Terayon Communication Systems Inc. narrowed its quarterly loss and named a new CEO during its second-quarter earnings call Monday.
Revenues jumped 40%, from $30.6 million to $42.8 million, which helped the company to lower its net loss to $4.9 million, compared with $13.1 million in the year-earlier period. Second-quarter results included a $3.6 million charge related to restructuring activities and executive separation payments
"We are pleased with the record sales of our ‘Digital Video Solutions’ product line and the strong sales performance of our ‘Subscriber’ product line," current CEO Zaki Rakib said in a prepared statement.
"Our video business is benefiting from the increased number of HDTV offerings by cable and satellite operators, combined with growing demand for the Terayon ‘CherryPicker's’ unique digital ad-insertion capabilities,” he added.
Rakib continued, “While our CMTS [cable-modem-termination system] sales were weaker than expected due to slower-than-anticipated deployments from existing customers -- particularly in Asia and, to a lesser degree, in Europe -- combined with increased competition, we believe recent actions we've undertaken will enable us to improve our sales execution and win new business in these regions."
Terayon also named Jerry Chase CEO. Rakib will remain chairman of the company. Chase was chairman and CEO of Thales Broadcast & Multimedia.