Evertz Technologies Third Quarter Fiscal 2014 Revenue Up 30%
BURLINGTON, ONTARIO--(Marketwired - Mar 4, 2014) - Evertz
Technologies Limited (TSX:ET), the leader in Software Defined Video
Network ("SDVN") technology, today reported its results for the
third quarter ended January 31, 2014 of its fiscal 2014 year.
Quarterly Highlights
- Revenue of $93.2 million, up $21.4 million from prior quarter
ending January 31, 2013
- United States/Canada region revenue up 63% compared to the same
quarter last year
- Adoption of the recently released state-of-the-art technology
in DreamCatcher replay for a major sports league, and the EXE
46Tb/s Ethernet SDN switching platform for a major network,
resulted in over $15 million in total sales
- Net earnings of $21.3 million for the quarter
- Fully diluted earnings per share increased 61% to $0.29 for the
quarter as compared to $0.18 one year ago
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Selected Financial Information |
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Consolidated Statement of Earnings Data |
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(in thousands of dollars, except per share amounts) |
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Q3 ' 14 |
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Q3 ' 13 |
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Revenue |
$ |
93,185 |
$ |
71,771 |
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Gross Margin |
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53,737 |
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40,272 |
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Earnings from operations |
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28,223 |
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17,108 |
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Net earnings |
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21,349 |
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13,179 |
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Fully-diluted earnings per share |
$ |
0.29 |
$ |
0.18 |
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Selected Financial Information |
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Consolidated Balance Sheet Data |
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(in thousands of dollars) |
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Q3 ' 14 |
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YE ' 13 |
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Cash and instruments held for trading |
$ |
118,782 |
$ |
220,668 |
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Working capital |
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271,609 |
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352,164 |
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Total assets |
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388,797 |
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465,307 |
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Shareholders' equity |
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329,222 |
|
406,797 |
Revenue
For the quarter
ended January 31, 2014, revenues were $93.2 million as compared to
revenues of $71.8 million for the quarter ended January 31, 2013.
For the quarter, revenues in the United States/Canada region were
$55.0 million, an increase of $21.2 million as compared to $33.8
million in the same quarter last year. The International region had
revenues of $38.2 million, an increase of $0.2 million as compared
to $38.0 million in the same quarter last year.
Gross Margin
For the quarter
ended January 31, 2014 gross margin was $53.7 million compared to
$40.3 million in the same quarter last year. Gross margin
percentage was approximately 58% compared to 56% in the same
quarter last year.
Earnings
For the quarter
ended January 31, 2014 net earnings were $21.3 million as compared
to $13.2 million in the corresponding period last year.
For the quarter
ended January 31, 2014, earnings per share on a fully-diluted basis
were $0.29 as compared to $0.18 in the same period in 2013.
Operating Expenses
For the quarter
ended January 31, 2014 selling and administrative expenses were
$14.9 million, an increase of $1.2 million or 9% compared to $13.7
million for the quarter ended January 31, 2013.
For the quarter
ended January 31, 2014 gross research and development expenses
increased by $1.9 million or 15% as compared to the corresponding
period in 2013. Gross research and development expenses represented
approximately 16% of revenue for the quarter ended January 31,
2014.
Liquidity and Capital
Resources
The Company's
working capital as at January 31, 2014 was $271.6 million as
compared to $352.2 million on April 30, 2013.
Cash and instruments
held for trading were $118.8 million as at January 31, 2014 as
compared to $220.7 million on April 30, 2013.
Cash generated by
operations was $24.4 million for the quarter ended January 31, 2014
as compared to $22.0 million for the quarter ended January 31,
2013. Before taking into account taxes and the changes in non-cash
working capital, the Company generated $24.5 million from
operations for the quarter ended January 31, 2014 compared to $16.8
million for the same period last year.
The Company used
$2.6 million in investing activities largely a result of purchases
in capital assets during the quarter ended January 31, 2014,
compared to $6.2 million used during the quarter ended January 31,
2013.
For the quarter
ended January 31, 2014, the Company used cash in financing
activities of $112.6 million which was principally a result of the
payment of dividends of $115.8 million, including a special
dividend of $104.0 million, offset by the issuance of capital stock
of $3.5 million.
Shipments and Backlog
Purchase order
backlog at the end of February 2014 was in excess of $43 million
and shipments during the month of February 2014 were $25
million.
Dividend Declared
Evertz Board of
Directors declared a regular quarterly dividend on March 4, 2014 of
$0.16 per share.
The dividend is
payable to shareholders of record on March 14, 2014 and will be
paid on or about March 21, 2014.
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| Selected Consolidated Financial Information |
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and share data) |
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Three month period ended |
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Nine month period ended |
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January 31, |
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January 31, |
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2014 |
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2013 |
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2014 |
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2013 |
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| Revenue |
$ |
93,185 |
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$ |
71,771 |
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$ |
238,287 |
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$ |
250,890 |
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| Cost of goods sold |
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39,448 |
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31,499 |
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101,184 |
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106,103 |
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| Gross margin |
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53,737 |
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40,272 |
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137,103 |
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144,787 |
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| Expenses |
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Selling and administrative |
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14,913 |
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13,659 |
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40,196 |
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39,118 |
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General |
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2,438 |
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1,393 |
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5,365 |
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4,290 |
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Research and development |
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15,049 |
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13,098 |
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43,133 |
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37,502 |
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Investment tax credits |
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(3,168 |
) |
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(3,519 |
) |
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(9,033 |
) |
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(9,569 |
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Foreign exchange gain |
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(3,718 |
) |
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(1,467 |
) |
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(7,183 |
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(2,790 |
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25,514 |
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23,164 |
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72,478 |
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68,551 |
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| Earnings before undernoted |
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28,223 |
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17,108 |
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64,625 |
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76,236 |
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| Finance income |
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496 |
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699 |
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1,720 |
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1,576 |
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| Finance costs |
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(61 |
) |
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(103 |
) |
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(275 |
) |
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(269 |
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| Other income and expenses |
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47 |
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276 |
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(38 |
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272 |
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| Earnings before income taxes |
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28,705 |
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17,980 |
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66,032 |
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77,815 |
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| Provision for (recovery of) income taxes |
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Current |
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7,672 |
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3,968 |
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19,387 |
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19,280 |
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Deferred |
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(316 |
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833 |
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(2,140 |
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1,505 |
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7,356 |
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4,801 |
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17,247 |
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20,785 |
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| Net earnings for the period |
$ |
21,349 |
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$ |
13,179 |
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$ |
48,785 |
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$ |
57,030 |
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| Net earnings attributable to non-controlling
interest |
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68 |
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|
195 |
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349 |
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550 |
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| Net earnings attributable to shareholders |
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21,281 |
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12,984 |
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48,436 |
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|
56,480 |
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| Net earnings for the period |
$ |
21,349 |
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$ |
13,179 |
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$ |
48,785 |
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$ |
57,030 |
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| Earnings per share |
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| Basic |
$ |
0.29 |
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$ |
0.18 |
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$ |
0.65 |
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$ |
0.77 |
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| Diluted |
$ |
0.29 |
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$ |
0.18 |
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$ |
0.65 |
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$ |
0.77 |
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| Consolidated Balance Sheet Data |
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As at January 31, 2014 |
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As at April 30, 2013 |
| Cash and instruments held for trading |
$ |
118,782 |
$ |
220,668 |
| Inventory |
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125,324 |
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111,619 |
| Working capital |
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271,609 |
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352,164 |
| Total assets |
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388,797 |
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465,307 |
| Shareholders' equity |
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329,222 |
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406,797 |
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| Number of common shares outstanding: |
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Basic |
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74,279,746 |
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73,632,566 |
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Fully-diluted |
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78,068,346 |
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78,246,966 |
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| Weighted average number of shares outstanding: |
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Basic |
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73,994,700 |
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73,300,647 |
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Fully-diluted |
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74,398,758 |
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73,816,338 |
Forward-Looking
Statements
The report contains
forward-looking statements reflecting Evertz's objectives,
estimates and expectations. Such forward looking statements use
words such as "may", "will", "expect", "believe", "anticipate",
"plan", "intend", "project", "continue" and other similar
terminology of a forward-looking nature or negatives of those
terms.
Although management
of the Company believes that the expectations reflected in such
forward-looking statements are reasonable, all forward-looking
statements address matters that involve known and unknown risks,
uncertainties and other factors. Accordingly, there are or will be
a number of significant factors which could cause the Company's
actual results, performance or achievements, or industry results to
be materially different from any future results performance or
achievements expressed or implied by such forward-looking
statements.
Conference Call
The Company will
hold a conference call with financial analysts to discuss the
results on March 4, 2014 at 5:00 p.m. (EDT). Media and other
interested parties are invited to join the conference call in
listen-only mode. The conference call may be accessed by dialing
1-416-849- 6166 or toll-free (North America) 1-866-250-6267.
For those unable to listen to the live call, a rebroadcast will
also be available until April 4, 2014. The rebroadcast can be
accessed at 1-416-915-1035 or toll-free 1-866-245-6755. The pass
code for the rebroadcast is 988819.
About Evertz
Evertz Technologies
Limited (TSX:ET) designs, manufactures and markets video and audio
infrastructure solutions for the television, telecommunications and
new-media industries. The Company's solutions are purchased by
content creators, broadcasters, specialty channels and television
service providers to support their increasingly complex
multi-channel digital, high definition television ("HDTV") and next
generation high bandwidth low latency IP network environments, and
by telecommunications and new-media companies. The Company's
products allow its customers to generate additional revenue while
reducing costs through the more efficient signal routing,
distribution, monitoring and management of content as well as the
automation of previously manual processes.
Evertz Technologies LimitedAnthony GridleyChief Financial
Officer(905) 335-7580ir@evertz.com
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