COPENHAGEN, April 26, 2012 /PRNewswire/ --
Milestone Systems publishes its 2011 Annual Report
Milestone Systems, the open platform company in IP video management software, has delivered strong results for 2011 and continues impressive growth with profitability and investments in research and development.
Despite the continued slowdown in European markets, Milestone has recorded revenue growth of 22 percent to DKK 266 M (USD 46.89M) against DKK 217.2M in 2010 (USD 38.3M). Operating income before depreciation (EBITDA) reached DKK 44.8M (USD 7.9M) and net income reached DKK 10.3M (USD 1.8M). The number of employees grew by 26 percent, from on average 246 in 2010 to 310 employees globally in 2011.
"We are proud of what we have achieved in 2011. Especially the US region has shown very good results in 2011. Milestone also opened offices in Brazil and Bulgaria," says President & CEO Lars Thinggaard, Milestone Systems.
Long-term investments and innovative products
In 2011, Milestone invested DKK 50.2M (USD 8.9M) in product development and millions in employee development and leadership training.
"We believe that we will achieve the best results with long-term investments. Therefore, we have continued to invest in growth in 2011. We want to develop leading software that improves business performance and increases security through managing and distributing digital video data regardless of time or location. This requires world-class research and development and a deep understanding of our user's needs. We spent DKK 50.2M (USD 8.9M) on R&D in 2011. The investments support our efforts to win an even larger share of the growing global market and strengthen our position as the world's leading producer of open platform IP video management software," says Lars Thinggaard.
Expectations for the future
Milestone has great expectations for continued growth in the global market for IP video surveillance. In 2012, Milestone will continue to invest in expansion of the product portfolio and in employee and management development, as well as training of the sales channel and opening offices in new markets. Today Milestone has more than 10,000 certified partners worldwide and in 2012, Milestone will host more than 20 partner conferences globally.
Annual results, Milestone Systems: 1 January - 31 December 2011
Milestone Systems amount 2011 2010 2010 to 2011 (DKK and USD millions) Revenue DKK 266 / DKK 217.2M / USD 46.89M USD 38.3M 22 % EBITDA DKK 44,8 M / DKK 54M / USD 7.9M USD 9.5M -17 % Net income DKK 10.3M / DKK 21.5 / USD 1.8M USD 3.8M -52 % Average number of employees 310 246 26 %
About Milestone Systems
Founded in 1998, Milestone Systems is the global industry leader in open platform IP video management software, according to IMS Research. The XProtect® platform delivers powerful surveillance that is easy to manage, reliable and proven in thousands of customer installations around the world. With support for the widest choice in network hardware and integration with other systems, XProtect provides best-in-class solutions to video enable organizations - managing risks, protecting people and assets, optimizing processes and reducing costs. Milestone software is sold through authorized and certified partners. For more information, visit: http://www.milestonesys.com
SOURCE Milestone Systems