Rimage Reports Strong Second Quarter 2013 Revenue Growth Of 16%

Rimage Corporation (NASDAQ: RIMG) today reported its financial results for the second quarter ended June 30, 2013. Revenues for the second quarter of 2013 totaled $21.2 million, an increase of 16% from the second quarter of 2012, driven by continued strong growth in revenues from Qumu and higher consumables revenue in the disc publishing business.

Qumu Second Quarter Financial Highlights
  • Qumu revenues totaled $4.8 million in the second quarter of 2013, an increase of 250% from $1.4 million in the second quarter of 2012 and 11% above the $4.3 million in revenues reported in the first quarter of 2013.
  • Qumu contracted commitments were $3.4 million in the recent second quarter. Contracted commitments year to date through the second quarter are now $7.8 million compared to $6.5 million for the first half of 2012.
  • Qumu’s backlog of contracted revenues was $11.1 million at June 30, 2013 compared with $12.4 million at March 31, 2013.

Sherman L. Black, president and CEO, said, “Video is quickly gaining traction as the new ‘document’ in progressive companies. Video enables professionals to communicate with emotional impact and more easily explain visually complex subjects, leading to higher levels of employee engagement and social collaboration. Qumu continues to gain recognition in the market for our enterprise video services platform as a result of the breadth of our enterprise integrations, rich mobile apps, and our ability to meet the needs of both end users and IT professionals.

“The strong revenue growth for Qumu in the quarter was a testament to growing customer adoption of our products and confirms our confidence in the outlook. We now expect to see Qumu revenue growth in excess of 70% in 2013 compared with 2012.

“During the second quarter, we introduced our cloud offering and signed contracts with three new cloud clients. As enterprises increasingly move to the cloud, our ability to offer subscription-based cloud access to our video services accelerates our deal closure time and allows a fast, client friendly deployment. Also, in recognition of its importance to the future of the corporation and to further strengthen awareness of Qumu, we announced that we will be changing our corporate name to Qumu Corporation, effective in the third quarter.”

If you liked this article you might like

Rimage Corporation Stock Downgraded (RIMG)

Rimage Stock Gaps Down On Today's Open (RIMG)

Small-Cap Peripherals' Perils: Under the Radar

Small-Cap Peripherals' Perils: Under the Radar

Monday's Winners & Losers: Lehman Brothers

Monday's Winners & Losers: Lehman Brothers

Small-Cap Winners & Losers: Rimage

Small-Cap Winners & Losers: Rimage