PRESS RELEASE
MULTIVISION INTELLIGENT SURVEILLANCE
DELIVERS
STRONG FIRST-HALF FY2004 PERFORMANCE
1H04 Highlights
- Interim turnover at HK$56.1 million
(S$12.4 million), up 43.1% from the previous-year
period
- Interim profit at HK$15.5 million,
up 47.6% from the previous-year period
- Earnings per share at 3.7 HK cents
- Expects strong global demand for
digital video surveillance products and solutions
to fuel company growth
Singapore, 27 November
2003 - Mainboard-listed
MultiVision Intelligent Surveillance Limited ("MultiVision"
or the "Company"), a Hong Kong-based technology
company specialising in the design, development and
distribution of digital video surveillance products
and solutions, today announced its financial results
for the six months ended 30 September 2003.
Performance Review
The Group continued to benefit from
the growing trend amongst companies worldwide to upgrade
their surveillance systems from analog to digital.
Driven by strong distribution sales,
turnover rose 43.1% to HK$56.1 million from HK$39.2
million in the year-before period. Buoyed by the higher
turnover, operating profit spiked up 47.2% to HK$18.4
million from HK$12.5 million. Net profit also increased,
by 47.6% to HK$15.5 million from HK$10.5 million.
Aside from the continuing growth in
worldwide demand for digital video surveillance products
and solutions, the strong interim performance was also
attributed to lower production costs due to better economies
of scale, bigger sales in higher-margin products such
as the enterprise-class NetServer Super systems, and
higher cost savings after acquiring a perpetual license
for the use of an application software driver.
The PRC remained MultiVision's largest
market, contributing HK$33.9 million in sales. Next
was North America, which accounted for HK$15.2 million
of total revenue while Hong Kong was MultiVision's third-largest
market with sales of HK$4.2 million. Macau contributed
HK$1.4 million in turnover while the rest of the sales
was derived from Europe, Australia and smaller markets
such as the Middle East.
Mr. Dennis Li, President and Chief Operations Officer
of MultiVision said, "MultiVision continues to
be the choice provider of digital video surveillance
products and solutions for many of our existing customers,
some of which upped their distribution quota with us
while others referred potential clients to us. We believe
our half-year results, as well as our growing customer
base, underscores our strong business fundamentals and
management strength, and based on these two factors,
we remain optimistic about the Company's prospects for
the rest of the financial year."
Business update
Since the start of FY2004, MultiVision
continued to make headway in its plans to expand its
global presence.
The rapidly-growing PRC market provided
a fertile expansion ground, with MultiVision signing
a Letter of Intent in September with broadband services
provider Jiuzhou Online to deploy Internet protocol-based
digital video surveillance solutions for enterprise
and consumer customers in the mainland.
The Company also captured a bigger
slice of the digital video surveillance pie in Macau
by securing in its fiscal third quarter a HK$48.67 million
contract with Elixir Group to install its digital video
surveillance systems in 10 casinos in the country.
The contract, which will be accounted
for as part of Elixir's US$4 million distribution quota
with MultiVision, is a reaffirmation of the former's
confidence in MultiVision's product and solution offerings.
MultiVision also expects to derive recurring business
from Elixir as well as leverage on the contract as a
platform for further expansion into the gaming industry.
On the marketing front, MultiVision
succeeded in raising its profile with potential customers
from different business segments by participating in
trade shows and exhibitions around the world, including
the ASIS International 2003 in the US, Safety and Security
Asia 2003 in Singapore and the International Exhibition
on Public Safety and Security in the PRC.
MultiVision also picked up accolades
for both its products and business practices. In October,
the Company was awarded the Export Marketing Certificate
of Merit 2003 as part of the Hong Kong Awards for Industry,
an annual awards scheme to recognise and encourage excellence,
as well as to promote successful practices and strategies
in different aspects of industrial performance.
And as further testimony to the strength
and breath of its offerings, MultiVision was chosen
by security magazines A&S China as one of the top
10 Digital Video Recorder suppliers in the international
market category and A&S International as the Most
Dynamic Revenue Growth company in the World's Top 50
Security Companies In Product Sales feature.
Outlook
The Company expects its global presence
to increase in tandem with its business expansion plans.
Based on the continuing demand for digital video surveillance
products and solutions and the orders it already has
on hand, and barring unforeseen circumstances, MultiVision
expects its results to be positive.
Looking ahead, Mr Li said, "Despite
the competitive market with more companies entering
the fray, MultiVision's prospects remain promising.
By focusing the enterprise customer market segment and
leveraging the strategic alliances and other forms of
partnership, we expect to widen our footprint in both
our existing markets and business segments."
For media / institutional enquiries, please contact:
MultiVision Intelligent Surveillance
Limited: +65 9763 0679
Tan Siang Peng : tan_siangpeng@multivision.com.hk
Marketing Manager (Singapore)
Gavin Anderson & Company :
+65 6339 9110
Terence Foo : tfoo@gavinanderson.com.sg
General Manager & Director
Tan Ee Ching : etan@gavinanderson.com.sg
Executive
About MultiVision (Bloomberg: MVIS SP EQUITY / Reuters:
MVIS SI)
Headquartered in Hong Kong, MultiVision
is a technology-based company principally engaged in
the design, development and distribution of digital
video surveillance products and solutions. The Company's
products are adapted for use in a diverse range of industries
including financial, residential, commercial, utilities,
healthcare, transportation, gaming as well as government
agencies. The end users of MultiVision's products include
companies in both the private and public sectors. Multivision
is ISO 9001 certified.
MultiVision's products and solutions
are marketed to distributors, OEMs of surveillance products
and systems integrators for integration into the security
and surveillance systems of its end-users. The Company's
principal markets are in Australia, Hong Kong, Taiwan
and the PRC and its distributors are based in countries
such as Hong Kong, Taiwan, Macau, the PRC, Thailand,
Malaysia, Singapore, Indonesia, Australia, New Zealand,
Israel, Ghana, The Middle East, Ireland, UK, Latvia
and the USA.
The MultiVision range of digital video
surveillance product offers digital video recording
and real time monitoring of multiple locations from
a central monitoring centre through the routing of signals
from various cameras to the central monitoring centre.
For further information, please
see www.multivision.com.hk.
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