For immediate release: February 26, 2008
MDA reports preliminary unaudited Fourth Quarter results
Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported preliminary unaudited financial results for the fourth quarter ended December 31, 2007. MDA will release audited financial results on March 26, 2008.
In January 2008, the Company announced its intention to sell its Information Systems and Geospatial Services operations, and to focus exclusively on its Information Products business going forward. The transaction is expected to close in the second quarter of 2008. Accordingly, the sale transaction has no effect on these preliminary reported financial results.
The Company anticipates consolidated revenues for the fourth quarter of 2007 of $294 million compared to $288 million for the fourth quarter of 2006. The Company anticipates fourth quarter net earnings of $30 million, or $0.70 per diluted share, compared to $22 million, or $0.51 per diluted share, for the same period last year.
For the year ended December 31, 2007, consolidated revenues are estimated at $1,204 million compared to $1,053 million for 2006. Net earnings are estimated at $95 million, or $2.18 per diluted share, compared to $84 million, or $1.95 per diluted share, for the prior year. The preliminary results reported for 2007 have been, and continue to be, impacted by the strengthening Canadian dollar.
| Preliminary unaudited financial information | Three months ended December 31, | Twelve months ended December 31, | | | 2007 | 2006 | 2007 | 2006 | | | | | | | | | | ($ millions, except per common share amounts) | | Consolidated revenues | $ 294 | $ 288 | $ 1,204 | $ 1,053 | | | Earnings before income taxes | 42 | 31 | 130 | 117 | | Net earnings | 30 | 22 | 95 | 84 | | Net earnings per diluted common share | $ 0.70 | $ 0.51 | $ 2.18 | $ 1.95 |
| | All results are reported in Canadian dollars and are prepared in accordance with Canadian generally accepted accounting principles. |
The Company anticipates Information Products revenues, excluding the Geospatial Services operations which have been previously reported as part of Information Products for segmented reporting, of $182 million for the fourth quarter. Fourth quarter revenues in North America are estimated at $64 million. Fourth quarter revenues in the U.K. and Europe are estimated at $118 million. Information Products revenues, excluding Geospatial Services operations, for the year ended December 31, 2007 are estimated at $773 million. The Company anticipates revenues for the year ended December 31, 2007 of $255 million for North America and $518 million for the U.K. and Europe.
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 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.
Investor/Analyst Conference Call Today
MDA President and CEO Daniel Friedmann and Executive Vice President and CFO Anil Wirasekara will be available on a Conference Call today, February 26, 2008 at 2:30 p.m. Pacific (5:30 p.m. Eastern) to explain the financial results of the Company and to answer questions.
The Conference Call will include a discussion of other unaudited financial information that is available at: http://www.mdacorporation.com/investor/events.shtml
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 March 4, 2008 at the following numbers:
Toll free, International, dial 1-800-408-3053 In Toronto, dial 416-695-5800 Pass Code 3253048
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
|