Scopus Video Networks Ltd. - Report of Foreign Issuer (6-K)
July 28 2008 - 7:31AM
Edgar (US Regulatory)
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign
Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange
Act of 1934
For the month of July,
2008
Scopus Video Networks
Ltd.
(Translation
of registrant’s name into English)
10 Ha’amal St.,
Park Afek, Rosh Ha’ayin 48092
(Address
of principal executive offices)
Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
o
Indicate by check mark whether the
registrant by furnishing the information contained in this form is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.
Yes
o
No
x
If “Yes” is marked,
indicate below the file number assigned to the registrant in connection with
Rule12g3-2(b):82-
N/A
Attached hereto and incorporated by
reference herein is a copy of Scopus’ press release, dated July 28, 2008, announcing
second quarter 2008 results.
The press release contains non-GAAP
financial measures. In this regard, GAAP refers to generally accepted accounting
principles in the United States. Pursuant to regulations promulgated by the Securities and
Exchange Commission, the Company has provided reconciliations within the press release of
the non-GAAP financial measures to the most directly comparable GAAP financial measures.
The pro-forma results provided in the
press release exclude the cost of options. Due to recent changes in US GAAP regulations,
in accordance with FAS123R guidelines, from the first quarter of 2006 and onwards, we have
been implementing and recording options expenses as part of our P&L, management
believes that the presentation of the pro forma information provides investors with a
better understanding of Scopus’ financial results going forward and assists investors
in comparing Scopus’ historical, current and future expected results.
This Form 6-K is hereby incorporated
by reference into Scopus Video Networks Ltd.‘s, Registration Statement on Form S-8
(Registration No. 333-133995) and into Scopus Video Networks Ltd.‘s registration
statement on Form F-3, filed with the Securities and Exchange Commission on October 16,
2007 (File No. ).
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
SCOPUS VIDEO NETWORKS LTD.
(Registrant)
By: /s/ Yaron Simler
——————————————
Yaron Simler
Chief Executive Officer
|
|
|
|
By: /s/ Moshe Eisenberg
——————————————
Moshe Eisenberg
Chief Financial Officer
|
Date: July 28, 2008
3
|
SCOPUS ANNOUNCES
SECOND QUARTER 2008 RESULTS
|
|
|
Record
Revenue of $19.1 million, 41% increase over the second quarter of 2007
|
TEL – AVIV, July 28, 2008
– Scopus Video Networks Ltd. (NASDAQ: SCOP)
, a provider of digital video
networking products, today announced its results for the second quarter of 2008, ending
June 30, 2008.
Second Quarter
Highlights:
|
|
—
|
Strong revenue growth reaching a record of $19.1 million, a 41% year-over-year increase
|
|
|
—
|
Net
income of $0.1 million on a GAAP basis and $0.5 million on a non-GAAP basis (excluding
stock based compensation)
|
|
|
—
|
Positive
operating cash flow of $0.8 million
|
|
|
—
|
Strong
booking and continued improvement in business fundamentals
|
Second Quarter 2008
Results Summary
Revenue
for the second quarter
totaled $19.1 million, a 41% increase from the $13.5 million reported in the second
quarter of 2007. The breakdown of revenue by region was 51% in EMEA, 32% in Asia and
Pacific Rim and 17% in the Americas.
Gross profit
for the second
quarter of 2008 was $9.3 million compared with $6.5 million in the second quarter 2007.
Gross profit as a percentage of revenues was 49%, compared with 48% in the second quarter
of 2007.
Net income on a GAAP
basis
for the second quarter of 2008 was $0.1 million, or $0.00 per diluted share,
compared with a net loss of ($1.2) million, or ($0.09) per basic share in the second
quarter of 2007.
Net income on a non-GAAP basis
for
the second quarter of 2008, which excludes expenses related to stock based
compensation, was $0.5 million, or $0.03 per diluted share, compared to a non-GAAP net
loss of ($0.7) million, or ($0.05) per basic share, in the second quarter of 2007.
4
The Company ended the second quarter
of 2008 with net cash, cash equivalents and short-term securities of $36.0 million,
compared with $35.8 million as of March 31, 2008. The Company generated a positive
operating cash flow of $0.8 million during the quarter
“In the quarter we continued to
execute on our business plan, achieving strong sales growth and reaching a new revenue
record,” commented Dr. Yaron Simler, CEO of Scopus. “It is clear that the
investments we have made in the past year and our focus on enhancing our competitive
position are now bearing fruit. The second half of 2008 looks even brighter. We recently
announced a number of new products and system capabilities that position us very well to
increase our market share. These include the IRP-3910, designed to enable cable operators
to manage the February 2009 transition from analog to digital broadcast. The IRP has been
very well received by the market and we expect to generate revenue from this in the second
half of 2008. We believe that we are well positioned to capitalize on the emerging trends
in our industry.”
The press release contains non-GAAP
financial measures. In this regard, GAAP refers to generally accepted accounting
principles in the United States. Pursuant to regulations promulgated by the Securities and
Exchange Commission, the Company has provided reconciliations within the press release of
the non-GAAP financial measures to the most directly comparable GAAP financial measures.
The non-GAAP results provided in the
press release exclude the cost of options. Due to recent changes in US GAAP regulations,
in accordance with FAS123R guidelines, from the first quarter of 2006 and onwards, we have
been implementing and recording options expenses as part of our P&L, management
believes that the presentation of the non-GAAP information provides investors with a
better understanding of Scopus’ financial results going forward and assists investors
in comparing Scopus’ historical, current and future expected results.
5
Conference Call Details
The Company will also be hosting a
conference call later today, July 28, 2008 at 9:00am ET (6:00am Pacific Time, 2:00pm UK
Time, 4:00pm Israel Time). On the call, management will review and discuss the results,
and will be available to answer investor questions.
To participate, please call one of
the following teleconferencing numbers:
|
|
|
|
|
|
US Dial-in Number:
|
1 888 668 9141
|
|
|
UK Dial-in Number:
|
0 800 917 5108
|
|
|
Israel Dial-In Number:
|
03 918 0609
|
|
|
International Dial-in Number:
|
+972 3 918 0609
|
For those unable to listen to the
live call, a replay of the call will be available from the day after the call in the
investor relations section of Scopus’ website, at:
www.scopus.net
About Scopus Video
Networks
Scopus Video Networks (NASDAQ:SCOP) develops,
markets and supports digital video networking solutions that enable network operators to
offer advanced video services to their subscribers. Scopus’ solutions support digital
television, HDTV, live event coverage and content distribution.
Scopus’ comprehensive digital
video networking solution offer intelligent video gateways, encoders, decoders and network
management products. Scopus’ solutions are designed to allow network operators to
increase service revenues, improve customer retention and minimize capital and operating
expenses.
Scopus’ customers include
satellite, cable and terrestrial operators, broadcasters and telecom service providers.
Scopus’ products are used by hundreds of network operators worldwide.
For more information
visit: www.scopus.net
6
|
|
|
|
Company Contact:
|
Investor Relations Contact
|
|
|
|
Moshe Eisenberg
|
Ehud Helft / Kenny Green
|
|
Chief Financial Officer
|
GK Investor Relations
|
|
Tel: +972-3-900 7100
|
Tel: (US) 1 646 201 9246
|
|
Moshee@scopus.net
|
info@gkir.com
|
This press release contains
forward-looking statements concerning our marketing and operations plans. All statements
other than statements of historical fact are statements that could be deemed
forward-looking statements. All forward-looking statements in this press release are made
based on management’s current expectations and estimates, which involve risks,
uncertainties and other factors that could cause results to differ materially from those
expressed in forward-looking statements. These statements involve a number of risks and
uncertainties including, but not limited to, risks related to the evolving market for
digital video in general and the infancy of the video-over-IP in particular and the
ability to successfully demonstrate to service providers integrated solutions, general
economic conditions and other risk factors. Scopus does not undertake any obligation to
update forward-looking statements made herein.
** Tables to follow **
7
|
|
SCOPUS VIDEO NETWORKS
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
|
|
|
June 30,
|
December 31,
|
|
|
2008
|
2007
|
2007
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
30,016
|
|
$
|
2,514
|
|
$
|
23,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term deposits
|
|
|
|
-
|
|
|
28,463
|
|
|
7,227
|
|
|
Trading securities
|
|
|
|
5,968
|
|
|
-
|
|
|
5,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable (net of allowance for
|
|
|
|
|
|
|
|
|
|
|
|
|
doubtful accounts of $137 and $455 and $152 respectively)
|
|
|
|
14,637
|
|
|
9,215
|
|
|
12,409
|
|
|
Inventories
|
|
|
|
9,106
|
|
|
9,534
|
|
|
7,774
|
|
|
Other receivables and current assets
|
|
|
|
2,756
|
|
|
1,408
|
|
|
2,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
62,483
|
|
|
51,134
|
|
|
57,881
|
|
|
|
|
|
|
|
|
|
|
Fixed assets, net
|
|
|
|
4,196
|
|
|
3,056
|
|
|
3,453
|
|
|
|
|
|
|
|
|
|
|
Deposits in general severance fund
|
|
|
|
257
|
|
|
215
|
|
|
230
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
120
|
|
|
74
|
|
|
105
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
$
|
67,056
|
|
$
|
54,479
|
|
$
|
61,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts payable
|
|
|
$
|
10,007
|
|
$
|
3,237
|
|
$
|
6,221
|
|
|
Other payables and current liabilities
|
|
|
|
11,819
|
|
|
8,814
|
|
|
11,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
21,826
|
|
|
12,051
|
|
|
17,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities for vacation and severance pay
|
|
|
|
1,901
|
|
|
1,669
|
|
|
1,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
Ordinary shares
|
|
|
|
4,542
|
|
|
4,405
|
|
|
4,517
|
|
|
Additional paid-in capital
|
|
|
|
78,332
|
|
|
75,648
|
|
|
77,428
|
|
|
Other comprehensive income
|
|
|
|
100
|
|
|
-
|
|
|
72
|
|
|
Accumulated deficit
|
|
|
|
(39,645
|
)
|
|
(39,294
|
)
|
|
(39,698
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
|
43,329
|
|
|
40,759
|
|
|
42,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
|
|
|
$
|
67,056
|
|
$
|
54,479
|
|
$
|
61,669
|
|
|
|
|
|
|
|
|
|
8
|
|
SCOPUS VIDEO NETWORKS
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands, except share and per share data)
|
|
|
Six month ended
June 30,
|
Three month ended
June 30,
|
Year ended
December 31,
|
|
|
2 0 0 8
|
2 0 0 7
|
2 0 0 8
|
2 0 0 7
|
2 0 0 7
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
35,504
|
|
$
|
25,769
|
|
$
|
19,078
|
|
$
|
13,514
|
|
$
|
57,477
|
|
|
Cost of revenues
|
|
|
|
18,220
|
|
|
13,216
|
|
|
9,795
|
|
|
7,044
|
|
|
29,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
17,284
|
|
|
12,553
|
|
|
9,283
|
|
|
6,470
|
|
|
27,576
|
|
|
Research and development expenses, net of grants from
|
|
|
|
the OCS
|
|
|
|
6,718
|
|
|
5,066
|
|
|
3,427
|
|
|
2,581
|
|
|
10,675
|
|
|
Sales and marketing expenses
|
|
|
|
8,383
|
|
|
7,871
|
|
|
4,601
|
|
|
3,918
|
|
|
15,601
|
|
|
General and administrative expenses
|
|
|
|
2,458
|
|
|
2,550
|
|
|
1,316
|
|
|
1,358
|
|
|
5,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(275
|
)
|
|
(2,934
|
)
|
|
(61
|
)
|
|
(1,387
|
)
|
|
(4,392
|
)
|
|
Financing income, net
|
|
|
|
348
|
|
|
587
|
|
|
134
|
|
|
228
|
|
|
1,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before income taxes
|
|
|
|
73
|
|
|
(2,347
|
)
|
|
73
|
|
|
(1,159
|
)
|
|
(2,719
|
)
|
|
Income tax expense
|
|
|
|
(19
|
)
|
|
(26
|
)
|
|
(19
|
)
|
|
(13
|
)
|
|
(58
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss)
|
|
|
|
54
|
|
|
(2,373
|
)
|
|
54
|
|
|
(1,172
|
)
|
|
(2,777
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per ordinary share
|
|
|
|
0.00
|
|
|
(0.18
|
)
|
|
0.00
|
|
|
(0.09
|
)
|
|
(0.20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outs
|
|
|
|
used in basic and diluted loss per ordinary share
|
|
|
|
calculation
|
|
|
|
13,953,537
|
|
|
13,438,118
|
|
|
3,963,541
|
|
|
13,480,995
|
|
|
13,595,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Office
|
Americas
|
|
Scopus Video Networks Ltd.
|
Scopus Video Networks Inc.
|
|
10 Ha'amal St, Park-Afek, Rosh-Ha'ayin 48092, Israel
|
3 Independence Way, Princeton, New-Jersey 08540
|
|
Tel: + 972-3-9007777, Fax: + 972-3-9007888
|
Tel: (609) 987-8090, Fax: (609) 987-8095
|
|
E-mail:
info@scopus.net
www.scopus.net
|
E-mail:
info_us@scopus.net
www.scopus.net
|
|
|
|
9
Scopus Video Networks Ltd Ord (MM) (NASDAQ:SCOP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Scopus Video Networks Ltd Ord (MM) (NASDAQ:SCOP)
Historical Stock Chart
From Aug 2023 to Aug 2024
