Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the quarter ended June 30, 2011.
The Company continued to deliver solid financial performance. For continuing operations, second quarter operating earnings¹ increased to $29 million ($0.70 per share) on revenues of $195 million. This is compared to operating earnings of $23 million ($0.55 per share) and revenues of $161 million for the second quarter of last year. Net earnings per share for continuing operations were $0.77, up from $0.36 for the same period a year ago. Order backlog at June 30, 2011 was $833 million (March 31, 2011 - $877 million).
Financial Highlights
|
|
($ millions, except earnings per diluted common share amounts)
|
Three months ended June 30,
|
Six months ended June 30,
|
|
2011
|
2010
|
2011
|
2010
|
|
| From continuing operations |
| Revenues |
194.9 |
160.8 |
401.4 |
313.1 |
| Operating earnings1 |
28.8
|
22.5
|
55.6
|
45.5
|
| Operating earnings per share1, diluted |
0.70
|
0.55
|
1.35
|
1.11
|
| |
| Net earnings |
| Continuing operations |
31.6
|
14.9
|
59.9
|
34.0
|
Gain (loss) on sale of discontinued
operations |
(2.0)
|
-
|
54.2
|
-
|
| Discontinued operations |
-
|
10.1
|
-
|
19.0
|
| Total |
29.6
|
25.0
|
114.1
|
53.0
|
| |
| Net earnings per share, diluted |
| Continuing operations |
0.77
|
0.36
|
1.45
|
0.83
|
Gain (loss) on sale of discontinued
operations |
(0.05)
|
-
|
1.32
|
-
|
| Discontinued operations |
-
|
0.25
|
-
|
0.46
|
| Total |
0.72
|
0.61
|
2.77
|
1.29
|
| |
Weighted average number of common shares
outstanding:
(millions) |
|
| Basic |
41.2
|
40.9 |
41.1
|
40.8 |
| Diluted |
41.2
|
41.0 |
41.2
|
41.0 |
|
1 See section "Non-IFRS Financial Measures" in this earnings release.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, July 29, 2011 at 5:30 a.m. Pacific (8:30 a.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 July 29, 2011 9:00 a.m. PDT (12:00 p.m. EDT) to August 5, 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: 70139316
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 June 30,
|
Six months ended June 30,
|
|
2011
|
2010
|
2011
|
2010
|
|
| Operating earnings from continuing operations |
28.8 |
22.5 |
55.6 |
45.5 |
| Items affecting comparability: |
|
|
| Share-based compensation |
(1.5)
|
(12.3)
|
(5.3)
|
(9.3)
|
Fair value adjustments on equity forward
contracts |
1.8
|
8.2
|
6.4
|
0.3
|
Foreign exchange timing differences on
certain project-related foreign exchange
forward contracts not subject to hedge
accounting
|
(0.8)
|
(6.8)
|
(1.3)
|
(6.8)
|
Foreign exchange gain on translation of
intercompany balances
|
1.1
|
-
|
2.5
|
-
|
Foreign exchange gain on conversion and
translation of foreign cash balances
|
1.8
|
-
|
1.8
|
-
|
| Tax on items affecting comparability |
0.4
|
3.3
|
0.2
|
4.3
|
| Net earnings from continuing operations |
31.6
|
14.9
|
59.9
|
34.0
|
|
Forward-Looking Statementswww.sedar.comwww.mdacorporation.com
Wendy Keyzerwendy@mdacorporation.com