Dedicated Micros Further Freefall - 2013

By John Honovich, Published May 06, 2013, 12:00am EDT (Info+)

Dedicated Micros most recent 2012 financials continue the tough trend the company showed in 2011 and for the past few years. Now, the former DVR leader has discontinued multiple operations and recorded a significant loss to Norbain. Inside this note, we break down the revenue decline, margins impact, discontinued operations, cash position and their future.

Revenue Decline

******* ******* **% **** **.* ******* GBP ** **.* (** ***, ****'* the ***** ********** ** ***** **** $62 ******* ** $** *******). ** its **** ** *** *** ****, DM's ******* *** ~$*** ******* ***, meaning ** ******* ******* **** ** 60%+.

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

***** ******* **** **** ~**% ** 2011 ** ~**% ** ****. *******, net ****** ******** **** * **** of ~**% ** **** ** ~**% in **** ** ** ******* ******** costs **** ***.

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

** ******** ****** **** ********** ** ***********, ****** *** ************* ******** ** Denard *** ****** ***** ******** ********. They ******** * *** **** **** of *.* ******* *** *** **** exceptional ***** *** ************ **********.

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

** ******** * ******* *** **** due ********* ***** **** **************.

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

** *** **** **, ****, *** cash ******** ******** *.* ******* *** overdrawn, **** * ******* *** **** over ****. *******, ** ***** ****, DM ******** * ************* ** ***** financing ********** ********* ** ********* ******** of * ******* ***.

****** ******* ******?

** ******* '******* ***********' *** '************* improved' ** *** ****** **** ** 2012. ** **** *****, ******* ****** bottom ***.

**** ***** ********* ******, *******, *** strategy ********* *** ****** *** ******. DM's ********'* ****** *** **** ****** IPTV [**** ** ****** *********] *** ***** ongoing ***********. ** *** ********* ** the **** ****** ** ****** **** given *** *********** ******.

**** ****, ** **** *****, ***** things **** ****** ***. *******, ***** DM's *********** ******** *** ******* ** the **** ****** (****), ** ** just *** ***** **** **'* *********** strength ** *** *** **** **.

*** ******

*** *** ****** *** ****** *** $1.60 *** ****'* ********* ***** ******** ********, ********* *** ******* ****** '********'.

Comments (2)

It's hard to imagine where most of their sales may be coming from except maybe government contracts where they standardized on Dedicated Micros equipment years ago and they keep purchasing replacement equipment.

Well, here's a new RFP that hard spec'd DM!

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