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MDA Q4 revenue up but earnings down on acquisition costs, other items
RICHMOND, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) is reporting increased revenue but a drop in net earnings for the fourth quarter, citing acquisition costs and other items "not indicative" of its operating performance.
The technology company says fourth-quarter net earnings came in at $12.6 million, or 40 cents per diluted share on revenue of $372.6 million.
That compares to net earnings of $29.2 million, or 91 cents per share on revenue of $178.2 million in the year earlier period.
MDA says net earnings for the quarter were hit by acquisition costs of $11 million related to the purchase of Space Systems/Loral Inc., amortization expenses on acquisition-related intangible assets of $4.8 million, loss on disposal of assets of $1.7 million and share-based compensation expense of $12 million.
Operating earnings, a non-International Financial Reporting Standards measure, for the quarter were $41 million, or $1.27 per diluted share, compared to $31 million or 97 cents per diluted share year over year.
The increase, MDA said, was primarily due to two months of included results from Space Systems/Loral Inc.
MDA closed its US$875-million takeover of the California-based builder of commercial communications satellites in early November.
MDA's order backlog, which represents the estimated dollar value of firm funded contracts for which work has not been performed, was $2.2 billion at the end of 2012 compared to $805 million at the end of 2011.
For the full year, MDA reported revenue of $880 million, up from $761 million in 2011.
Net earnings from continuing operations for 2012 were $86 million, or $2.71 per share, compared to $130 million, or $3.31 per share, for 2011.
Operating earnings for 2012 were $127 million, or $3.98 per share compared to $117 million, or $2.99 per share in 2011.
MDA, best-known for the robotic arms used on the International Space Station and U.S. space shuttles, also provide satellite data and surveillance information and technology.
Shares in the company, which reported its results after the close of markets, were down 21 cents at $68.48 on the Toronto Stock Exchange.
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