ACTi Financial Results 2011 Examined
A few years ago, ACTi was widely acknowledged (including by us) as one of the leading growth companies in the IP video surveillance market. Over the last 2 years, a clear and worrisome trend emerged of slowing product development and market progress.
In this note, we examine ACTi's financial results from 2009 - 2011 which confirm the challenges the company is facing.
Let's review key financial data points:
- **** *** $*.** ******* *** ***** in ****. **** ** ************* $** Million ***, * ****** ******* ****** for *** ** ****** ****** ****** that **** **** *** **** ***** the *****'* *** ******* ** ****** providers.
- ** ****, ****'* ******** ********* ******* were **%, ********** ****** ************* ***** to ** ****** **** ********* **** Axis *** *******.
- ** ****, ****'* ******* **** **** ~12% ** $*.** ******* ***. **** is ************* $** ******* ***.
- ** *** **** ****, ****'* ********* margins ******* ** **%, ***** ****** profitable ****** **** ***** **** ** 2009. **** ** ********** ********** ******* the ******* ***** ** **** *** rising ********* ******* ** *** ************ recovered / **********.
- *** *** ***** * ****** ** 2011, ****'* ******* ** **** **** over **** ******** ** *** **** time ****** ** ****, ******* **** on **** *** ~$** ******* *** in ****.
******* *** ****** ****'******* **************** ******* *******.
** *** *** ****, **** ** slow ****** *** ** *********** ** simply ******** *****, * ****** **** many ***** ***** ********** ***** ** happy ** ******* ** *** **** few *****.
** *** *****, **** ** ** IP ************ **** ******* ** * market ******* **** ** ******* ~**% per **** ** **** **** *****. Simply ******** *** ****** ******, **** should ** ** ******* $** ******* USD ** ****, * ****** **** are ****** ********* **** *** ***.
*****, ** **** **** *****, ***** main ********** *** ****** ********** *****,******* *** ******* *** *******. ** ****, **** *** *******'* revenue *** ****** *****. ***, ******* is ** **** ** ** ***** as ***** ** **** - ** outcome **** ***** **** **** ********** a *** ***** ***.
** ******* ******** ** * ******* how * ******* ***** ** **** in * ******* ****** ***** ******* this *****. **** ** ******** *********, the *** **** ******** ***** **** the *********** ******* ** *** ******* releases *** *** **** ** *** marauding ***** ***** (****** *** ****** is **** **** ****** ** **** a ********* ****** **** *** ******).
***** *******, **** ********* ************ **** ACTi *** ****** ** ** ********. While **** ***-********* ******** ********** *****, *** ******* *** *** shipping *** ****** **** **** ****** some ******. ** *** **** ****, ACTi **** **** ** ************ ****** and ****** *** ******* *********** ** keep **** **** ****** *********** **** Axis, *******, *******, ***. *** **** released *** **** ******** **** **** in *** **** * *****.