Press Release Details

  • NYSE: MAXR
  • TSX: MAXR
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MDA reports full year and fourth quarter 2010 results

February 28, 2011

Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the full year and fourth quarter ended December 31, 2010.

The Company continued to achieve solid results. Total operating earnings¹ for the year increased to $148 million ($3.61 per share) from $107 million ($2.64 per share) for the prior year.

On January 4, 2011, the Company completed the sale of its property information business. Results for the property information business have been reclassified as discontinued operations for all periods presented.

Financial Highlights


($ millions, except earnings per diluted common share amounts)
Q4-2010
Q4-2009
Year-2010
Year-2009

Total (from continuing and discontinued operations)
Revenues
299.3
237.5
1,066.6
1,000.9
Operating earnings1
44.9
26.9
147.6
107.1
Operating earnings per share1, diluted
1.09
0.66
3.61
2.64
Net earnings (loss)
(54.2)
30.2
40.7
108.4
Net earnings (loss) per share, diluted
(1.32)
0.74
0.99
2.67
         
From continuing operations
Revenues
209.2
129.1
689.0
518.4
Operating earnings1
31.2
19.1
97.0
67.2
Operating earnings per share1, diluted
0.76
0.47
2.37
1.65
Net earnings
5.9
21.5
63.0
69.9
Net earnings per share, diluted
0.14
0.53
1.54
1.72
         
From discontinued operations
Revenues
90.1
108.4
377.6
482.5
Operating earnings1
13.7
7.8
50.6
39.9
Operating earnings per share1, diluted
0.33
0.19
1.24
0.98
Net earnings (loss)
(60.1)
8.6
(22.3)
38.5
Net earnings (loss) per share, diluted
(1.46)
0.21
(0.54)
0.95
 
 
 
 
 
Weighted average number of common shares outstanding:
(millions)
    Basic
41.0
40.5
40.8
40.5
    Diluted
41.1
40.8
40.9
40.7

1See section “Non-GAAP 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, February 28, 2011 at 2:30 p.m. Pacific (5:30 p.m. Eastern) to explain the financial results of the Company and to answer questions.

A FINANCIAL SUMMARY presentation will be discussed at the conference call; it can be viewed by clicking on the box labeled "FINANCIAL SUMMARY" using the following link: http://www.mdacorporation.com/corporate/investor/events

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 11:59 p.m. Eastern Time (8:59 p.m. Pacific Time) March 7, 2011 at the following numbers:
Toll free - International 1-800-642-1687
Toronto: 1-416-849-0833
Pass Code: 28390074

Related Websites:
www.mdacorporation.com

Non-GAAP Financial Measures
In addition to results reported in accordance with Canadian GAAP, the Company discloses operating earnings as a supplemental indicator of its financial performance. Operating earnings does not have any standardized meaning prescribed by Canadian GAAP and therefore may not be comparable to similar measures presented by other companies. Readers are cautioned not to view this non-GAAP financial measure as an alternative to financial measures calculated in accordance with Canadian GAAP.

Operating earnings is defined as net earnings adjusted for specified items affecting comparability, including stock-based compensation, mark-to-market adjustments on financial instruments not subject to hedge accounting, write-downs and other gains or losses. The Company uses operating earnings and operating earnings per share as a more meaningful way to compare financial results from one period to another.


($ millions)
Q4-2010
Q4-2009
Year-2010
Year-2009

Operating earnings from continuing operations
31.2
19.1
97.0
67.2
Items affecting comparability:
    Stock-based compensation
(16.9)
(11.6)
(28.1)
(19.3)
    Fair value adjustments on equity forward contracts
5.9
14.7
8.9
23.3
    Fair value adjustments on foreign exchange forward
        contracts tied to certain projects not subject to
        hedge accounting
(6.4)
-
(9.9)
-
    Fair value adjustments on interest rate swap contracts
        not subject to hedge accounting
-
0.1
-
0.1
    Tax on items affecting comparability
5.1
(0.8)
8.1
(1.4)
    Foregone tax deductions on stock-based
        compensation
(13.0)
-
(13.0)
-

Net earnings from continuing operations
5.9
21.5
63.0
69.9



($ millions)
Q4-2010
Q4-2009
Year-2010
Year-2009

Operating earnings from discontinued operations
13.7
7.8
50.6
39.9
Items affecting comparability:
    Stock-based compensation
(3.2)
(2.9)
(5.8)
(5.0)
    Fair value adjustments on equity forward contracts
1.1
3.8
1.9
6.2
    Impairment of goodwill and intangible assets
(123.8)
-
(123.8)
-
    Foreign exchange gain (loss) on translation
        of intercompany balances
(0.9)
-
6.5
-
    Restructuring expense
-
-
(2.9)
(3.5)
    Fair value adjustments on interest rate swap contracts
        not subject to hedge accounting
-
0.2
-
0.2
    Tax on items affecting comparability
37.4
(0.3)
35.6
0.7
    Non-recurring tax adjustment related to disposition
15.6
-
15.6
-

Net earnings (loss) from discontinued operations
(60.1)
8.6
(22.3)
38.5


Forward-looking Statements


www.sedar.comwww.mdacorporation.com





Wendy Keyzer


wendy@mdacorporation.com


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