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MDA reports third quarter 2016 results, declares quarterly dividend
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VANCOUVER, BC, Nov. 1, 2016
VANCOUVER, BC, Nov. 1, 2016 /CNW/ - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX: MDA), a global communications and information company, today reported financial results for the third quarter ended September 30, 2016.
For the third quarter of 2016, consolidated revenues were $495.9 million compared to $515.4 million for the same period of 2015. The decrease reflected lower revenues from the Communications segment, partially offset by higher revenues from the Surveillance and Intelligence segment.
Operating EBITDA1 for the third quarter of 2016 was $84.3 million compared to $93.9 million for the same period of 2015. Operating EBITDA this quarter included a contract loss provision of $10.0 million on a program in the Surveillance and Intelligence segment. The Company considers this provision to be an isolated incident.
Operating earnings1 were $46.1 million, or $1.26 per share1, compared to $54.6 million, or $1.50 per share, for the same period of last year.
Net earnings under IFRS for the third quarter of 2016 were $41.8 million compared to $55.3 million for the corresponding period of 2015.
The Company had total funded order backlog of $2.6 billion as at September 30, 2016, increasing slightly from the balance at the end of June 2016. Notable bookings announced during the third quarter included a contract with SiriusXM to build SXM-7 and SXM-8, two high power satellites.
Since the start of the third quarter, three geostationary satellites and four low earth orbit (LEO) satellites built by the Company were successfully launched.
The Company continued to make substantive progress to obtain facility security clearance for its operations in California, through which the Company can effectively pursue and execute the broad range of U.S. government contracts including defence and intelligence work. In addition to investments in organizational and required regulatory structure, the Company has also started building out a government business development and management team.
During the quarter, the Company signed a US$400 million revolving securitization facility agreement with an international financial institution. On September 30, 2016, as an initial drawdown under the facility, the Company completed a transaction for net proceeds of $90.2 million (US$68.8 million).
The Company has declared a quarterly dividend of $0.37 per common share payable on December 30, 2016 to shareholders of record at the close of business on December 15, 2016.
Financial Highlights
| | | | |||
| | Three months ended September 30, | Nine months ended September 30, | |||
| 2016 | 2015 | 2016 | 2015 | ||
| ($ millions, except per common share amounts) | | | | | |
| Consolidated revenues | 495.9 | 515.4 | 1,560.9 | 1,573.0 | |
| Operating EBITDA1 | 84.3 | 93.9 | 277.9 | 282.0 | |
| Operating earnings1 | 46.1 | 54.6 | 159.2 | 166.3 | |
| Operating earnings per share1 | 1.26 | 1.50 | 4.36 | 4.58 | |
| Net earnings | 41.8 | 55.3 | 107.7 | 137.1 | |
| Net earnings per share, basic | 1.15 | 1.53 | 2.96 | 3.79 | |
| Net earnings per share, diluted | 1.12 | 1.41 | 2.92 | 3.64 | |
| | | | | | |
| Weighted average number of common shares outstanding: | | | | ||
| (millions) | | | | | |
| Basic | 36.4 | 36.3 | 36.4 | 36.2 | |
| Diluted | 36.6 | 36.5 | 36.5 | 36.3 | |
| | | | | | |
| 1 See section "Non-IFRS Financial Measures" in this earnings release. |
MDA's condensed consolidated interim financial statements and management's discussion and analysis (MD&A) for the three and nine months ended September 30, 2016 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, November 1, 2016 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 November 1, 2016, 5:00 p.m. Pacific (8:00 p.m. Eastern) to
November 15, 2016, 2:30 p.m. Pacific (5:30 p.m. Eastern) at the following numbers:
Toll free North America: 1-888-390-0541
Toronto: 1-416-764-8677
Passcode: 001201#
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 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 an estimated annual 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 September 30, | Nine months ended September 30, | ||
| 2016 | 2015 | 2016 | 2015 | |
| ($ millions) | | | | |
| Operating EBITDA | 84.3 | 93.9 Werbung Mehr Nachrichten zur Macdonald Aktie kostenlos abonnieren
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