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MeldingsID: 351608
Dato/tid 30.04.2014 07:00
Utsteder Otello Corporation ASA
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Strong Revenue and Adjusted EBITDA
Oslo, Norway - April 30, 2014 - Opera Software (OSEBX: OPERA) today
reported financial results for the first quarter, which ended March 31,

1Q 2014 financial highlights include:

  · § Revenue of MUSD 87.0, up 40% versus 1Q13
  · § Adjusted EBITDA* (excluding one-time extraordinary costs) of MUSD
22.7, up 23% versus 1Q13
  · § Operating Cash Flow of MUSD 15.4 versus MUSD 3.4 in 1Q13
  · § Free Cash Flow of MUSD 13.8 versus MUSD 0.9 in 1Q13


Revenue was MUSD 87.0 in 1Q14 compared to MUSD 62.0 in 1Q13, an increase
of 40%.


EBITDA, excluding stock-based compensation expenses and one-time
extraordinary costs, was MUSD 22.7 compared with MUSD 18.4 in 1Q13.
EBITDA, excluding one-time extraordinary costs, was MUSD 21.6 in 1Q14
compared with MUSD 17.5 in 1Q13. EBIT, excluding one-time extraordinary
costs, was MUSD 14.9 in 1Q14 compared to MUSD 14.3 in 1Q13.  EBIT,
including one-time extraordinary costs, was MUSD 13.6 in 1Q14 compared
to MUSD 12.8 in 1Q13.

1Q14 IFRS Net Income was MUSD 2.5 compared to MUSD 3.6 in 1Q13. Non-IFRS
1Q14 Net Income was MUSD 14.3 compared to MUSD 14.6 in 1Q13. The
Company´s non-IFRS Net Income 1Q14 excludes the effects of MUSD 1.1 in
non-cash stock-based compensation expenses, MUSD 1.3 in one-time
extraordinary costs and MUSD 9.6 in acquisition related adjustments.

EPS and fully diluted EPS were USD 0.019 and USD 0.018, respectively, in
1Q14, compared to USD 0.030 and USD 0.029, respectively, in 1Q13. Non
-IFRS EPS and fully diluted Non-IFRS EPS were USD 0.108 and USD 0.105,
respectively, in 1Q14, compared to USD 0.122 and USD 0.120,
respectively, in 1Q13.

Cash Flow

The Company's net cash flow from operating activities was MUSD 15.4 in
1Q14 compared to MUSD 3.4 in 1Q13. Cash flow from operating activities
was impacted positively by strong profitability and changes in working
capital. Opera's cash balance was impacted positively by net cash flow
from operating activities, and negatively by investments in research and
development, investment in Opera's Joint Venture in China and earn out
payments. Capital expenditures, which are primarily related to Opera's
hosting operations, were MUSD 1.6 in 1Q14 versus MUSD 2.5 in 1Q13.

Operational Highlights

  · § Mobile Operators

Revenue of MUSD 18.6 in 1Q14, up 47% versus 1Q13

Operator cloud based license/data revenue of MUSD 17.5 in 1Q14, up 48%
versus 1Q13

Operator active users reached 112.0 million by the end of 1Q14, up 68%
versus the end of 1Q13

Launched WebPass with Vodafone and Telkomsel

Expanded partnership with VimpelCom to include Opera´s entire operator
product portfolio

Announced Co-brand Opera Mini partnership with Oi, one of Brazil´s
largest operators

  · § Mobile Consumers - Opera Owned and Operated Properties

Revenue of MUSD 13.7 in 1Q14, up 84% versus 1Q13

Total Opera mobile consumer users reached 273.9 million at the end of
1Q14, up 10% versus the end of 1Q13

Android users reached 94.4 million at the end of 1Q14, up 78% versus the
end of 1Q13

Total of 29.5 billion ad requests were generated from owned and operated
properties, an increase of 74% from 1Q13

Introduced and launched Opera Max, a free and easy-to-use data savings
app that compresses data across applications on mobile devices

Signed an agreement with a major internet company for Skyfire´s Rocket
Optimizer Solution, comprised of the Video Controller and the Video

Opera Mobile Store surpassed 100 million monthly visitors

  · § Mobile Publishers & Advertisers - Opera Publisher Partner Members

Revenue of MUSD 31.7 in 1Q14, up 72% versus 1Q13

Total mobile advertising impressions managed was 187 billion in 1Q14, up
24% compared to 1Q13

Launched OMAX 2.0 (Opera Mediaworks Ad Exchange), with expanded
programmatic capabilities for publishers and advertisers

Announced a substantial expansion of presence in Latin America with the
acquisition of Hunt Mobile Ads

  · § Desktop Consumers

Revenues of MUSD 18.5 in 1Q14, up 6% versus 1Q13

Desktop users reached 51 million by the end of 1Q14, down 7% versus 1Q13

  · § Device OEMs

Revenues of MUSD 4.3 in 1Q14, down 20% versus 1Q13

Multiple Connected TV wins, including Bang & Olufsen (Denmark) and
Skyworth (China)


2Q FY14 Guidance:

Revenue: Revenue for the company's second fiscal quarter is projected to
be in the range of MUSD 95.5 to MUSD 98.5.

Adj EBITDA*: Adjusted EBITDA for the company's second fiscal quarter is
projected to be in the range of MUSD 24.5 to MUSD 26.5.

FY14 Guidance:

Revenue: Revenue for the company's full fiscal year 2014 is projected to
be in the range of MUSD 390 to MUSD 410.

Adj EBITDA*: Adjusted EBITDA for the company's full fiscal year 2014 is
projected to be in the range of MUSD 108 to MUSD 116.

Please find the first quarter report (1Q14.pdf), first quarter press
release (1Q14_Press_release.pdf) and first quarter presentation
(1Q14_presentation.pdf) attached.





Erik Harrell, CFO/CSO

Tel: +47 2369 2400

Petter Lade, Investor Relations

Tel: +47 2369 2400

About Opera Software ASA

Opera products enable more than 350 million internet consumers worldwide
to discover and connect with the content and services that matter most
to them, no matter what device, network or location. In turn, we help
advertisers reach the audiences that build value for their businesses
and publishers monetize their content and services. Opera also delivers
products and services to more than 130 mobile operators around the
world, enabling them to provide a faster, more economical and better
network experience to their subscribers. From family photos and funny
videos to business ideas that change the world economy, the internet has
always been about discovery. Whether you are a consumer getting online
for the first time, or a multinational corporation trying to reach the
right audience, Opera can help you discover more online. Opera Software
ASA is listed on the Oslo Stock Exchange under the ticker symbol OPERA.
'Opera', 'Opera Software', 'Opera Mini' and the 'O' logo are trademarks
of Opera Software ASA. All other trademarks are the property of their
respective owners. Learn more about Opera at www.opera.com.

This Press Release contains forward-looking statements. These statements
include, among other things,
statements regarding future operations and business strategies and
future financial condition and prospects.
These forward-looking statements are subject to certain risks and
uncertainties that could cause our actual
results to differ materially from those reflected in the forward-looking
statements. Factors that could cause
or contribute to such differences are covered in the Opera Software FY
2013 Annual Report under the heading "Risk Factors." We undertake no
obligation to revise or publicly release the results of any revision to
these forward-looking statements, except as required by law. Given these
risks and uncertainties,
readers are cautioned not to place undue reliance on such forward
-looking statements.

*"Adjusted EBITDA", or Non- IFRS EBITDA, refers to EBITDA excluding
stock-based compensation expenses, extraordinary/one-time costs and
acquisition related costs.

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