Axis In Denial, Q3 2014 Financial Report Bad

Author: John Honovich, Published on Oct 16, 2014

Axis Q3 2014 numbers are bad.

But their outlook is still rosy.

[Update: And Q4 2014 numbers are just as bad.]

The company has struggled to maintain not only their historical growth rate, but the market average growth rate they claim.

In this note, we examine their financial results and what we see is happening.

**** ** **** ******* *** ***.

*** ***** ******* ** ***** ****.

[******: ***** **** ******* *** **** ** ***.]

*** ******* *** ********* ** ******** *** **** ***** ********** growth ****, *** *** ****** ******* ****** **** **** *****.

** **** ****, ** ******* ***** ********* ******* *** **** we *** ** *********.

[***************]

Financial ********

******** **** *%, ** ***** ******** *****, ** ** ****. ****'* ***** ***, **** *** **** ********* *********** **** *** last *** *****, ***** *** *** *** *** **** ** the **% ** **% *****. *** **** **** **** *** this *** *** * ***** *** (*% ** ** ****) **** **** **** ****** ************* ****** / ********* ******* ** the ******* *****.

***, **** ** ******** ** **** *********** *** **** *%.

[******: ***** *******, **** ****** **** ****** *** ******** ******* **** *** ******* ******* ** ** **** (**% ******). *******, **** ******* *** **** ****** ******* ** the ******** **** ** ****.]

*** **** ****** *** **** ******** *******: "*** ******** ** the ****** *** *** ****** ** *** ******************’ **** ** *** ******’* ******* ****** **** *********." **** ** strange because **** **** ****** ***** *** *****, **** **** **** harder.

Europe ******, ******* *** **** ****

*** ******* *** ******.

**** *** *** *****, **** ******* ********* ** *% ** local **********. **** **** ********** ****** *** ******** ** ******* Europe *** ********** ***** *** **** ****** **** **** ***** ******* Eastern ****** ** *** *** ****** ** **** *** ****** Europe, ****** **** *** ******* ******.

*** ******** *** *** ******** ****, *** ***** ********* ** just **% ** ***** ******** ***** (**** **** **% *** then **% ** *** ******** * ********). **** ***** ********* ******** ****** ****** * **** ****** ** ******** ******.

**** **** ********* **% ****** ** ***** ******** *****, ***** is ********** *** ***** **** *** ****** ***** ***** *** high ******* ****** *****.

Profits **** ***...

******* **** ****, **** *** ***** ******* (**.*%) *** ********* margins (**.*%).

*** ***** ****** ****** ******* **** **** ** *** ******* prices *************. ** *** ***** ****, *** **** ****** **** means **** *** ****** ****** *****. *** ******* '********' ** holding ****** **** *** ********** ******* ** * **** ** irrelevance.

*** ********* ******* **** **** ****** ************* ****** ** * sharp **% ******* **** ******* ******* ** *&* ***********. ************, R&D ********* ********* ***** **** ** ** ** *** **** was **** *********** **** ******** ******. *** ***** ******* *** R&D ******** (***** ****):

Outlook ***

**** ****** '***********' *** ***** ****** (************** *** *********,***** *** ******** *******) *** **** *** ** ***** *** ** ********* **** Axis ** *********** ********** **** ** *** *** ** *** market.

*****, **** *** **** ****** ******* ** ****** ******* *** **** incursions *** *** **** ** *** **** ******* $*** ** cameras **** *** ************ ***********.

*** ****** ******* *** ****** **** ** *** ********* ** IP ** *** **** *** ** *** ****** *** ******* concluded. ***** ** *** **** **** *** ** ***** **** but **** *** ****** ** ***** *** ******* ********* ** hold *** ***** ** ***. ** ****** **** ** ******** to ********************. **** *** **** ********** ******** ** ** ** **% growth*** ** **** ** **** ** ******* ********** ****** ** the **% ***** **** **** ***** ** ***** *********** *** market ******.

Comments (45)

*** *********, ***** ******* **** ** *** ***** **** ***** little ********** ******* ******. ******* ** ********. **** **** **** opened ** ** *** **** ************ ** *** ** *****, anyone *** *** **...

********* ***** *******, *** ****** ********** ****** ***** *********:**** ************ ******* ****

** ** *** **** * ******** **** ***** ****** *** of *** ****** *** *** ***********.

  • ******* *** *** ** *** *****. * ** *** **** to **** ****** ***** **** **** ** *** **** ****** others.
  • **** ********** ** ****** ** *** **** **** *** *** looking ***. **** **** ********* **** **** *** ****** *** application, ********** *** **** ***** **** *******.
  • *** ** ***** **** ** *** ** ******** **** ******** places ** * **** ****
**** - *** ********** ******* *** *** ** ** **** an *** **** *** *'* * *********. ********* **** ********* sell ** ******** ***** ******* ** ********** * **** **** this ***** *** ** *** ***** *** ***** *** ******* correctly ( *'* *** *********** *** ** :) ). *** have *** * ***** ******* *** ** ***** ** **** others. ** *** ****** **% ** *** ******* *** ******** to *** *******, ** ********* ** *****? **** ****** **** we **** ***. * ***'* *** ***** ** ****** *** a ********* ** * *** **** ** ***, **** ** opinion **** *** **** **** ******** ** ****** *** ******** and ************* *** **** * *** **** *** *** **** of **** **** ****** **** :)

***** ***** *, ** *** ******* ** ** **** ********* perspectives *** ***********. * ** ******* ** ******* ******* **** my ******* ********* ********** **** **** **** *** ****** *** same **** ** *** **** ********* ********** **** ***** ***……..

** ** **********, ** **** *********** **** **** * ********* client ** **** ******* ** (*** *** ******* ** *********** with **, ** **** *** ** **** *******) **** ***** buy **** ******* ******* **** ******* *** **** ***** *** IT ****** ******* *** ****** **********.

**** *** ** ******* **** ** *** *** ** ****** to **** ** ****. **** ***** ** ****** *** ** they *** ******* ******** ** ***. **** ***'* **** ****** to **** **** ***** ** *** ***** *** *'* ********* other ********** *****'* ****** ** ** ****.

**** * *** **** **** ******** ** **** **** *** typically ***** ** *** ***** / ****** - ****** *********, competitive ************, ***.

*** *** *** ****** **** *** ***: (*) ****** ******** and (*) ****** *******.

*******, * *** **** *********** ** ***** **** ********* **** fanatical ***** ***** *********** **** ****.****** *** ** ************* *********** ** ***** *******'* *********** ******** or *******, * ***** **** ***** *** ***** ******* ******* of ****.

*** ********** - **** ** ***** ********* *-** *** **** for ********** ******* **** ***********. ** **** ** ** ***** the ***** ** *** **** ******* ** *** ******* *** reliability ******. *** *******. ** **** *** **** ******** ********* tech ******* **** **** ******* **** **** ********* ** *******. Axis **** ******* ** ******** ****** *** **** ***'* ******* fix ********. ***** ******** ********* **** ****** **** ******* ** finally ******* ** **** **** ********* ****** ** **** *** more ******** *** ***** **** ** ** ****** *** ****** who **** "**** ***" *** **** **** ** ***** * lot ** *****. *** ***** **** ** *** ****** *** a *** ***** ******** ***** *** ** ******* - ** used * *** ********** ($*** ****** ****** ** ** $***) and ** **** *****-** ($**** ****** ****** ** ** $****). The ******** ****** ** **** *** *** *** ****** ****** so **** ******. **** **** ***** ** *********** ** ***** partners *** ******** ** *** *** **** ***** ********** *******. We *** * **** ******* **** ***** ***** **** ********* but **** ********** **** *** ******* *** ** *** ******* and **** ****** ** *** ******** (*** *** ****) ********** citing **** ** *** ******* *******. *** ******, **** **** shipped ** *** ********* ***** ****** (**** ** * ***** when *** ********* **** *****) *** **** *** ** **** we ******* *** ****** *** ** *** *********** *** **** us ******* *** ****** **** ** *************. ***** **** *** received * *********** ******. ***** *** *** ***** ** * company ****** *****. **'* * **** ***** ******* **** **** nice *********, *** ***** **** ******, ******** ******** ** ******** and ******* ** ******* ******* ** ******* ****.

* **** ** ******* **** *** ******** ******** *** *** ds2cd2112i, * *.** **** ****** ** * *** **** ****** with * * **** *** ****** ***** ***********. ** **** completed ****** **** ******* **** **** *** *** ****** *** readers **** **** *** ************ ******* (**********, ********, ***, ***.) are ******** ** ******* ******* ********** ** *** ***** ******** prior ** *******. ****** **** **** *********** **** *** **** great *** * **** ** ****** ** *****'* *** * bit ** ************ ** **** *******.

"*** ******** ****** ** **** *** *** *** ****** ****** so **** ******."

*, **** (****?) ** ******** ** *** ******, ***** ** point *********** ** ***** *******. **** **** ** ******, *** what **** *** *** **** * **** ********.

*********, *** **** *** **** ******* **** ******* ** *** scene *** ************ **** *** **** ***** ***** ******* ** sufficiently ***** *******. *** ***** ** **** **** ********** ****? Perhaps **** ** * ******.

***, *** ***** ***********, **** ** *** **** *** ** great ** *** ******* ** *** *** *****, *** ********* has ***** ** **, ** ***** ****** **** ** ****** even ** *** ******* **********. *****'* ****************** ** ** ** '***** *** *****'*** * *** ******* *** ***** ********** ** ********** ** camera **** ** '*********' *** ** ******.

* ** *** *********** *** ***** ****** ** *** ****** to, *** ***** ***** ** *** * *** ********** **** I ***** *** ******** * ********.

****,

* ***** **** **** ****** *** *** ****** ** ****** suggest ** *** ****** **** ******* *** ************** ***** **** the ********** ** ********* ********* *** ****** ************ *********. ** seems **** ********** *** ********* ***** **** **** **** ********** like

"**** **** ***** ** *********** ** ***** ******** *** ******** to *** *** **** ***** ********** *******."

* ***'* **** ** *** ***** ******* ******** ***** ********* or *********** *********** *******.

**** ** *** ***** **** ** *** ****!

** *** ** **** ** *********, **** ** *** **** support ** *** *** *******. ****** ******* ** ******* ** all. ** *** ** ******** ***** **. **** **** * 3007v *** *** *** *** *** ***'* *** *******, *** the ******** *** * ***. **** ******* ***'* **** ** know. *** ******* ***'* *** ***** ***** **'* *** **** we **** *** **.

*, ****** *** *** ******** ******** ** **** **. * suspect ******* ** **** **** *** **** *** **** * look. * ** **** **** **** ***********, **** ** ****** aggressive ***** ********** ******* / ******* ******.

**** ****, * ** ***** **** **** ******* (**** ** bad) ** *** *** #* ***** ** ****' **** ****** rates. ** *****'* ***** *****, *** ****** ********* ** ***** cost ******* ****** ** ****** *** ****' ******* ** *******.

******** ******* ******** *** **** * ******** **********. ** *** currently ******* **** ******* *** * ***+ ******** ****** ***** Axis *** ***** ******. ****** *** ******* *******, *** **** RSM ********* ******* **** **** ********* *** ******* ******* ** us ***** * ***** ** ******* ******* ** **** *** believe ** *** ********* *** ***** ******.

"****...*** **** ** **** ** ****"...**** ** **** * **** from ************. **** **** **** ** *** ****** ****** ****** line **** ****, *** ** *** **** ************* ** ****** channels. **** **** **** **** **** ******* ** *** *** Axis *******, ** ** * **** ** *** ****** *****. Several *** ****** ** *** *********** ****** ************* ** *******/****** compete **** ****, *** **** **** ** * ***** *** user ********* *******, *** *** ****** ****** *** **** *** order. **** ******** *** *** ***** ***, ** ******, ****, but ** *** ****** ****** ** ***** ************* **** *** users, *** ***** ******* ** ************ *** ******* *** *** be ***** ** ****.

******* ****... **** *********, **** **** *** **** ** - I'm **** *** **** ******* **** ****, **** *** *** impatial *** ***** ****** ****** ******* **** *** ****** *** fix ****. *** ********* ****** ** ***** ***** ***** ******** my ************

*******, **** **** ** ***** **** *** ******** ** **** 7% ******. *** ***** ****'* ****? *** ** *****? ****** explain.

*** ******* *** ******* ** ** **** *** ****** ** articles ******* ******.. **** ********** ** * ******* **** *********/**** sentiment **** **** **** * **** ********* **** ******* ****** who ********* ** **** ****** *** ********

"*** ******* *** ******* ** ** **** *** ****** ** articles ******* ******"

** ** *** ******, *** *** ****** ** **** *******, but **** ******** ** ** ** *** ******** ** **** article?

***'* ** *****. ***** ** * ********** ******* ***** ******** about ******* ****** / ************ **** ***** ****** ******* *******.

* ***** **** ** * **** ******* ******* *** ****' success ** **** *** *** ********. * ****** ******* ***** recent ******* *********** ********* **** **** **** *** **** **** are ****** *** ***** *** ** ** ***** **** / declining ******.

** *** **** ********* ******** ** **** ***** *** **** against ****? * *** ******* *** ************ **** *** ***** and *** **** ** ** **** ******* ***** ****, *** you **** ******** ** ********* ** **** ** **.

* ****** **** *** **** "******", *** **** ** ******* what ** **** ****. * ***'* *** **** ** * biased ******. ***** * ***'* ****** ***** **** ***** *******, I ********* ****** ** ** ******* ** ***'* ***** *** same ***********. **** ** ** ** *******. *** *** ** IPVM (** ** ****) ** ** ********* ******* *** **** professionals ** *** ****** *** *** ********. ** *** ** to ****** *** ********* ************ ******* *** ***** ** ****** sized *******.

* *** **** ******** *** ** ** ******* *** *** any **** ******** *********. ** **** ***** **** *** *********. I ***** **** ******** ***** ** ** ***** ****'* *** competing ******** ** * ***** *****, ** ** ** *** to **** * ******’* ***********. * ***** ***** ** ***** that **% ** ** ******* **** ***** ***** ** ****. But, ****'* **** ** ***********.

****** * **** ** **** ********* ********** * ****** *** number ** ***** ******* ***** ** ******* ** ********** *** sales ****** ***** ******** *** ** ********* ******* ***** *** camera??

*** ***** (*** ***) ***** **** *** ** **:

***** ****.*

***** *.*

** "*****" ***** ***** ********, ********? ** *** ******* * better ********* ** *** ***** ***** ******* **** ** ***** on.

***** *** ************ **** ********** ****** ********. **'* **** *.*% ** *******.

**** **** *** ***** **** ********* *** ******* **** **** they *** *********** ********* ******* ***** *** ******,*******: "** *** ****, **** **** ************ **** ***** ******* ******* price *** *********, ****** * * ***** ********** ** ******* than *****, *.*., **** **** ** **** **** ***** ** get *** **** ******* ***** **** **********."

@*********** * ********** (*** **** ***) - ** **** ****** out, *** ********'* **** ******** ** ***** **** ******** *** $100 *** ****** ****** ******** ** *** $**** **** ****** was *********** * ***** ***** ****. * **** **** ****.

** * ******** ***** ** ***** *** *** ******* *** decides *** $*** ****** ***** ******, ***** ***** ** *** think **** **** ****** *** ***** **** *******?

*** **** ***** * *** ****** *** **** **'* ****** to **** **** ******* **** ******* **** **** */* ** the ***** **** *** **** ** ******. *** ** **** costs ** *** *****, * ***** ****** ****** *******, ****** recognition **** **** ** ******** ** * ****** *******. * also ***** *** ***** **** **** ********** ** ************ ***********. The **** ******, ****, ******** ******* ** * **** - We ******* ** ***** **** ****** **** *** *** ***** that ** ***** *** ****** ******* ******* ******* ** * regular ********. *** **** * *** ****** ***** ** *** a ***** ***** **** ****** **** *** ******* *** ***** stripped ** **'* ****** ****** ******* ** *** *** *** quota. ** ****** **** ** ****** ** ********* *********** **** incentivizing ****.

****** ***, **** *** ** *** **** * ***** ******* with *** **** ******** - *** **** *** ******** ** every **********, *** *** ** ***** *** ** ********* ** that. **** ***** ******** ********** *** ****** ****** *** *** big ** **** - *** **** ********* *** ******* **** Dedicated ******, **********, ***** *** **** ******.

[****: ********* ** **** ********.]

*'* ***** ********* *** **** ******** ******** ****** ** **** about **** ***********.********* *** ** *******, ********* *** ** ****** **** *** own ********, *** *** **** ** *** ******* ********* ** grow (***** ****** ******) *** ** * **** **** ** in **** ** ***** *** ****** ************ ****://****.***/*******/**** (****** ***** Surveillance ****** ***** ********* *******, ********* ** **** *** **** years).*******, ********* **** ** **** ****** *** **** ** **% after ***** ********, ***, *** **** *** ******* **% *****, but ****** **** **** ******* *********** *** ** ********** ******* at ****** *********.

*** *** **** ******* **** **** ******* *** * ***** more ********* **** ********** ***********, * ***** *** **** ****** Axis ** ********* **** ** ******* *** ******** ** **** there **** ** **** *********** **** **** (****) ********* **********.* ********* ******* **** "**** ******" ******** *** *********** ****************** ****'* ******** *** **** ********* ** *** ****** ******. John ****** ** **** **** ****** **** **** ** ******* the ****** *** ******.

**'* **** ******* **** **** ******** ***** *** *** **** channel ****** ***** *** ***** ******* **** ************** ** ***% ********. *** ********* "**** **** ** *********" is ****** ************* ***** **** ** *** ******* *** ************ with **** * *********. *'* ****** *** "********* ***** ****" since ** **** ** *** ** ***** ******* **** ********. Probably * ****** ** ********** *** ****** ********.

**, * ***'* ***** **** ** ****** **** ******** ** Axis, *** **** ***** * *** **** ** ****** **** on *** **** ***** ******** *** **** ** *** **** a ***** ** ****, *** **** *** *** ******** **** actual **** ******** ** ***** **** **** ** *** **** are *****.

"********* *** ** *******... *** **** ** *** ******* ********* to **** (***** ****** ******) *** ** * **** **** is ** **** ** ***** *** ****** ************"

**** **** *% *** ** ** ***** **********. **** ** not ** **** ** **** **** **** *** ** ***** market ** ******* **. ****** *** ** ***** ****** ** decelerating **** **** ** **** ** *** ******* ****. **** is * ****** ** ***** ********* ******* *** *** ******* was ***.

"*** ********* "**** **** ** *********" ** ****** ************* ***** Axis ** *** ******* *** ************ **** **** * *********. I'd ****** *** "********* ***** ****" ***** ** **** ** can ** ***** ******* **** ********.Probably * ****** ** ********** *** ****** ********."

*****. ** ** * ****** ******** *** **** ** ***** their ************ ** **-**** ** ******. **** **** ***** ************* make ****** ********* ** ******** ***** ***** ** ********* ******* / **-*******.

**** ** ********* ******** ** **** **** ******** *** ***'* spin ** *** **** '********* ***** ****' ***** **** ** only ******** ******* *************** ******* ** ** **** ** ********.

** *****, ** **** **** ** *** "***** ** ******" end **** *****.. ** **** ** ****** **** ****** ***, more ******** *** **** ************ ******* **** ** ***** **** Axis, **** & *******. ** *** *******, *** **** *** a ******* ****** *** ******* * ******* *****, *** **** look ***** ** **** **** ******* (** *** **** ********) and *** ******* ** ******* **** **** ** *********.

** ***, ** *** **** ** **** ** ***** ***** then * ***** **** ******** *** *** **** **** ***, but ** *** **** *** ****** ***** ********* ** **** as *** *** ** *** ********* * ***** *****.. **** go **** ** *******. ** *** **** ** **** * quick **** *** **** $*** ******* **** * **** *** are ******** $*** *** **** ** ***** *** ******* ***** and *** **** ** ******* *** ******* **** **** *** cause **** ******* **** **** ** ******.

** ******* ** **** ******, **** ********* ******* *** *** types ** ******* *** ******* ****.. ** ** **** ******* with *** ****** *** *********** ******, ** ***** *** ** selling **** ****** ***** *** ******** ******* ** ** **. That ****, ***** ** **** **** **** ** ***** ******* environments **** **** ****** **** ****, *** *** *** *** clients **** **** **** ** "**** * ***" ** *** they **** **** *** **** **** ** *** **** *** the *********.

** *** ****.. * ****** ******** **** * **** ** article **** ***** **** **** **** ******** ***** **** ** Milestone. **** *** ******* ****** *** ****** ** **** ** the ******* ******* ******* **** ************* ** *** ****** ** that ******. *'* *** ***** ** ******* ** ***** ********** or **** **** ******* ******* *** * ** ******** **** they *** *** ********** ** **** *** ********** ** "***** and ********".. *** ******* ** *** ****** ****** *** ******** are ********* *** *** ***** ***** **** ** *** *** them. ***** *** *** *** ****** ******* **** ********* ********** and ***** ******* *******.

"* ****** ******** **** * **** ** ******* **** ***** IPVM **** **** ******** ***** ****"

**** ******** **** **** ****:

*******, *** ** **** **** *** *****.

****, **** ************* *** **** ********* ********* **** ** *****. your ******* ****, *** **** ******** **, ***** **** ******* strategy ** *****.

*** **** ********* ******** ********* ********* ****, *** *** ** doing **** ** ******* **** ******.

******** **** *********** *** *** '******** ***** ****', *** **** to ******* **** ***** ******** ** *** **** *****.

******* *** ** **** *** ******/**** ******* ***** ******* *** voting **** ** **** *** ********, *** **** *** *** simply ********* *** ******* *** ***** ******* ******** **** *** membership.

***** * **** ***** ****** ** ***** ** *** ** to ****** *** ** ******** ***** ** **** ***********, **** of ***** ******** ********, *** **** ***** ****? ** ***** are *** **** **** ******** **** * ****** ***** ********:

**** ******* ***** **** ****** ** ****

**** ******* **** ******* ***** ****** ** ****, *** *****

**** ******* ***'* **** *** ****

*** ***** **** **** ** ***** ****, ** **** *** have ****** ** **** *******-******** (*** **** ** * ****** myself, *** *** **** ****).

"*** *** ****** ********* *** ******* *** ***** ******* ******** from *** **********."

*** ***** ** ** ** **** ******** ****** ******* ****, we ***** *** ******* **** ** ****** *******, ** ******************** ****** ** *** ******** *** *** **** **** ****.

*******'* ******* *** ******** ******* **** ******* ** *** **** in ***** ******, ** ** ** *** ***** ** **** about ******, ***'* ***** *****.

*** **** ***********, ** ****** ******** ** *** *********, **** the ********* *** **** * **** ******* *** ********. ***'* just *** ** *** ****** ******* **** ******** *******.

**** *******, **!

**** *****'* **** *****. *** **** ****** ***** ******* ******** you *** ******** *** ******* ** *** ********** ******, ** you?

****, **** ***** **** *** ****** **** ******** ** **** or *** ** ******* ****, *** ** ***** ** **** to ***** * ***** ** ******** ******** *** *** ****** and *** **** *****. ****** ** ***** ***** **** ** looking ** **** *** *** *****, **** *** ***** **** printed.

**** ** * *** *******, ***** * *** ** ****** that ****** *** ******** *** *** ****. *** ***** ****** that ********* **** ******* ********* *** ********* **** ******, (****** the ******* *** ***** ****** *** **** *** **** ***** they ****?)

** ** *** **** **** ** **** ******** ******** **** the ********* ***** *** ***** ******* ****. *** ****** * persons **** ***** *** **** *** *** * ****, ** is ******** **** ********** **** * ******* ** ***** ****** praised ** ******* ***** ***** ** ****** ** '*******' *** scales * ******. **** **** ** **** ** ****** ** detect.

*** ****-********* ********** ****** * **** ******. *** ** ***** until *** ***** *********** (**************), * **** ****** **** ********* negativity ** ***.

*******, ** **** ***** ** **** ** ******* **** **** installed ***** * ***** *** ***. ** **** *** **** service ****** ** **** ****. ** ****, * **** **** been **** ** ******* **** **** ******* ***** *********** *** some ****. ***** **** ****, *** *** ** *** ***** system ***** *** **** ***** *** ****** ** **** **** projects ***** ** *** ******* *** **********.

*** ** **** **** * **** *******, **** * ****** need ** **** * *****? ** * ****** **** * years *** ****** * ****** ******* *****? *** *** *** light ************ **** **** ** *** ***** ****. ** * camera *** *** ** * ***** *** *********** ***** **** likely ** **** ******.

*** ****** * *** ****** **** ****** **** **** *****. Of ****** ***** ******** *** "******", *** *** ****** *** a ****** **** ** ******* **** *** ***** *** *** quality/view/footage *** ****? * ***** **** ****** ******* ***'* **** have **** ** ******* ****** *** ***** *** ** * great ***. ** ****** ** ****** **** *** *** ********* newer ** ****** ******* * ***'* **** ***** ** ******.

*** * **** **** * **** ****** **** ******* ******* brand? **** *** **!!!!!, *** **** *** ****** ** **** cameras ** *** ********** ***** *** * ***** ** **** such * ********** *********!!!

*** **** *** ******* *** **** ****!!!

** ** **** *** * *****-* *** *** *****-* ****,

**** *****, ** ****,*** **** *** **** ****** **** ** you * **** ********* ****!!

****, *** *** ***** ** ******* **** *** ***** *** much ********** *** ****** ****** ******* (*** *** ******) ** the **% *****. *******, *** **** ** ****** ******** ******* global ****** ****** ******** ***** **% (********** *** ** *****). Axis ** ******* *** **** ** *** **** ****, *** considering **** ** *** **** ************ *** ******* ******* *** that *** **** ** **** (** *******) ***** ** *** 14% ******, ******** * ******'* *** **** ** ********** * clear ********* ********* ******** ** *** **** ** *** ******. Yes, ******** ** *** ******* ****** ****** ** *** **** bad, *** ** ** ******* ** *****'* ***** ** ***** the ************* ** **** ******* ***********. *****, ******* *** ****** open ** ********* ***********.

** *** *** ************, *'* *** ** ******** **** *** regulations ** *** **, *** ** ****** *****'* ** *** to ***** *** ****** ** ***** ** * *********** ****** they *** ********* ** ******** *** (**** *********, ********, ***). This ******* ** *** *******. ** ******, * ************ *** cancel *** ************ ********* ** **** ** ******** ** *** contract, *** **** ***** **** ***** ** ****** ***** **** distributors, *** ** **** *** ***** ***** ******. ** ***** words, **'* *** **** **** ** **** ** "**********" **** the ******** ***** ***** * ***-********* ********. **** **** **** instead ** ** ****** **** ** *** *********** ***** ** end ********* (***** *** ********) *** **** *** *********** *** direct ***** (***, ****** ,***) **** ******** ************ *** ******. Also *** **** ******* ******* ** *** ** ******* ********* levels *** ****** ********** *** **** ************ *** ******** ******* resellers. * *** **** ***** ***** ******** ******, *** **** is ** *** **** **** **** **** ** *** *********** security ******* *** ********* *** * ****** **** *** ******* about ****. ** ** ****, **** ** * ********* ***** from *********** ******** **********, *** **** ** ***** ** **** it *** **** ** ** **** ******* *** **** *** rather **** **** ************ *****.

"**** ** * ********* ***** **** *********** ******** **********, *** from ** ***** ** **** ** *** **** ** ** with ******* *** **** *** ****** **** **** ************ *****."

***** *** *********.

*** *** ******** ******* ** ********* ***** ****? **** **** a *** ** ***** ******* ********. *** ** **** **** so **** *****? ******* ***********. **** **** ******* *********** ***** them ** **? *** **** ***** ** ****** *******.

**** ********* **** **** ********, *** *** ******** ******* ***** reduces *********** *** ***** ********** ********.

**** ** *** **** *********** ******** ***** **** ***** '**** everywhere' ** ******* **** *** ************ ***** **** ****** **** to ******* **** ** **** *********.

******, * ***'* ******** **** *** **** ********. * ***** it's * *** ******* *** *** ******** ** **** ******** freely ********* *** ****. *** **** *** *********** ** *** integrator *** ***** ***** ******* ** ******** / ****** * profit, ********** ************ ** * *** *** *********.

****, ***** ** *** **** *** ** ****** ******* **** you ***** **** ***** *** **** ** ***** ***** *** their ******* ***** ***** *** *** ***** **** **** *** award(s) ** ******** **** *** *** ********* *******

*) ***** ** ****** $**** * **** ** ****
*) ******** *** ********** ** * ******, ******** *** ********* way
*) **** ******** ******** **** *** *******
*) ****** ******* *********, ****** ********** *** ********* *******

***** ** **** ******* **** *** **** ** *** ******* with **** ** *** *** ***** **** ***** **** ** their ******* ******* **** ****** ** ** ** ***** *********** and ******* ***** *** ******** *******. ** *** ******* ******** and ** *** ***** ********* ** ****, *** *** ****** one ** *** ******** **** **** **** *** **, *** market *** ***** ******* ****** **** *** ****. ** ********* install ******* *** ***** ************* **** ** *******, *******, ****, Arecont (***** ******) *** **** *********. ** ** **** ****** Axis ******* ** *** ********** ***** ******** *** *** ******* to *******, ******* *** **** ******* *** *** *******, ***** and ************* *** *********. *** ******* **** **** *** *** happy ** *** * ******* *** **.

** ** ****** * ***** **** ******** * ******** **** as "***** *** *** **** ******* *******, ** **** **** it ** ***** *** ******* ** ** **** **** ****** in ******" *** ** - *** **** ** ********** *** get *********.. ******* *** ***** *****?

******, ** *** * ******* **** * ***** **** *** you ** **** ***********, ** *** *** ** ******, **** of * ************** ** ******* **** ******* **** ** *** you ****** ***** ********. *'* ***** ** *** **** ******** by ****, ** *** *** ** *********, *** *** ********* not ********.

* **** * ****** ********* **** **** **** ******** ***** about ***** **** ****:

a) ***** ** ****** $**** * **** ** ****
*) ******** *** ********** ** * ******, ******** *** ********* way
*) **** ******** ******** **** *** *******
*) ****** ******* *********, ****** ********** *** ********* *******

**** ** **** ** ***** ******* ****** ******* ****** *, b, * *** * *** ** ******** ** **** * successful ******* *** *** ***** *** *** ** *** **** without *, * *** *. * ** ******* **** ******** that.

* ********.. ** ****** **** ******** **** ** ********* **** than $***** * **** *** ** *** ****' *******, ********* channel *****, ***** *** *** ************ ** **** **** **** that ****** *** *** ***** ** ** **** *****... **** saw *** ********* *** **** ******** **********/******** **... ***** ***** we **** ********* **** **. *** **** ***** **** ******* was *** ******* ***** *** ***** *** ******** *********.. ***** only **** ** ***** **** *********** *** **** *****.. ******* what *** **** *** ** ** ********* ******* *******

*******, ** ***** ** ******.** * *********** ******** ******* ** ****, *** **** * conflict ** ******** *** * ****** ********** ** ** ******************** ****.

*******, *** ****** ** ****** *** *** ********* **** ****? An *********** **** **** ***** **** ******** ******** ***** ****?

** ********, * ***** * ****** ********* ******* **** **** year ***** **** **** **** ********* ****** ***** ****. *** ignored **** *** ****** ** **** ***** *** ******** *** your *** **** *********** ****** ** ****.

****.. ******?? ** **** *** *** ****** **** ******* * buy ****, **** * **** * ******** ** ******** **** believing **** *** * **** *******? **** **** ********* **** if * *** ******* ******* ** ****** ***** **, * have * ******** ** ******** *** * **** ******* ******* and *** ***** ****** ** *** ** ****? ***** *** that ******** ** ****, **** ******* * *** **** *** registered ** * ******* ****** **** * **** ********** ** bias ** ******* ****.. * **** ************** **** *** **** ***** *********** *** ****. * ** *** **** * ****** ********** for ****** **** **** *** **** ** * ***** **** this, ***** *** ********.. ** ** ******** ******* **** *********** to **** ****, ** *********** **** ** *** ** ********* for ***** **** ****..**** ** *** * ***** ** ********* ******* ****, *** a ***** ** *****, ***** *'* *** ****** ******* **** but ** ********** ** *** ***** *** ** "*******" ** when **** ** *** ** *** **** ****.

******** ** ******** ** ******** *** * ******* **** ******, objective ********** ** ****. **** ***** ** *** ****** ** the *******/******* ** *** ****** *** *** ***** **** *** party *** * ******** ** ******** ** ********* **** ***** on ********* ***********. * ***** **** ******* **** **** **** was ******* *** **** ******* ********* **** ******* *************. **** you *** ****** ** **** ******* * **** *** ****** from **** *** ******* **** **** ***** ** ** **** that *'* ****** **** * ********* **********, ***** **** ***** incorrect.

**** ******* ******* ******* ** ***** ** ** ********* ** 4 ******** **** *** **** ****** ***** *** ********* ** pro-axis. ***** ****, ****** * ***** **** **** ****** ** not ******** *** ****** ******* *** *****, ** ****** ******** this *** *** **** *******, ** *** *** **** (****'*) opinions *** **** ** ****** *******. ***** ****** ******* *** the ******** ** ******.. ** ***** *** *** ******* **** other ****** ***** ** **** *** *** *** **** ******* them ** ***** ********. * ** *** **** *** *** to ****** **** ******** *** ** ** *** **** ** influence ****, *** *'* ****** ** **** ***** ** ****** support *** **** ******** **** ******* *** ******* *** ****** take * **** ********* ******** ** ******. * *** ******** that ** "*******" ** **** **** ******* ******* ** *** possibly ****** ************** ** **** *********** ******** ** **** ** have **** (*** ** * **** **** **** ** **** every ******* *** **, ** * *** **** ****** *** positive ****) ************.

* ***** **** *** *** * ****** *** ** ****.. I'm ********* ****** ** ************* ** **** ****** ***, ********* I've ********* ** *******, *** *** ****** **** ******* ***** defensive *** ** *** *** ** **** ******* ****** *********** that **** *** **** *********** *** *** ******** ** * whole.

*******, *********** (**** **** $**** ** *** ****). *** ******** *** **** ** ****. ****'* *** ********** ******* *** endorsing *** ********* ****** **** ****** ****. **'* * ******, obvious *** **** ******** **********.

** *** *** ***** ** **** ********* ******* *********** ** bias, *** ****** ********** **** ****** *** ******** ** ********* you ********** ****.

** *** *** ********, **'* ******* ****** ** *** ***** major ******* ***** **** ******** **** ********* ********* ********. ** we *** ** ****** ******* ****, ** ***** ****** *** run ****.

*** ** *** *** *** ***** ** ****** ****, ****'* some ********** ******** ******** ** ****:

* ** *** ***** ** ****** *************** ********* **** "********* **** ** **** ***** ******* *** **, ** * may **** ****** *** ******** ****."

*** **** ** ****** ****, *** ****** ***** **. ** take **** ********* *********. **'** *** * ***** ********, ***** we *** ******** ****** ** ******** ** *****. ** *** what ** ******* ** *****.

*** ***'* *** ******** ******** *** ******** ** *****, ******* new ***********, *********** **** ******* **** ***** **** ** ****** than **** ** **** *****?

*****'* * ********** ******* ***** ******** *** ***** ******. *** given *** **** ******* ** ******** ********, *****, ******** ** test *******, *****'* ******* **** * *** *** ** ********.

**** ****** * **** ****** ******* **** *** ****** * camera ** **** **** **********. *** ********* ******** ** ******* the ******** ** ***** ******* ** *** *** **** *** then ******* ** ****** ******* *** ******** ********* ** ******** to **** **** *****. * **** ** *** ********** *** integrators ***** **** *** ******* ********** ******* ** ***********. ***** competitors *** ******** ** ** *** *********** ***** *** **** challangers **** ******. ** ***** ** ****** *** **** ** gain **** **** ****** ***** ** **** **** ** ***, do ****?

@***** ******* : ** **** **** ******* ****** *********** *** years ******* ** ******** **** **** *** ****** ***** *******, offered **** ***** ******* *** *** *** **** ***********. ***** the **** *** *** ******** ****** *** ****** ******* **** an **** ****** *-*** *** *****. ** ****** ** **** companies ******* *** *** **** ** * **** *** *******.

**** ******** **********, ** **** **** ****** **** **** ******* than *********. **** ******** *** ******** **** *** *** ***** of *********** ****** **** *****.

*** *** **** ****** **** * * **** ******** ** 3 **** *** **** *** (* ******, * ****** ***) HIKvision *** * * **** ******** ** *** *******.

** ***** * ********** *** ****** **** ******* *** *** means ****** ******* *****, * ***'* ***** **** ***** **** in ***** ****. *** **** *** ******* **** ***** ********* are ******** **** ***** ******** **** ******* ** ***** ***** with **** *** ******** **** ****.

******* ******* **** ********, **** *** *** *** **** **** really *****. *** ** ***** **** *** */* *** ***** you *** *** ********* **** ****** ***********, ****** ******** *** better ***** *******.

*****, ****************. *** ******** ***-**** ** *********. *** **** $* *** *** **** more ****?

*** ****** **** **** *******; *** ****** ** **** ** for **** ** **** ** *** ****** ** *** ****. There ** **** ****** ** **** **** **** *** **** saturated **.

**** *** **** ** ********* ******** ******* *** **. ** team ***** ** **** ***** ****-******* ** ********** *** ****** available. ***** *******; **** *********.

*** ***** *** ******** ******* **** **** ** ***-***** *** we ******** **** * **** ******* *** ***** *** **** us ******* *** ***.

*** *********** ********* ** ******** *** *********** **** ** **** new **** ** *** *****. ** *** *** ****** ******* on ****** ** *******, *** **** *** **** ****. *** internet *** ******* ******* *** ******** *****.

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