Press Release Details

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  • TSX: MAXR
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MDA reports third quarter 2012 results

November 05, 2012

Richmond, BC - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the quarter ended September 30, 2012.

For continuing operations, third quarter operating earnings1 were $28 million ($0.89 per share) on revenues of $171 million. This is compared to operating earnings of $30 million ($0.73 per share) and revenues of $182 million for the third quarter of 2011. Net earnings this quarter were $41 million ($1.30 per share) compared to $41 million ($0.98 per share) for the third quarter of last year.

Funded order backlog at September 30, 2012 was $752 million (June 30, 2012 - $656 million). Orders booked during the third quarter included contracts to provide the communications payload solution for the HYLAS-3 satellite and to extend surveillance services for the Australian Defence Force. The Company continues to work on the communications payload solution for the AMOS-6 satellite under an authorization to proceed as the terms of the contract are being finalized.

Financial Highlights


($ millions, except per common share amounts)

Three months ended
September 30,

Nine months ended
September 30,

2012

2011

2012

2011


Results from continuing operations

Revenues

171.4

181.5

507.4

582.9

Operating earnings1

28.2

30.3

86.2

85.8

Operating earnings per share1, diluted

0.89

0.73

2.71

2.08

Net earnings

41.2

40.5

73.7

100.4

Net earnings per share, diluted

1.30

0.98

2.31

2.44

 

Results from discontinued operations

Gain (loss) on sale of discontinued operations,
    net of income taxes

-

(1.2)

-

53.0

 

Weighted average number of common shares outstanding:

(millions)

Basic2

31.8

41.2

31.8

41.2

Diluted2

31.8

41.2

31.8

41.2


1 See section "Non-IFRS Financial Measures" in this earnings release.
2 On October 4, 2011, the Company repurchased and cancelled 9,433,962 of its common shares at a price of $53 per common share under a substantial issuer bid. The shares repurchased represented approximately 22.9% of the common shares outstanding at October 4, 2011.

http://www.mdacorporation.com/corporate/investor/financial-reports

About MDA

MDA is a unique global communications and information company providing operational solutions to commercial and government organizations worldwide.

MDA's business is focused on markets and customers with strong repeat business potential. In addition the Company conducts a significant amount of advanced technology development.

MDA's well-established global customer base is served by more than 5,000 employees operating from 18 offices located in the United States, Canada, and internationally.

The Company's common shares trade 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, November 5, 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
In Toronto, dial 1-647-427-7450

Telephone replay will be available until November 19, 2012 at the following numbers:

Toll free, International, dial 1-855-859-2056
In Toronto, dial 1-416-849-0833
Password: 25148116

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. The Company defines operating earnings as net earnings excluding the after-tax effects of 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
September 30,

Nine months ended
September 30,

2012

2011

2012

2011


Operating earnings from continuing operations

28.2

30.3

86.2

85.8

Items affecting comparability:

Share-based compensation

11.0

13.7

(17.7)

8.4

Fair value adjustments on equity forward contracts

(1.0)

(3.5)

4.1

2.8

Business acquisition costs

(2.7)

-

(4.6)

-

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

2.7

3.1

2.5

1.8

Foreign exchange gain (loss) on translation of
    intercompany balances

4.9

(6.2)

4.3

(3.6)

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

(1.5)

3.7

(2.7)

5.5

Tax on items affecting comparability

(0.4)

(0.6)

1.6

(0.3)


Net earnings from continuing operations

41.2

40.5

73.7

100.4




Forward-Looking Statements






www.sedar.comwww.mdacorporation.com





Wendy Keyzer


wendy@mdacorporation.com


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