TECHNICOLOR: Third quarter 2012: Strong revenue growth,

TECHNICOLOR: Third quarter 2012: Strong revenue growth, continued
deleveraging Amplify 2015 on track 
ISSY-LES-MOULINEAUX CEDEX, FRANCE -- (Marketwire) -- 10/26/12 -- 
Third quarter 2012: 
Strong revenue growth, continued deleveraging 
Amplify 2015 on track 
Paris   (France),  26 October 2012 -  The  Board  of  Directors  of
Technicolor
(PARIS: TCH)  met to review the Group's  revenues for the
third quarter of 2012. 
Q3 2012 revenue highlights 
Group  revenues  from  continuing  operations  reached EUR928 million
in the third quarter  of 2012, up 10.9% at current currency  and up
6.0% at constant currency
compared to the third quarter of 2011.  On
a proforma basis (excluding Broadcast
Services  disposal, completed
on 3 July 2012), revenues were up 15.4% at current
currency and 10.3%
at constant currency. 
* Technology: Solid growth in Licensing revenues, driven by good
performances 
across the different licensing programs. 
* Entertainment Services: Revenues year-over-year impacted by
Photochemical     Film activities. Stable DVD Services revenues, some
softness in Creation 
Services. 
* Digital Delivery: The Connected Home division posted revenues up
42% at     constant currency, driven by volume growth across all
regions and product 
categories. 


 
+-------------------------------------+ +-------+-------+ +-------+-------+
|In EUR million                       | |Q3 2011|Q3 2012| |9M 2011|9M 2012|
+-------------------------------------+ +-------+-------+ +-------+-------+
|Total revenues from continuing       | |    837|    928| |  2,396|  2,575|
|operations                           | |       |       | |       |       |
|                                     | |       |       | |       |       |
|Change as reported (%)               | |       | +10.9%| |       |  +7.5%|
|                                     | |       |       | |       |       |
|Change at constant currency (%)      | |       |  +6.0%| |       |  +2.5%|
|                                     | |       |       | |       |       |
|o/w Technology                       | |    107|    128| |    326|    364|
|                                     | |       |       | |       |       |
|    Change as reported (%)           | |       | +20.0%| |       | +11.8%|
|                                     | |       |       | |       |       |
|    Change at constant currency (%)  | |       | +27.3%| |       | +10.9%|
|                                     | |       |       | |       |       |
|    Entertainment Services[1]        | |    454|    449| |  1,238|  1,206|
|                                     | |       |       | |       |       |
|    Change as reported (%)           | |       | (1.1)%| |       | (2.6)%|
|                                     | |       |       | |       |       |
|    Change at constant currency (%)  | |       | (8.8)%| |       | (9.1)%|
|                                     | |       |       | |       |       |
|    Digital Delivery[2]              | |    275|    351| |    829|  1,004|
|                                     | |       |       | |       |       |
|    Change as reported (%)           | |       | +27.8%| |       | +21.2%|
|                                     | |       |       | |       |       |
|    Change at constant currency (%)  | |       | +22.5%| |       | +16.9%|
+-------------------------------------+ +-------+-------+ +-------+-------+

  
Q3 2012 Amplify 2015 highlights 
* Significant progress on M-GO, the Group's new platform to help
end-users     discover, view and share all forms of media: signed
agreements with major 
studios - NBC Universal, Paramount
Pictures, Sony Pictures Home     Entertainment, Twentieth Century
Fox, Warner Brothers, DreamWorks Animation 
and Relativity Media.
The deals will enable rentals or purchase the day of 
release of
new home entertainment titles, catch up TV and back catalog for 
movies and TV shows with UltraViolet compatibility, across an open
device 
ecosystem. Open beta in the fourth quarter of 2012. 
* The Group accelerated its Technology Licensing initiative in Image
Fidelity 
& Enhancement with the launch of its Color Certification
Program aiming at 
leveraging Technicolor's science for the
benefit of prosumers and consumers. 
Technicolor is partnering
with Portrait Displays, a visual enhancement     software provider,
to offer a Color Certification Program to makers of PC, 
laptop
and tablet displays. It is also leveraging the traction created    
around its CineStyle color profile, to develop a full suite of PC and
mobile 
applications that bring the "Hollywood" color-style to the
prosumers. 
* Technicolor established Magic Ruby, a venture around "second
screen"     innovations, to create new inroads into the multi-screen
e-commerce and     targeted advertising space. Fox is now offering
this service through a     downloadable iPad, iPhone and Android
application to its clients for the 
second season of Sons of
Anarchy in the US. 
* In collaboration with Warner Bros. and its other major studio
customers,     Technicolor announced the launch of its digital studio
backbone to integrate 
studios, Technicolor and third-party
service providers on an open platform 
with key functionality and
tools to meet the demands of content creators and     distributors.
Technicolor's solution provides a unified set of features to 
manage, monitor and enable an integrated pipeline of individual
services 
from clients, Technicolor and other approved, trusted
third-party service 
providers on a platform of common tools for
the creation and distribution of     content. 
Financial update:
continued focus on improving financial structure 
- Following the  capital increases,  estimated gross  debt at  the
end of
September  2012 amounted to EUR1,249  million, a decrease 
compared to end of June 2012 mainly  resulting  from  EUR200  million
 of  debt  repayments, of which EUR162 million  of  prepayments 
resulting  from  the  capital  increases and Broadcast
Services
disposal. The level of cash was slightly up compared to the end of
June
2012. 
- Following the completion  of the capital  increases and the
performance
improvement  posted in  the first  half of  2012,
Standard &  Poor's and Moody's
reviewed  Technicolor's  rating.  S&P 
upgraded  its  rating  from B-/stable to B/stable  and  Moody's 
changed  its  outlook  from  negative to  stable  while maintaining 
its B3 rating. Nevertheless, both  agencies clearly stated that the
Group's financial structure needs to be further improved. 
- The Group reiterates  its focus on  free cash flow  generation and debt
deleveraging. 
2012 objectives 
Technicolor reconfirms its 2012 objectives: 
-       Adjusted EBITDA in the range of EUR475-500 million; 
-         Continue  to  generate  positive  free  cash  flow[3]
despite  higher restructuring expenses and investments in growth
businesses; 
-       Operate within the financial covenants of credit
agreements. 
Frederic Rose, Chief Executive Officer of Technicolor,
stated: 
"Our  focus on operational performance over the last 12 months is
bearing fruits
as  reflected  in  our  strong  revenue  growth  in 
the  third  quarter. We are particularly pleased by the growth in
Licensing revenues, the continued strength
of  DVD Services and the
confirmation  of Connected Home's turnaround. Moreover,
Technicolor 
continues  to  strengthen  its  financial  structure and reduce its
indebtedness,  which has led to improved ratings.  We are on track to
attain our 2012 objectives and deliver on our Amplify 2015." 
An  analyst conference call  hosted by Frederic  Rose, CEO and
Stephane Rougeot, CFO and SEVP Strategy will be held on Friday, 26
October 2012 at 4:00pm
CET. 


 
 Financial Calendar
 
+------------------+------------------+
| FY 2012 Results  | 23 February 2013 |
+------------------+------------------+
| Q1 2013 Revenues | 25 April 2013    |
+------------------+------------------+
| 2012 AGM         | 25 April 2013    |
+------------------+------------------+

  
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 or
which do not directly relate to historical or current facts.
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 Autorite des marches
financiers. 
About Technicolor 
Technicolor,  a  worldwide  technology  leader  in  the  media and
entertainment
sector,  is at the forefront of digital innovation. Our
world class research and innovation  laboratories enable  us to  lead
the  market in  delivering advanced
video  services to  content
creators  and distributors.  We also benefit from an extensive  
intellectual   property  portfolio  focused  on  imaging  and
sound
technologies, based on a thriving licensing business. Our
commitment: supporting
the  delivery of exciting  new experiences for 
consumers in theaters, homes and on-the-go. Euronext Paris: TCH  Y 
www.technicolor.com 
Third quarter 2012
segment review 


 
Technology
 
+-----------------------------------+ +-------+-------+ +-------+-------+
|In EUR million                     | |Q3 2011|Q3 2012| |9M 2011|9M 2012|
+-----------------------------------+ +-------+-------+ +-------+-------+
|Revenues                           | |    107|    128| |    326|    364|
|                                   | |       |       | |       |       |
|Change as reported (%)             | |       | +20.0%| |       | +11.8%|
|                                   | |       |       | |       |       |
|Change at constant currency (%)    | |       | +27.3%| |       | +10.9%|
|                                   | |       |       | |       |       |
|o/w Licensing revenues             | |    106|    128| |    322|    362|
|                                   | |       |       | |       |       |
|    Change as reported (%)         | |       | +20.6%| |       | +12.4%|
|                                   | |       |       | |       |       |
|    Change at constant currency (%)| |       | +28.1%| |       | +11.5%|
+-----------------------------------+ +-------+-------+ +-------+-------+

  
In  the  third  quarter  of  2012, Technology  revenues reached EUR128
million, up 20.0% at  current currency  and up  27.3% at constant 
currency compared to the third  quarter of  2011. This strong 
performance reflected  the quality of the Group's  Licensing 
division,  which  posted  another  quarter  of revenues over
EUR100
million. 
Licensing 
Licensing  revenues  were  up  21% at  current  currency  and up 28%
at constant
currency  in the third quarter of  2012, reflecting good
performances across the different licensing programs. Revenues
generated by the MPEG LA pool amounted to 57% of  total Licensing
revenues in the third quarter of 2012, versus 59% in the first  half
of 2012, and grew  by 17% at current currency  compared to the
third
quarter  of 2011. Other Licensing programs delivered a strong
performance in the third  quarter of 2012, with  revenues up 26% at 
current currency year-on-year. The Group's Digital TV program posted
a strong performance, as it benefited from contract  renewals 
completed  in  the  second  quarter  of  2012 that generated
revenues
 in the  third quarter  and from  the outcome  of audits, while
program
licensees  achieved good  volume performances  in an  overall
stable addressable
market. 
Research & Innovation 
In the third quarter of 2012, the Research & Innovation ("R&I") teams
handed off key  technologies to improve market  differentiation. For
example, R&I delivered
an  enhanced version  of Secure  Dubbing to 
Creation Services  activities. This
software  allows higher
performance dubbing of a movie by detecting the faces of the  actors
in  a secure  way, and  thereby allowing  the dubber  to perform the
needed  tasks safely. To do so, this Final Cut Pro(R) plug-in is
designed to track several  objects  simultaneously,  which  will 
remain  at the same position and retain their size whatever their
original displacement in the original sequence.
This  stabilization
step ensures an optimal configuration to further perfect the
synchronization  of lips movement and voice. The  remaining part of
the image is then blurred or darkened to ensure the confidentiality of
the content. 
A  second innovation of R&I has been installed to Los Angeles
Creation Services
facility,  namely the  Automatic Restoration  Tool.
R&I  invented a new metadata
driven  three-step restoration  workflow
to  improve and  accelerate the digital
repair  of  scanned  film 
material.  New  algorithms enable metadata generating
automatic 
detection of  film defects,  an optional  review and  quality
control
session   with   reporting   and   automatic  removal/repair.
 Whereas standard
restoration  methods are time consuming, this new
automatic restoration workflow
with its professional quality
algorithms minimizes human intervention, increases
throughout,
supports objective reporting and enables alternative business
cases.
This  tool will be available  soon in the Group's  Creation
Services facility in
France. 


 
Entertainment Services
 
+-------------------------------------+ +-------+-------+ +-------+-------+
|In EUR million                       | |Q3 2011|Q3 2012| |9M 2011|9M 2012|
+-------------------------------------+ +-------+-------+ +-------+-------+
|Revenues                             | |    454|    449| |  1,238|  1,206|
|                                     | |       |       | |       |       |
|Change as reported (%)               | |       | (1.1)%| |       | (2.6)%|
|                                     | |       |       | |       |       |
|Change at constant currency (%)      | |       | (8.8)%| |       | (9.1)%|
|                                     | |       |       | |       |       |
|Revenues excl. Photochemical Film    | |    398|    415| |  1,056|  1,089|
|activities                           | |       |       | |       |       |
|                                     | |       |       | |       |       |
|Change as reported (%)               | |       |  +4.3%| |       |  +3.1%|
|                                     | |       |       | |       |       |
|Change at constant currency (%)      | |       | (3.7)%| |       | (3.7)%|
+-------------------------------------+ +-------+-------+ +-------+-------+

  
In   the   third   quarter  of  2012, Entertainment  Services 
revenues totaled
EUR449 million,  down 1.1% at current currency  and
down 8.8% at constant currency
versus the third quarter of 2011.
Excluding Photochemical Film activities, which
reported  another 
drop  in  revenues  in  the  quarter,  Entertainment
Services
revenues  were up  4.3% at current  currency and  down 3.7%
at constant currency
compared  to  the  third  quarter  of  2011,
resulting  from stable DVD Services
revenues and a weak performance
in Creation Services and Theatrical Services, in a  context  of  a 
lower  number  of  releases  and  productions  by the Group's
customers. 
Creation Services 
In  the third quarter of 2012, Creation  Services activities recorded
a year-on-year  decline in revenues at constant  currency, reflecting
the absence of major title  released by  the Group's  studio customers
compared to  third quarter of 2011, as  well  as  tougher  market
conditions  in some areas, in particular in Europe.  The Group
implemented in the third quarter of 2012 major cost
reduction
measures  to mitigate the impact of lower sales on its
profitability and further
maximize the cost structure. 
* Digital Production level of activity was lower overall in the
third quarter 
of 2012, as a result of a weak performance in Visual
Effects ("VFX") for 
feature films, due to the delay in two
sizeable projects with the bulk of 
the workload being pushed
back, leading to a particularly low level of VFX 
activity for
feature films in the London facilities. This was partly offset 
by
increased VFX for Commercials in Los Angeles and New York. VFX teams  
started work on Maleficent (Disney) and The Seventh Son (Warner),
while     continuing work on The Lone Ranger (Disney) and Man of Steel
(Warner). They 
completed work on Life of Pi (Fox) and Skyfall
(Sony). Animation had a     sustained level of activity in the
quarter, with Technicolor notably     deepening its partnership with
Rockstar Games, following the successful work 
on several major
titles, including Red Dead Redemption, L.A. Noire and Max 
Payne
3. 
* Postproduction activity increased in digital services, but did
not     compensate the tail of remaining legacy services in a context
marked by a 
slowdown in the number of productions. Activity
levels were mixed across the     Group in the third quarter of 2012,
with improved performance of US     Postproduction and Sound
activities and a positive contribution from France, 
while other
European operations were weak. The Group provided a large range 
of services for movies such as The Dark Knight Rises (Warner),
Lawless     (Weinstein) and The Expendables 2 (Lionsgate). 
* Media Services revenues fell very slightly at constant currency
in the third 
quarter of 2012, reflecting a marked decline in
Compression & Authoring     revenues almost completely offset by
another quarter of double-digit growth 
in Digital Services for
Studios, Over-the-Top and Video-on-Demand players. 
Theatrical Services 
Theatrical  Services revenues were down in the third quarter of 2012,
reflecting
continuous  decline  in  photochemical  film  footage, 
down 48% year-over-year. Photochemical  film  activities  now 
represent  only  3.6% of the Group's total revenues  and  around  8%
of  Entertainment  Services revenues.  Digital Cinema Distribution 
revenues were hurt by the absence of major releases by the Group's
studio  customers in  the third  quarter of  2012, whereas the  third
quarter of 2011 benefited from the release of Harry Potter and the
Deathly Hallows: Part 2 (Warner).  The Digital Cinema Distribution
market  is expected to rebound in the fourth quarter of 2012, due to
the planned strongslate of titles released by the Group's Studio
customers. 
DVD Services 
In  the  third  quarter  of  2012, DVD  Services  revenues were flat
at constant
currency  compared  to  the  third  quarter  of 2011,
reflecting a 2% decline in combined  Standard DVD and  Blu-ray(TM)
volumes, fully  offset by a positive mix increase.  This  limited 
volume  decrease  was  consistent  with overall volume
performance 
experienced in the second quarter of 2012 (also down 2%)
indicating
ongoing general stability in packaged media. 
Standard  DVD  volumes  continued  to  show resiliency, while
Blu-ray(TM) volume
growth accelerated, up 26% in the third quarter of
2012 versus the prior year, a marked  increase over the 17%
year-on-year growth recorded in the second quarter
of 2012. The title
release slate from the Group's Studio customers in the
period
primarily  included The Avengers (Disney), Dark Shadows
(Warner), Madagascar 3: Europe's  Most Wanted (DreamWorks) and Snow 
White and the Huntsman (Universal).
Year-to-date through the third
quarter of 2012, Blu-ray(TM) volumes were up 15%
compared  to the 
same period  of 2011 (versus  only 6% growth through the first
half 
of 2012). Games  volumes rebounded  in the  third quarter of 2012, up
13%
year-on-year,  following  a  particularly  soft  second  quarter 
of 2012. Games
quarterly  variances  were  largely  attributable  to 
the  timing  of key title
releases,  while overall Games  demand was
stable,  with year-to-date volumes up 1% through the third quarter of 2012. 


 
DVD Volumes
 
+--------------------------------+ +-------+-------+ +-------+-------+
|In million units                | |Q3 2011|Q3 2012| |9M 2011|9M 2012|
+--------------------------------+ +-------+-------+ +-------+-------+
|Total DVD volumes               | |    418|    409| |  1,012|    967|
|                                | |       |       | |       |       |
|Change (%)                      | |       |   (2)%| |       |   (4)%|
|                                | |       |       | |       |       |
|o/w SD-DVD (Standard Definition | |       |       | |       |       |
|DVD)                            | |    349|    326| |    847|    795|
|                                | |       |       | |       |       |
|    Change (%)                  | |       |   (6)%| |       |   (6)%|
|                                | |       |       | |       |       |
|    BD (Blu-ray(TM))               | |     44|     55| |     95|    110|
|                                | |       |       | |       |       |
|    Change (%)                  | |       |   +26%| |       |   +15%|
|                                | |       |       | |       |       |
|    Games                       | |     19|     22| |     47|     47|
|                                | |       |       | |       |       |
|    Change (%)                  | |       |   +13%| |       |    +1%|
|                                | |       |       | |       |       |
|    Software and Kiosk          | |      6|      5| |     23|     15|
|                                | |       |       | |       |       |
|    Change (%)                  | |       |  (11)%| |       |  (33)%|
+--------------------------------+ +-------+-------+ +-------+-------+

  
IZ-ON (formerly PRN) 
IZ-ON  (formerly  PRN)  recorded  a  decrease  in revenues compared
to the third
quarter  of  2011, resulting  from  a  weak  US
advertising market. The activity
completed  its rebranding campaign
in  the third quarter and  entered into a new multi-year  agreement
under  which it  will be  the exclusive  advertising
sales
representative for 7-Eleven(R) TV. 


 
Digital Delivery
 
+-----------------------------------+ +-------+-------+ +-------+-------+
|In EUR million                     | |Q3 2011|Q3 2012| |9M 2011|9M 2012|
+-----------------------------------+ +-------+-------+ +-------+-------+
|Revenues                           | |    275|    351| |    829|  1,004|
|                                   | |       |       | |       |       |
|Change, as reported (%)            | |       | +27.8%| |       | +21.2%|
|                                   | |       |       | |       |       |
|Change at constant currency (%)    | |       | +22.5%| |       | +16.9%|
|                                   | |       |       | |       |       |
|o/w Connected Home                 | |    233|    345| |    706|    918|
|                                   | |       |       | |       |       |
|    Change, as reported (%)        | |       | +48.0%| |       | +29.9%|
|                                   | |       |       | |       |       |
|    Change at constant currency (%)| |       | +41.7%| |       | +25.1%|
+-----------------------------------+ +-------+-------+ +-------+-------+

  
In the third quarter of 2012, Digital Delivery revenues reached EUR351
million, up 27.8% at  current currency  and up  22.5% at constant 
currency compared to the third  quarter of 2011. Excluding Broadcast
Services activity, deconsolidated in the  third  quarter  of  2012
due  to  the  completion  of  the disposal on July
3, 2012, Digital 
Delivery  revenues  were  up  45.0% at current currency and up 39.0%
at  constant  currency  compared  with  the  third  quarter  of 2011.
This
performance  reflected  the  confirmation  of  the  recovery  of
 Connected Home
division. 
Connected Home 
In  the  third  quarter  of  2012, Connected  Home  revenues
increased by 42% at constant  currency compared  with the  third
quarter  of 2011, in  line with the positive  trend experienced in
the second  quarter of 2012 (up 35%), with volume
growth  across  all
 regions  and  product  categories.  The  division
primarily
benefited  from strong demand from  Latin America
customers, continued expansion
in  the Asia-Pacific region,
particularly in  India, as well as improved overall
product mix in
North America, driven by Cable customers. The Group expects
year-on-year growth in Connected Home revenues to remain strong in
the fourth quarter of  2012. The turnaround plan of Connected  Home
launched in December 2011 is on track and Connected Home is well
positioned to achieve Adjusted EBITDA breakeven
in 2012 and generate
positive Adjusted EBITDA in the second half of 2012. 
* In North America, volumes of Connected Home products grew slightly
in the     third quarter of 2012, as strength in shipments to Cable
operators more than 
offset softer Satellite customer deliveries.
Overall product mix also     improved year-over-year, driven by new
product introductions and increased 
sales of higher-end devices
in Cable, partly offset by lower HD PVR volumes 
in Satellite
compared to last year. 
* In Latin America, customer demand remained buoyant across the
region in the 
third quarter of 2012, as reflected by more than a
doubling in volumes of 
Connected Home products compared to the
third quarter of 2011. This     performance principally reflected
stronger shipments of set top boxes to 
Satellite customers, as
well as higher deliveries of broadband gateways to 
Telecom
operators. Overall product mix was softer year-on-year, due    
primarily to a lower proportion of HD products compared to last year. 
* In Europe, Middle-East and Africa, Connected Home product volumes
were up in 
the third quarter of 2012, reflecting stronger
shipments of Telecom     broadband gateways and Cable modems, partly
offset by weaker deliveries of 
set top boxes, due principally to
the phase-out of some Satellite and     Telecom devices, as well as
some delays in product shipments to one     customer. Overall product
mix was lower year-over-year, principally as a 
result of a weaker
contribution of HD products compared to last year. 
-         In Asia-Pacific, growth  in shipments of  Connected Home
products was very strong in the third quarter of 2012, driven
primarily by sustained customer
demand  for set  top boxes  across
the  region, notably  in India  and Malaysia.
Overall product mix
also improved compared to last year. 


 
Connected Home Product Volumes
 
+-----------------------------------+ +-------+-------+ +-------+-------+
|In million units                   | |Q3 2011|Q3 2012| |9M 2011|9M 2012|
+-----------------------------------+ +-------+-------+ +-------+-------+
|Total Connected Home Product       | |    5.1|    7.8| |   17.2|   22.3|
|Volumes*                           | |       |       | |       |       |
|                                   | |       |       | |       |       |
|Change (%)                         | |       |   +52%| |       |   +29%|
|                                   | |       |       | |       |       |
|o/w North America                  | |    1.6|    1.7| |    5.8|    5.7|
|                                   | |       |       | |       |       |
|    Change (%)                     | |       |    +4%| |       |   (3)%|
|                                   | |       |       | |       |       |
|    Latin America                  | |    1.8|    3.8| |    5.6|    9.8|
|                                   | |       |       | |       |       |
|    Change (%)                     | |       |  +115%| |       |   +74%|
|                                   | |       |       | |       |       |
|    Europe, Middle-East and Africa | |    1.1|    1.2| |    4.0|    4.2|
|                                   | |       |       | |       |       |
|    Change (%)                     | |       |    +8%| |       |    +5%|
|                                   | |       |       | |       |       |
|    Asia-Pacific                   | |    0.6|    1.1| |    1.8|    2.6|
|                                   | |       |       | |       |       |
|    Change (%)                     | |       |   +77%| |       |   +49%|
+-----------------------------------+ +-------+-------+ +-------+-------+
 
* Including tablets and other connected devices

  
[1]  Media Services activity, formerly reported  in Digital Delivery
segment, is included in Creation Services business in Entertainment
Services segment. 
[2] Broadcast Services activity contributed EUR33 million of revenues
in the third quarter of 2011. As the disposal of this activity was
completed on 3 July 2012,
it did not contribute to Digital Delivery
revenues in the third quarter of 2012. 
[3] Free Cash Flow from both continuing operations and discontinued
operations. 
Technicolor Q3 2012 Revenues: http://hugin.info/143597/R/1652654/533562.pdf 
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