Comcast, DirecTV vendor Pace scores 20 percent gain in annual cash flow
Set-top vendor Pace (LSE: PIC.L) said Thursday that it generated $190 million in adjusted EBITA last year, which was a 20 percent gain compared to the cash flow it generated in 2012.
The company, which builds DirecTV (Nasdaq: DTV) Genie DVRs and the home video gateway that Comcast (Nasdaq: CMCSA) uses for its Xfinity X1 service, said it expects to post $2.46 billion in revenue for 2013. That would be a 2.4 percent gain compared to 2012. Pace said its full-year results will beat previous guidance that it provided to Wall Street.
"Pace has performed above expectations in 2013. We continue to lead the market in innovation with great products and services, demand from our customers has remained strong and we continue to win new business," Pace CEO Mike Pulli said in a prepared statement.
The United Kingdom-based technology vendor also struck deals with several mid-sized MSOs last year to deploy its XG1 gateway, including Mediacom Communications and Alaska's GCI. In October, Pace announced a $310 million deal to acquire network infrastructure provider Aurora Networks.
Pace surpassed Cisco as the top worlwide set-top manufacturer, in terms of market share, Infonetics Research said in October.
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