          | |       |       |          |
+--------------------+ +-------+-------+----------+ +-------+-------+----------+



Frederic Rose, Chief Executive Officer of Technicolor, stated:

"This  quarter puts us well on track  to deliver our 2013 EBITDA, free cash flow
and net debt objectives. As we continue to deliver solid operational results, we
remain  focused  on  strengthening  our  core  competencies  and seeking out new
opportunities  in next generation video and audio technologies. In parallel, our
Connected  Home  and  Entertainment  Services  activities  continued to generate
profitable  growth  and  gain  market  share,  while  our  Licensing  activities
delivered another robust performance."






Q3 2013 revenue highlights

  * Technology: another quarter of revenues well above €100 million,
    highlighting the strength of the Licensing division.
  * Entertainment Services: sustained performance in Digital Creative Services,
    particularly in VFX, with strong double-digit growth, offset by slightly
    lower DVD Services revenues.
  * Connected Home: sixth straight quarter of double-digit year-on-year growth,
    driven by very strong volume growth and improved product mix in North
    America, and double-digit revenue growth in EMEA.



Financial structure update

 ·         Senior   gross   debt  at  the  end  of  September  2013 amounted  to
€1,083 million  at nominal value, a decrease of €100 million compared to the end
of   June  2013, reflecting  €67 million  of  debt  repayment  as  part  of  the
refinancing, €10 million of normal senior debt repayment and a positive currency
impact  of €23 million, as a result of  the depreciation of the US dollar versus
the  euro. The Group's cash position declined due to the cash-out related to the
refinancing.



2013 objectives confirmed

·       Growth of adjusted EBITDA between 5% to 10% compared to FY 2012 adjusted
EBITDA at constant scope[3] (€498 million).

·        Strong growth in Free Cash Flow, above 30%, before one-off payments for
legacy litigation (in particular the EU antitrust fine for €38.6 million).

·        Net debt (at nominal value) to  adjusted EBITDA ratio below 1.6x at the
end of December 2013.



                                      ***








An  analyst conference call  hosted by Frederic  Rose, CEO and Stéphane Rougeot,
CFO and SEVP Strategy will be held on Friday, 25 October 2013 at 4:00pm CEST.



Financial Calendar

+------------------+------------------+
| FY 2013 Results  | 20 February 2014 |
+------------------+------------------+
| Q1 2014 Revenues | 25 April 2014    |
+------------------+------------------+





                                      ***

Warning: Forward Looking Statements

This  press release contains certain statements that constitute "forward-looking
statements",  including but not limited to statements that are predictions of or
indicate   future   events,  trends,  plans  or  objectives,  based  on  certain
assumptions or which do not directly relate to historical or current facts. Such
forward-looking  statements are  based on  management's current expectations and
beliefs  and are subject to a number of risks and uncertainties that could cause
actual   results  to  differ  materially  from  the  future  results  expressed,
forecasted  or implied by  such forward-looking statements.  For a more complete
list  and description  of such  risks and  uncertainties, refer to Technicolor's
filings with the French Autorité des marchés financiers.

                                      ***



About Technicolor

Technicolor,  a  worldwide  technology  leader  in  the  media and entertainment
sector,  is at the forefront of digital innovation. Our world class research and
innovation  laboratories enable  us to  lead the  market in  delivering advanced
video  services to  content creators  and distributors.  We also benefit from an
extensive   intellectual   property  portfolio  focused  on  imaging  and  sound
technologies, based on a thriving licensing business. Our commitment: supporting
the  delivery of exciting  new experiences for  consumers in theaters, homes and
on-the-go. Euronext Paris: TCH   Ÿ   www.technicolor.com



Contacts

Press: +33 1 41 86 53 93

technicolorpressoffice@technicolor.com

Investor relations: +33 1 41 86 55 95

investor.relations@technicolor.com



Full press release available in the PDF attached




--------------------------------------------------------------------------------

[1]  Excluding the  Broadcast Services  and the SmartVision (television-over-IP)
businesses, sold in 2012, and the Cirpack softswitch operations (voice-over-IP),
sold  in 2013. Those activities contributed €6 million  to revenues in the third
quarter  of 2012 (no contribution  in the third  quarter of 2013). On a reported
basis,  including disposals, revenues were down  5.1% at current currency and up
0.5% at constant currency year-over-year.

[2]  Legacy  activities  include  mainly  photochemical  film  and compression &
authoring activities.

[3]  Adjusted EBITDA at constant scope  excluding the Broadcast Services and the
SmartVision  (television-over-IP)  businesses,  sold  in  2012, and  the Cirpack
softswitch operations (voice-over-IP), sold in 2013.


Q3 VUS: http://hugin.info/143597/R/1738162/583042.pdf

[HUG#1738162]

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