Tandberg Television  Posts Second Quarter Revenues of $ 49.78 Million

Lysaker, Norway, July 14/Satnews Daily/ -- Norwegian maker of digital broadcasting equipment Tandberg Television said profit soared in the second quarter as it won orders for new products from clients like Belgacom and Fox Network.

Tandberg Television said it posted revenues of 342.6 million kroner, or US $49.78 million, in 2Q 2004 up 41 percent from 243.1 million kroner, or $35.29 million, in 2Q 2003.

Net income rose to 31.4 million kroner, or US $4.6 million, from 13.2 million kroner a year earlier. The company said sales surged 41 percent, to 342.6 million kroner.

Tandberg said net cash flow from operations was 46.1 million kroner, or US $6.694 million, resulting in a quarter end cash balance of  287.1 million kroner, or US $41.67 million. Total assets for the group were 858.3 million kroner, or US $124.59 million, with an equity ratio of 71.9 percent.

After the NAB launch of its MPEG-4 AVC encoder technology, Tandberg secured a contract with its partner Siemens to provide Belgacom with a TV over IP video delivery system that will support this new MPEG-4 AVC compression scheme. Fox Network also awarded Tandberg a contract for five standard definition/high definition video compression systems and another unnamed network awarded a contract worth in excess of $4M for their satellite network digital upgrade.