For immediate release: October 30, 2007
MDA Reports Third Quarter 2007 Results
Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the third quarter ended September 30, 2007.
Consolidated revenues for the third quarter of 2007 amounted to $292 million compared to $290 million for the third quarter of 2006. Information Products revenues increased to $214 million from $196 million for the same period last year. Strong organic growth in the U.K. had resulted in an 18% increase of U.K. Information Products revenues. Information Systems had a lower quarter due to certain program delays, resulting in revenues of $78 million compared to $94 million for the third quarter a year ago. Third quarter net earnings were $24 million, or $0.54 per diluted share, an increase of 13% compared to $21 million, or $0.49 per diluted share, for the same period last year.
For the year to date, consolidated revenues increased to $910 million from $765 million for the first nine months of 2006. Information Products revenues were $642 million, up 34% compared to the same period last year and Information Systems revenues were $268 million compared to $286 million for the same period of 2006. For the first nine months of 2007, net earnings increased to $65 million, or $1.48 per diluted share, compared to $61 million, or $1.44 per diluted share, for the prior year period. Results reported for 2007 have been and continue to be impacted by start-up expenses and other one-time costs related to ramping up the Company's Home Information Pack business and the strengthening Canadian dollar.
| | Three months ended September 30, | Nine months ended September 30, | | | 2007 | 2006 | 2007 | 2006 | | | | | | | | | | ($ thousands, except per common share amounts) | | Consolidated revenues | $291,997 | $290,170 | $910,096 | $764,831 | | | Earnings before income taxes | 31,337 | 28,860 | 87,521 | 86,551 | | Net earnings | 23,502 | 20,779 | 64,697 | 61,451 | | Net earnings per diluted common share | 0.54 | 0.49 | 1.48 | 1.44 |
| All results are reported in Canadian dollars and are prepared in accordance with Canadian generally accepted accounting principles. About MDA
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 3,000 people in locations across the United States, the United Kingdom, and Canada. The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
MDA's Third Quarter 2007 unaudited consolidated financial statements are available at: http://www.mdacorporation.com/investor/financial_reports.shtml
Investor/Analyst Conference Today
MDA President and CEO Daniel Friedmann and Executive Vice President and CFO Anil Wirasekara will be available on a Conference Call today, October 30, 2007 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 1-888-575-8232 in Canada or the United States In Toronto, dial 416-406-6419
The Conference Call will also be Webcast live and archived at: http://www.mdacorporation.com/investor/events.shtml
Telephone replay will be available until November 6, 2007 at the following numbers:
Toll free, International, dial 1-800-408-3053 In Toronto, dial 416-695-5800 Pass Code 3238762
Related Websites:
www.mdacorporation.com
Forward-Looking Statements
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and MDA's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect MDA's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
For more information, please contact:
Wendy Keyzer
MDA External Relations
Telephone: 604-231-2743
E-mail: wendy@mdacorporation.com
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