Press Release Details

  • NYSE: MAXR
  • TSX: MAXR
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MDA reports first quarter 2011 results

May 03, 2011

Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the quarter ended March 31, 2011.

The Company continued to achieve solid results. For continuing operations, operating earnings¹ increased to $27 million ($0.65 per share) on revenues of $206 million. This is compared to operating earnings of $23 million ($0.56 per share) and revenues of $152 million for the first quarter of last year. Net earnings per share for continuing operations were $0.69, up from $0.47 for the same period a year ago.

The Company completed the sale of its property information business on January 4, 2011. Results for the property information business have been reclassified as discontinued operations for all periods presented. Under IFRS, the sale resulted in an after-tax gain of $56 million, or $1.37 per share, in the first quarter of 2011.

Order backlog at March 31, 2011 was $877 million (December 31, 2010 - $998 million).

Financial Highlights


($ millions, except earnings per diluted common share amounts)
Three months ended
March 31, 2011
Three months ended
March 31, 2010

From continuing operations
Revenues
206.5
152.3
Operating earnings1
26.8
23.0
Operating earnings per share1, diluted
0.65
0.56
 
Net earnings
    Continuing operations
28.2
19.1
    Gain on sale of discontinued operations
56.2
-
    Discontinued operations
-
9.0
    Total
84.4
28.1
 
Net earnings per share, diluted
    Continuing operations
0.69
0.47
    Gain on sale of discontinued operations
1.37
-
    Discontinued operations
-
0.22
    Total
2.05
0.69
 
Weighted average number of common shares
outstanding:
(millions)
    Basic
41.1
40.7
    Diluted
41.2
40.9

1 See section "Non-IFRS Financial Measures" in this earnings release.


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, May 3, 2011 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 from May 3, 2011 6:00 p.m. PDT (9:00 p.m. EDT) to May 10, 2011 8:59 p.m. PDT (11:59 p.m. EDT) at the following numbers:

Toll free – International: 1-800-642-1687
Toronto: 1-416-849-0833
Pass Code: 51179589

Related Websites:
www.mdacorporation.com

Non-IFRS Financial Measures

In addition to results reported in accordance with IFRS, the Company discloses operating earnings and operating earnings per share as supplemental indicators of its financial performance. Operating earnings is defined as net earnings adjusted for specified items affecting comparability, including share-based compensation, fair value adjustments on financial instruments not subject to hedge accounting, write-downs and other gains or losses. Operating earnings per share is calculated using diluted weighted average shares outstanding. The Company uses operating earnings and operating earnings per share as a more meaningful way to compare financial results from one period to another.

Operating earnings and operating earnings per share do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. The Company cautions readers to consider these non-IFRS financial measures in addition to, and not as an alternative for, measures calculated in accordance with IFRS.


($ millions)
Three months ended
March 31, 2011
Three months ended
March 31, 2010

Operating earnings from continuing operations
26.8
23.0
Items affecting comparability:
Share-based compensation
(3.8)
3.0
Fair value adjustments on equity forward contracts
4.5
(7.9)
Foreign exchange timing differences on certain project-
    related foreign exchange forward contracts not subject
    to hedge accounting
(0.6)
-
Foreign exchange gain on translation of intercompany
    balances
1.4
-
Tax on items affecting comparability
(0.1)
1.0
Net earnings from continuing operations
28.2
19.1


Forward-Looking Statements



www.sedar.comwww.mdacorporation.com





Wendy Keyzer


wendy@mdacorporation.com


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