Costar’s Reported Second Quarter 2014 Results Revenue for the second quarter of 2014 totaled $8.3 million as compared to revenue of $6.2 million for the second quarter of the prior year, an increase of 33%.
Q2 2014 non-GAAP EPS of $0.82 vs $0.30 in the prior year period.
James Pritchett, President and Chief Executive Officer of the Company, stated, “We are delighted to be able to share the initial results of adding CohuHD to Costar after completing the first quarter of integration. We have identified multiple cross selling opportunities with our full portfolio of products and have been able to leverage our shared engineering talent to the benefit of both Costar Video Systems and CohuHD. The acquisition adds significant shareholder value, with the Company delivering $0.82 per share on an adjusted basis for the second quarter after adding back one-time transaction expenses, and provides a compelling story in the security market.”
Acquisition of CohuHD
On June 6, 2014, the Company purchased, CohuHD, the camera products and video solutions division of Cohu, Inc., with the Company’s new $7,000 revolving line of credit and $3,000 term loan.
As of June 30, 2014, the outstanding balance on the revolving line of credit was $2,705, with $3,000 outstanding on the term loan.