RE: ET meets estimates0.30 per share same as last quarter.
Considering writing off a 3mil exchange loss this quarter.
(0.04 per share)
I'd say still growing very well.
ET seems to be building up cash.
ET maintaining is awesome profit margins.
Good report.
Dec 11, 2007 16:04 ET
Evertz Technologies Reports Quarterly End Results
BURLINGTON, ONTARIO--(Marketwire - Dec. 11, 2007) -
Attention Business/Financial Editors:
Evertz Technologies Limited (TSX:ET), a leading equipment provider to the television broadcast industry, today reported results for the second quarter, ended October 31, 2007, of its fiscal 2008 year.
Quarterly Highlights
- Sales were $74.4 million, 59% higher year-over-year for the quarter
- Gross investment in R&D increased by $0.8 million to $4.2 million, 22% year-over-year for the quarter
- Net earnings were $22.2 million in the quarter as compared to $14.2 million a year ago, an increase of 56 %
- Fully-diluted earnings per share were $0.30 for the quarter ended October 31, 2007 as compared to $0.19 a year ago
Selected Financial InformationConsolidated Statement of Earnings Data(in '000 except share data)
Q2'08 Q2'07 ---------- ----------Sales $ 74,437 $ 46,695Gross Margin 43,747 28,401Earnings from operations 31,050 19,937Net Income 22,166 14,204Fully-diluted earnings per share 0.30 0.19
Selected Financial InformationConsolidated Balance Sheet Data as at Year End
Q2'08 YE'07 ---------- ----------Cash and Short-Term Investments $ 65,063 $ 34,544Working Capital 129,040 89,991Total Assets 185,947 143,996Shareholder's Equity 153,804 112,444
For the quarter ended October 31, 2007, sales were $74.4 million, an increase of $27.7 million or 59% as compared to sales of $46.7 million for quarter ended October 31, 2006. For the quarter the Canada/US region grew by $18.8 million or 57% when compared to the same quarter last year. The International region grew by $8.9 million or 66% when compared to the same quarter last year.
For the quarter ended October 31, 2007 gross margin was $43.7 million compared to $28.4 million when compared to the same quarter last year. Gross margin percentage was approximately 59% as compared to 61% for the quarter ended October 31, 2006.
For the quarter ended October 31, 2007 net earnings were $22.2 million as compared to $14.2 million in the corresponding period last year, an increase of 56%.
For the quarter ended October 31, 2007 Earnings per share on a fully-diluted basis were $0.30 as compared to $0.19 in the same period in 2006.
For the quarter ended October 31, 2007 selling and administrative expenses increased by $0.4 million as compared to the prior year. Selling and Administrative expenses represented approximately 8.1% of sales in the quarter ended October 31, 2007.
For the quarter ended October 31, 2007 research and development expenses increased by 22% to $4.2 million as compared to the corresponding period during fiscal 2007.
The Company's working capital as at October 31, 2007 was $129.0 million as compared to $90.0 million on April 30, 2007.
Cash and Short-Term Investments were $65.1 million as at October 31, 2007 as compared to cash and short-term investments of $34.5 million as at April 30, 2007.
Cash provided by operations was $30.9 million for the quarter ended October 31, 2007 as compared to $3.3 million in the quarter ended October 31, 2006. Before taking into account changes in non-cash working capital, the Company generated $23.9 million from operations for the quarter ended October 31, 2007 as compared to $15.7 million for the same period last year.
Cash used in investing activities was $23.6 million for the quarter ended October 31, 2007 as a result of the net acquisition of $20.5 million in short term investments, and $3.1 million in capital assets.
Purchase order backlog at the end of November 2007 was in excess of $20 million and shipments during the month of November 2007 exceeded $21 million.
Evertz Board of Directors declared a dividend on December 11, 2007 of $0.05 per share. The dividend is payable to shareholders of record on January 15, 2008 and will be paid on or about January 25, 2008.
Selected Consolidated Financial Information(in '000 except earnings per share and share data)
------------------------------------------------------------------------------------------------------------------------------------------------------ Three-months ended Six-months ended October 31, October 31,Consolidated Statement of Earnings Data 2007 2006 2007 2006------------------------------------------------------------------------------------------------------------------------------------------------------Sales $ 74,437 $ 46,695 $ 145,217 $ 91,290Cost of goods sold 30,690 18,294 59,366 35,784---------------------------------------------------------------------------Gross margin $ 43,747 $ 28,401 $ 85,851 $ 55,506Gross margin % 58.8% 60.8% 59.1% 60.8%Expenses Selling and administrative 6,023 5,580 12,282 10,384 Research and development 4,169 3,423 8,290 6,488 Research and development tax credits (1,086) (800) (2,406) (1,600) Foreign exchange (gain) loss 2,791 (200) 3,066 (251) Interest on long-term debt - 127 - 219 Stock-based compensation 491 188 951 377 Amortization of intangibles 183 183 366 366Non-controlling interest 126 (37) 224 (37)---------------------------------------------------------------------------Total operating expenses $ 12,697 $ 8,464 $ 22,773 $ 15,946------------------------------------------------------------------------------------------------------------------------------------------------------Earnings from operations 31,050 19,937 63,078 39,560Other income (expenses) 582 208 995 106---------------------------------------------------------------------------Earnings before income tax $ 31,632 $ 20,145 $ 64,073 $ 39,666------------------------------------------------------------------------------------------------------------------------------------------------------Net earnings 22,166 14,204 44,753 27,451------------------------------------------------------------------------------------------------------------------------------------------------------Net earnings per share: Basic $ 0.31 $ 0.20 $ 0.62 $ 0.39 Fully-diluted $ 0.30 $ 0.19 $ 0.60 $ 0.38------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------------------------ As at As atConsolidated Balance Sheet Data October 31, 2007 April 30, 2007------------------------------------------------------------------------------------------------------------------------------------------------------Cash and short-term investments $ 65,063 $ 34,544Inventory $ 49,741 $ 43,084Working capital $ 129,040 $ 89,991Total assets $ 185,947 $ 143,996Shareholder's equity $ 153,804 $ 112,444
Number of common shares outstanding: Basic 72,319,806 72,217,806 Fully-diluted 75,945,306 75,510,806
Weighted average number of shares outstanding: Basic 72,268,806 71,305,725 Fully-diluted 74,752,368 73,202,106------------------------------------------------------------------------------------------------------------------------------------------------------