Posted: Wednesday, October 28, 2015
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, 2015.
The Company posted consolidated revenues of $515 million and operating earnings1 of $55 million, or $1.50 per share1, for the third quarter of 2015. These results compare to consolidated revenues of $507 million and operating earnings of $51 million, or $1.41 per share, for the same period of 2014. Third quarter net earnings in 2015 were $55 million compared to $21 million for the same period a year ago.
The Company had total funded order backlog of $2.5 billion as at September 30, 2015.
The Company has declared a quarterly dividend of $0.37 per common share payable on December 31, 2015 to shareholders of record at the close of business on December 15, 2015.
MDA’s condensed consolidated financial statements and management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2015 are available at:
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 11 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 Daniel Friedmann and Executive Vice President and CFO Anil Wirasekara will be available on a Conference Call today, October 28, 2015 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 toll free North America: 1-888-390-0546
The Conference Call will also be Webcast live at:
Telephone replay will be available from October 28, 2015 5:00 p.m. (PDT), 8:00 p.m. (EDT) to
November 11, 2015 9:00 p.m. (PST), November 12, 2015 12:00 a.m. (EST) at the following numbers:
Toll free North America: 1-888-390-0541
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 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.
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.
The Company's MD&A for the three and nine months ended September 30, 2015 provides additional information regarding these financial metrics and the specified items affecting the comparability of net earnings.
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