Q1 2011 Revenues

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April 28, 2011
The Board of Directors of Technicolor met on 27 April 2011 to review the Group’s revenues for the quarter ending 31 March 2011.

Paris (France), 28 April 2011 - The Board of Directors of Technicolor (Euronext Paris: TCH) met on 27 April 2011 to review the Group’s revenues for the quarter ending 31 March 2011.

Q1 2011 revenues

In the first quarter of 2011, Group revenues from continuing operations amounted to €812 million, up 15.4% at current currency compared to the first quarter of 2010, and up 16.2% at constant currency.

  • Technology activities benefited from a strong increase in revenues from MPEG LA, mainly reflecting the growth in worldwide consumer electronics products shipments which occurred in the second half of 2010.
  • Entertainment Services revenues increased significantly during the quarter, driven by continued capacity expansion and strengthening of market positions in Creation Services, as well as market share gains and strong Blu-ray™ growth in DVD Services.
  • Digital Delivery revenues increased slightly compared to the first quarter of 2010, reflecting continued strong growth in global shipments of Digital Home Products, partly offset by a less favorable overall mix year-over-year.

Update on financial situation and objectives

  • Estimated net financial debt at the end of the first quarter of 2011 was not materially different compared to the 31 December 2010 level, which stood at 993 million euros as per financial statements.
  • The Group’s objectives for 2011, as communicated on 28 February 2011 (Full Year 2010 Results), are unchanged: achieve slight revenue growth overall at constant rates for the full year and generate an adjusted EBITDA1 comparable or slightly up compared to the level achieved in 2010.

Comment by Frederic Rose, CEO

“I am pleased that we are reporting another quarter of revenue growth and that we are on track to deliver on our 2011 commitments. While we are moving in the right direction, we are determined to stay focused on generating innovation, expanding our customer base and improving operational efficiencies.”

1EBIT from continuing operations minus Depreciation & Amortization (including impact of provisions for risks, litigations and warranties), minus net restructuring and impairment charges, and minus other income and expenses.***

Warning: Forward Looking Statements
This press release contains certain statements that constitute "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted or implied by such forward-looking statements. For a more complete list and description of such risks and uncertainties, refer to Technicolor’s filings with the French Autorité des marchés financiers.

***

About Technicolor
Technicolor is home to industry-leading creative and technology professionals committed to the creation, management and delivery of entertainment content to consumers around the world. Propelled by a culture of innovation and underpinned by a dedicated research organization, the company’s thriving licensing business possesses an extensive intellectual property portfolio focused on imaging and sound technologies. Serving motion picture, television, and other media clients, the company is a leading provider of high-end visual effects, animation, and postproduction services. In support of network service providers and broadcasters globally, Technicolor ranks among the worlds’ leading suppliers of digital content delivery services and home access devices, including set-top boxes and gateways. The company also remains a large physical media service provider, being one of the world’s largest film processors and independent manufacturers and distributors of DVDs and Blu-ray™ discs. Euronext Paris: TCH - www.technicolor.com

 

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