Press Release Details

  • NYSE: MAXR
  • TSX: MAXR
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MDA reports third quarter 2010 results

October 27, 2010

Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the third quarter ended September 30, 2010. Operating earnings¹ per share were $0.87, up 28% compared to $0.68 for the third quarter of last year as the Company's diversified businesses continued to deliver solid results. GAAP earnings per share were up 33% to $0.93 compared to $0.70 for the same period a year ago.

Financial Highlights


Q3-2010
Q3-2009
YTD-2010
YTD-2009

($ thousands, except per common share amounts)
Consolidated revenues
263,086
245,600
767,319
763,364
 
 
 
 
 
Operating earnings
35,626
27,822
102,713
80,168
Operating earnings per common share, basic
0.87
0.69
2.51
1.98
Operating earnings per common share, diluted
0.87
0.68
2.51
1.97
 
 
 
 
 
Net earnings
38,318
28,509
94,893
78,217
Net earnings per common share, basic
0.94
0.70
2.32
1.93
Net earnings per common share, diluted
0.93
0.70
2.31
1.93
 
 
 
 
 
Weighted average number of common shares outstanding:
(thousands)
    Basic
40,979
40,492
40,852
40,454
    Diluted
41,064
40,697
41,001
40,605
 
 
 
 
 
Average exchange rates:
    1 US dollar to Canadian dollar
1.039
1.097
1.036
1.170
    1 British pound to Canadian dollar
1.612
1.800
1.590
1.798









http://www.mdacorporation.com/corporate/investor/financial-reports

About MDA

MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.

Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.

The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA

Investor/Analyst Conference Call Today

MDA President and CEO Daniel Friedmann and Executive Vice President and CFO Anil Wirasekara will be available on a Conference Call today, October 27, 2010 at 2:30 p.m. Pacific (5:30 p.m. Eastern) to explain the financial results of the Company and to answer questions.

To participate, dial 1-888-231-8191 in Canada or the United States
International: 1-647-427-7450

The Conference Call will also be Webcast live and archived at:
http://www.mdacorporation.com/corporate/investor/events

Telephone replay will be available until November 3, 2010 at the following numbers:

Toll free: 1-800-642-1687
Toronto: 1-416-849-0833
Pass Code: 94742634

Related Websites:
www.mdacorporation.com

Non-GAAP Financial Measures

This earnings release includes certain non-GAAP financial measures. The Company uses non-GAAP financial measures as supplemental indicators of its operating performance and to assist readers in comparing operating results from period to period. These measures do not have any standardized meanings prescribed by Canadian GAAP and therefore may not be comparable to similar measures presented by other companies. Readers are cautioned not to view these non-GAAP financial measures as alternatives to financial measures calculated in accordance with GAAP. The non-GAAP financial measures are defined and reconciled to the most directly comparable Canadian GAAP measures in the following tables.

Operating earnings
The Company refers to net earnings adjusted for specified items affecting comparability as operating earnings.


Q3-2010
Q3-2009
YTD-2010
YTD-2009

($ thousands)
Operating earnings
35,626
27,822
102,713
80,168
Items affecting comparability:
    Stock-based compensation
(8,432)
(4,792)
(13,805)
(9,827)
    Fair value adjustments on equity forward contracts
3,223
5,696
3,681
10,914
    Fair value adjustments on foreign exchange forward
        contracts tied to certain projects not subject to
        hedge accounting
3,300
-
(3,500)
-
    Foreign exchange gain on translation of intercompany
        balances
5,374
-
7,482
-
    Fair value adjustments on interest rate swap contracts
        not subject to hedge accounting
414
-
-
-
    Restructuring expense
-
-
(2,884)
(3,549)
    Tax on items affecting comparability
(1,187)
(217)
1,206
511
Net earnings
38,318
28,509
94,893
78,217






Q3-2010
Q3-2009
YTD-2010
YTD-2009

($ thousands)
Adjusted Information Products revenues
120,745
127,849
350,393
383,405
Retroactive application of net revenue recognition to
    BC OnLine revenues
-
-
-
25,809
Retroactive application of net revenue recognition to
    certain contracts for valuation-related solutions
    in the U.K.
-
6,215
670
22,915
Information Products revenues
120,745
134,064
351,063
432,129


Forward-Looking Statements
www.sedar.comwww.mdacorporation.com







Wendy Keyzer


wendy@mdacorporation.com


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