Milestone's 2014 Financials Revealed

Author: John Honovich, Published on Jun 15, 2015

Before becoming a Canon subsidiary, Milestone made a big deal of releasing their annual financials.

Now, Milestone has stopped this.

However, IPVM has found Milestone's 2014 financials. Inside, we examine and explain critical details including:

  • Growth rate problems
  • The impact of their Husky NVR sales
  • The decline in their total gross profits
  • The millions spent on an 'aborted IPO'

************** * ***** **********, ********* **** * *** **** ** ********* ***** ****** financials.

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

*******, **** *** ***** *********'* **** **********. ******, ** ******* and ******* ******** ******* *********:

  • ****** **** ********
  • *** ****** ** ***** ***** *** *****
  • *** ******* ** ***** ***** ***** *******
  • *** ******** ***** ** ** '******* ***'

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

Growth **** ********

********* ******** **.*% **** **** **** *** ******* ******. *** key ******** ****:

(*) **** ****, ********* ********* **** *********** ******** ******** ***** swings. ****** ****, ********* **** *** ****** ******* ****** ** local **********, ********* *** ***** **** ******.

(*) **** ***********, **** *** *** ***** **** ********* ****** sold ***** ***** *** *****, ***** ****** **** ******* ***** revenue *************. ***** ********* ************* *** ******** **** *** ***** includes ********, **** ** **** ** *** ******** ***** ******* / channels ******, *** ******* ***** ** ********* ***** ***** ****** drive *********** ******* ******.

Decline ** *******

***** *********'* ******** ** ***** ********** ** ****, ** ** not ********** **** ***** ****** *********** *******. *******, *** **** was **** **** ** ********** ******, ** ***** ** **** excerpt:

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

*** **** ** *********** ** ** *****, **** ********* ******** made **** ***** ***** ******* ** **** **** **** *** in ****:

**** ** ********* ******* ********** ***** ******* ***** ********** ***** gross ******* ** ***. ** ** ***** ***** ***** ******* **** pay ******** *** ******** *******, *** ********** ******* ******.

********* ***** *** *********** ****** ***** ** ** ***** ***** margin ********** *********. **** ** *** * ******* ** ******. However, a ****** ********* ******** **** ******** **** ***** ****** ******* per **** **** **** ******** ****, ***** **** ******** ***** gross *******. ********* ** ***** *******, ********* *** *** ******* this ** ****.

$6.5 ******* ***** ** '******* ***'

*** *** ************* **** ***** ************* ********* $*.* ******* ***, ** ***** ** *** ******* below:

********* ***** ~**% ** ***** **** *** ******* ** *** aborted ***.

*****

** ** ***** ****, ********* **** ** ******* ** ***** in ***** **********. ***** ** ********* * ***-******* ********** ** Milestone's ******** ***** ***** ****-******** *** ***********. ****** **** ********* results ***** ** **** ** ******, *** ********* ****** ******, **** **** ****** ** * ******** ****** ** *********'* revenue *** ******* ******* ******* ***** ** ***** ***'******** ******'.

Milestone ******

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

Comments (2)

My information (albeit well-informed hearsay) is that Husky sales were bitterly disappointing, particularly outside the US. Promotion of the Husky through the channel has been poor to non-existent and for many integrators the so-called value add of this high priced piece of tin has been difficult to sell let alone make any margin as a result.

Proof positive that you can count on one finger the number of Software Companies that have successfully introduced a hardware offering in the last 20 years.

So to summarize, I believe Husky contributed very little in terms of a revenue contribution. That aside, the signifcant costs incurred by taking Husky to market, sacrificing margin in an attempt to win some deals, confusing the channel with no well-defined guidelines on when to sell Husky and laclustre promotion from localised Milestone Staff with no experience in selling hardware, I think the results are remarkably good! (Particularly for Canon....)

This is a major find!

As far as I can tell this is the first publication of audited financials EVER for Milestone.

..Milestone made a big deal of releasing their annual financials.

Calling them financials is being kind. Minimally financial statements consist of a balance sheet and income statement. Here's 2012's and 2013's rolled into 8 numbers.

Since they were private entity, they were under no obligation to provide documents preparded in accordance with the Danish Financial Standards (think GAAP) to the public.

But internally at least, complete financials would exist, and that's what this document seems to contain: Complete Balance Sheets, Income Statments, Cashflow Statements, Shareholder info, Subsidiary Information, etc. from 2010!

No ONSSI, but quite a bit more. Nice Discovery!

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