|By Marketwired .||
|June 20, 2014 04:59 PM EDT||
MOUNT LAUREL, NJ -- (Marketwired) -- 06/20/14 -- TelVue Corporation (PINKSHEETS: TEVE), the innovation leader in television and Internet broadcasting for media companies, cable operators and communities, reported its financial results of operations and net income for its fiscal year ended December 31, 2013. Total 2013 revenues were $6.4 million, up 43% from 2012. This topline growth included a 55% increase in equipment, an 80% increase in cloud-based services, and a 40% increase in support revenues, as well as an 11% decline in revenues from legacy and other services. Overall gross profit margin on 2013 revenues increased to $3.5 million (or 56% of sales) from $2.1 million (48% of sales) in 2012. The 2013 net loss available to common stockholders shrank from ($4.1 million) in 2012 to ($0.4 million), while cash flow provided by operations swung from a 2012 deficit of $3.8 million to a surplus of $0.4 million in 2013.
"2013 was a transformative year for TelVue," said Jesse Lerman, TelVue's President and CEO. "Our research and development investments in video server products and cloud video services, as well as our process improvements, bore fruit with significant sales and gross margin growth. The result was our achieving positive net operating cash flow."
About TelVue Corporation
TelVue® Corporation is a broadcast technology innovator and leader that helps video broadcasters automate their channels, expand their audiences across multiple screens, and broaden their ability to monetize their content. TelVue's professional quality broadcast equipment and cloud video services include all-in-one digital broadcast servers, live Internet streaming, IP video on demand (VOD), multi-user contribution and transcoding, and web-based digital signage. TelVue® serves the local origination and leased access needs for 9 of the top 10 MSOs and over 100 cable & telco TV operators, powers over 2,500 hyperlocal and PEG channels, and delivers local programming to over 50 million households. For more information about TelVue, please visit www.TelVue.com.
Forward Looking Statements
This press release contains forward looking statements that related to future outcomes. Future operating and financial outcomes depend on numerous factors inside and outside the Company and are thus inherently uncertain.
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