ARC's revenue exceeds expectations
ARC International has announced its unaudited financial results for the full year ended 31st December 2006
Highlights from year ended 31st December 2006 included: revenue up 28% to a record high of GBP 13.4 million; 47% increase for 2H 2006 compared with 2H 2005; royalties up 30% to GBP 3.4 million; bookings up 37% to GBP 16.5 million; backlog (including deferred revenue) up 69% to GBP 4.3 million; median deal sises increased by 36%; and revenue from customers in Asia up 239% to GBP 3.0 million.
Net loss improved 74% to GBP 1.1 million (2005: GBP 4.3 million).
Commenting on the company's performance, Carl Schlachte, President and Chief Executive Officer, said: '2006 was a year of record growth for ARC International'.
'ARC's revenue exceeded expectations and grew at a faster rate than the overall market and its principal competitors by increasing 28% in financial year 2006, and 47% in the second half'.
'Royalties increased to a record high, and ARC's growing portfolio of Media Subsystems have quickly evolved into the company's most-popular products and helped drive ASPs to their highest levels'.
'We are pleased with the results and our leadership position within the industry, and the company is well positioned for continued growth'.
Commenting on the financial results, Victor Young, Chief Financial Officer, said: 'We are pleased with the top line results for financial year 2006, and the management of costs and cash flow'.
'We effectively streamlined the company's outside consultants and better managed operations activities to increase overall effectiveness'.
'As we move toward breakeven these efforts will continue, and we will implement focused programs and spending to drive the next stage of our strategy'.
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