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MDA reports first quarter 2017 results
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Canada NewsWire
VANCOUVER, BC, May 2, 2017
VANCOUVER, BC, May 2, 2017 /CNW/ - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX: MDA), a global communications and information company, today reported financial results for the first quarter ended March 31, 2017.
For the first quarter of 2017, consolidated revenues were $494.3 million compared to $562.4 million for the same period of last year. The Communications segment contributed revenues of $332.0 million compared to $403.2 million for the same period of last year, reflecting lower geostationary communications satellite bookings over the past two years. The Surveillance and Intelligence segment contributed revenues of $162.4 million, consistent with $159.2 million for the first quarter of 2016.
Operating EBITDA1 was $89.2 million for the first quarter of 2017 compared to $97.2 million for the same period of last year. The Communications segment contributed operating EBITDA of $50.5 million (Q1 2016 - $59.5 million) and the Surveillance and Intelligence segment contributed operating EBITDA of $38.6 million (Q1 2016 - $37.7 million).
Operating earnings1 were $44.9 million, or $1.23 per share1, compared to $55.9 million, or $1.53 per share, for the first quarter of 2016. The decrease reflected lower operating EBITDA, as well as higher corporate expense, additional non-cash interest expense following the securitization of orbital receivables and a higher effective income tax rate on operating earnings.
Net earnings under IFRS for the first quarter of 2017 were $5.9 million, down from $40.7 million for the same period of last year. Net earnings were impacted by the inclusion and variability of certain large, non-operational items, particularly restructuring costs and incremental legal and other professional fees related to the acquisition of DigitalGlobe, Inc.
The Company had total funded order backlog of $2.0 billion as at March 31, 2017.
The Company has declared a quarterly dividend of $0.37 per common share payable on June 30, 2017 to shareholders of record at the close of business on June 15, 2017.
The Company continued to make substantive progress on its strategic plans to increase access to the U.S. government market. The Company received facility security clearance for the offices of SSL MDA Holdings, Inc. on February 23, 2017.
Financial Highlights
| | | |
| | Three months ended March 31, 2017 | Three months ended March 31, 2016 |
| ($ millions, except per common share amounts) | | |
| Consolidated revenues | 494.3 | 562.4 |
| Operating EBITDA1 | 89.2 | 97.2 |
| Operating earnings1 | 44.9 | 55.9 |
| Operating earnings per share1 | 1.23 | 1.53 |
| Net earnings | 5.9 | 40.7 |
| Net earnings per share, basic | 0.16 | 1.12 |
| Net earnings per share, diluted | 0.15 | 1.10 |
| | | |
| Weighted average number of common shares outstanding: | | |
| (millions) | | |
| Basic | 36.5 | 36.3 |
| Diluted | 36.5 | 36.5 |
| 1 | See section "Non-IFRS Financial Measures" in this earnings release. |
MDA's condensed consolidated financial statements and management's discussion and analysis (MD&A) for the three months ended March 31, 2017 are available at:
http://mdacorporation.com/corporate/investor/financial-reports
About MDA
MDA is a 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, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.
MDA's established global customer base is served by more than 4,800 employees operating from 15 locations in the United States, Canada, and internationally.
The Company's common shares trade on the Toronto Stock Exchange under the symbol MDA.
Investor/Analyst Conference Call
MDA President and CEO Howard Lance and Executive Vice President and CFO Anil Wirasekara will host a Conference Call today, May 2, 2017 at 2:30 p.m. Pacific (5:30 p.m. Eastern) to discuss the financial results and to answer questions.
To participate, dial toll free North America: 1-888-390-0546
Toronto: 1-416-764-8688
Vancouver: 1-778-383-7413
The Conference Call will also be Webcast live at:
http://mdacorporation.com/corporate/investor/events
Telephone replay will be available from May 2, 2017, 5:00 p.m. Pacific (8:00 p.m. Eastern) to
May 16, 2017, 8:59 p.m. Pacific (11:59 p.m. Eastern) at the following numbers:
Toll free North America: 1-888-390-0541
Toronto: 1-416-764-8677
Passcode: 121876#
Related Websites:
www.mdacorporation.com
Non-IFRS Financial Measures
In addition to results reported in accordance with IFRS, the Company discloses operating earnings, operating earnings per share and operating EBITDA as supplemental indicators of its financial and operating performance.
The Company defines operating earnings as net earnings excluding the impact of specified items affecting comparability, including, where applicable, non-operational income and expenses, amortization of acquisition related intangible assets, share-based compensation, and other gains or losses. The use of the term "non-operational income and expenses" is defined by the Company as those items or income and expense that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal management reports. Income tax expense on operating earnings is computed using the substantively enacted income tax rate, adjusted to account for the specified items affecting comparability. Operating earnings per share is calculated using diluted weighted average shares outstanding and does not represent actual earnings per share attributable to shareholders. The Company believes that the disclosure of operating earnings and operating earnings per share allows investors to evaluate the operational and financial performance of the Company's ongoing business using the same evaluation measures that its management uses, and is therefore a useful indicator of the Company's performance or expected performance of recurring operations.
The Company defines operating EBITDA as earnings before interest, taxes, depreciation and amortization, and adjusted for certain corporate expenses and items affecting comparability as specified in the calculation of operating earnings. Operating EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses operating EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance.
Operating earnings, operating earnings per share and operating EBITDA 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.
| | | |
| | Three months ended March 31, 2017 | Three months ended March 31, 2016 |
| ($ millions) | | |
| Operating EBITDA | 89.2 | 97.2 |
| Corporate expense | (5.3) | (4.2) |
| Net finance expense | (14.0) | (12.9) |
| Depreciation and amortization1 | (14.6) | (15.1) |
| Income tax expense on operating earnings | (10.4) | (9.1) |
| Operating earnings | 44.9 | 55.9 |
| Items affecting comparability: | | |
| Share-based compensation expense | (6.5) | (3.9) |
| Amortization of acquisition related intangible assets | (10.6) | (11.0) |
| Restructuring costs | (14.3) | - |
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