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 $0.70 for the same period a year ago.
Financial Highlights
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|
|
Q3-2010
|
Q3-2009
|
YTD-2010
|
YTD-2009
|
|
|
|
|
|
|
|
|
| ($ 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-reportsAbout 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.
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|
|
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 Statementswww.sedar.comwww.mdacorporation.com
Wendy Keyzerwendy@mdacorporation.com