RT-SET ANNOUNCE RECORD REVENUES

RT-SET, (Real Time Synthesized Entertainment Technology), trading as
vi[z]rt, have announced a record consolidated revenue for the year-ended December 31.
The figures show a profit of £12.5 million, representing an increase of approximately 188 per cent from £4.3 million in 1999. Analyst expectations for the year were £11.8 million.
Fourth quarter revenues were an all-time £4.3 million in 2000 compared with £2.0 million in 1999, an increase of 116 per cent. In addition, the company announced a significant increase in gross margin for the full year as well as for the fourth quarter of 2000. The gross margin during the third quarter was 52 per cent.
Revenue during the second half of 2000 included sales of the newly integrated product line, including virtual studio systems, broadcast graphics, maps systems and content management. Sales were made to major broadcasters around the world including ITN, Sky and Granada Media.
Shlomo Nimrodi, President and CEO of vi[z]rt, said: “I am very pleased with the progress we made in 2000. We have strengthened our business fundamentals significantly while achieving record revenue growth and increased gross margin. The new business model significantly increases the growth potential and its visibility going forward. There is no doubt that with the assets we have today, including our software tools and our highly skilled and motivated team, we have created a significant value proposition to broadcasters around the world. These assets are already enabling us to penetrate into new markets with significant growth opportunities.”
The company will be announcing their annual and fourth quarter results on February 27, 2001. (GB)