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TECHNICOLOR : First Quarter 2014 Revenues

Solid Q1 2014 Achievements

* Revenue growth of 3.8% year-over-year at constant currency[1]
* Solid performance across the Group's businesses
* Continued optimization of the financial structure

Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) today announces its revenues
for the first quarter of 2014.

"Technicolor delivered another strong quarter of performance,"
said Frederic Rose, Technicolor Chief Executive Officer
."We made good progress in the first quarter in laying the foundation for
delivering continued strong performance beyond 2015 with the signature of a
major smartphone licensing agreement, record orders in Connected Home and
Production Services and continued focus on internal IP generation across all
activities. This performance has been recognized by the rating agencies and
enables us to continue improving our balance sheet structure."

Key points

* Continuing solid execution, with year-over-year revenue growth at constant
rate of 1.4% and of 3.8% excluding legacy activities. * Technology: another
quarter of revenues above €100 million, supported by double-digit
year-on-year growth in direct licensing programs, with a sustained level of
new contract and renewals, offset by softness in MPEG LA revenues. *
Entertainment Services: good performance in Production Services, with
double-digit year-over-year revenue growth in VFX, offset by unfavorable
comparison to last year's record slate in DVD Services. * Connected Home:
eighth straight quarter of double-digit year-over-year revenue growth,
driven by strong volume increase in developed markets and significantly
improved overall product mix.
* Rating upgrades by S&P and Moody's reflecting their view that the Group's
performance has improved over the last two years and should continue to
strengthen in the coming years.
* Launch of a repricing that will lead to a significant reduction in the
Group's annual interest expenses.
* Sustained pace of innovation across the Group, building on its leadership
in advanced video and audio technologies to participate in defining new
models for content creation, management and distribution.

2014 guidance confirmed

Adjusted EBITDA between €550
million and €575

Group free cash flow between €180
million and €200
million, notwithstanding higher cash restructuring charges compared with

Positive net income;

Net debt to Adjusted EBITDA ratio below 1.2x at end-December 2014.

Read the full press release in the PDF attached.

---------------------------------------[1]Excluding legacy activities.

PDF Version


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TECHNICOLOR via Globenewswire


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