Press Release Details

  • NYSE: MAXR
  • TSX: MAXR
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MDA reports full year and fourth quarter 2011 results

February 28, 2012
Highlights of full year 2011 results
- Revenues from continuing operations increased 11% to $761 million
- Operating earnings from continuing operations increased 17% to $117 million, or $2.99 per share
- Net earnings per share from continuing operations were $3.31 (2010 - $1.45)

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, 2011.

The Company continued to deliver solid financial performance. For continuing operations, revenues for the full year 2011 were $761 million, up 11% compared to $688 million for 2010. Operating earnings, or net earnings adjusted for items affecting comparability, increased to $117 million ($2.99 per diluted share) compared to $100 million ($2.44 per diluted share) for 2010.

On October 4, 2011, the Company repurchased for cancellation 9,433,962 of its common shares at a price of $53 per common share, for an aggregate purchase price of $500 million. The shares repurchased represented approximately 22.9% of the common shares outstanding at October 4, 2011.

The Company is pleased to announce that it has increased its cash dividend by $0.30 per common share, raising the annualized dividend to $1.30 per common share. A semi-annual dividend of $0.65 per common share is payable on March 30, 2012 to common shareholders of record at the close of business on March 15, 2012.

Financial Highlights



($ millions, except per common share amounts)

Three months ended December 31,

Twelve months ended December 31,

2011

2010

2011

2010


Results from continuing operations

 

 

 

 

Revenues

178.2

208.4

761.1

688.0

Operating earnings1

31.3

31.7

117.2

99.9

Operating earnings per share1, diluted

0.97

0.77

2.99

2.44

Net earnings

29.2

3.6

129.6

59.5

Net earnings per share, diluted

0.91

0.09

3.31

1.45

 

 

 

 

 

Results from discontinued operations

 

 

 

 

Gain (loss) on sale of discontinued operations

(22.9)

-

30.1

-

Discontinued operations

-

33.5

-

71.2

   

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

(millions)

 

 

 

 

    Basic

32.2

41.0

39.1

40.8

    Diluted

32.2

41.1

39.1

40.9


1


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, 2012 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 February 28, 2012 6:00 p.m. PST (9:00 p.m. EST) to March 14, 2012 8:59 p.m. PST (11:59 p.m. EST) at the following numbers:

Toll free: 1-855-859-2056
Toronto: 1-416-849-0833
Pass Code: 28779546

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 December 31,

Twelve months ended December 31,

2011

2010

2011

2010


 

 

 

 

 

Operating earnings from continuing operations

31.3

31.7

117.2

99.9

Items affecting comparability:

 

 

 

 

Share-based compensation

(4.5)

(14.6)

3.9

(30.8)

Fair value adjustments on equity forward contracts

(0.1)

6.0

2.7

8.9

Foreign exchange timing differences on certain
   project-related foreign exchange forward contracts
   not subject to hedge accounting

(1.2)

(6.4)

0.6

(9.9)

Foreign exchange gain on translation of
   intercompany balances

4.4

-

0.7

-

Foreign exchange gain (loss) on conversion and
   translation of foreign cash balances

(1.5)

-

4.0

-

Tax on items affecting comparability

0.8

4.3

0.5

8.8

Foregone tax deductions on share-based
   compensation

-

(17.4)

-

(17.4)


Net earnings from continuing operations

29.2

3.6

129.6

59.5




Forward-Looking Statements


www.sedar.comwww.mdacorporation.com





Wendy Keyzer


wendy@mdacorporation.com


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