Evertz Technologies Reports Results for the Fourth Quarter and Fiscal Year Ended April 30, 2012
(firmenpresse) - BURLINGTON, ONTARIO -- (Marketwire) -- 06/13/12 -- Attention Business/Financial Editors:
Evertz Technologies Limited (TSX: ET), a leading equipment provider to the television broadcast industry, today reported its results, for the fourth quarter and year ended April 30, 2012, of its fiscal 2012 year.
Annual Highlights
Revenue
For the quarter ended April 30, 2012, revenues were $76.3 million, an increase of $7.3 million or 11% as compared to revenues of $69.0 million for the quarter ended April 30, 2011. For the quarter, revenues in the United States/Canada region were $36.7 million. The International region had revenues of $39.6 million, an increase of 42% when compared to the same quarter last year.
For the year ended April 30, 2012, sales were $293.4 million, a decrease of $15.9 million or 5% as compared to sales of $309.3 million for the prior year. The United States/Canada region decreased by $22.2 million or 13% when compared to the prior year, and the International region grew by $6.4 million or 5% when compared to the prior year.
Gross Margin
For the quarter ended April 30, 2012 gross margin was $42.8 million compared to $39.0 million in the same quarter last year. Gross margin percentage was approximately 56% compared to 57% for the quarter ended April 30, 2011.
For the year ended April 30, 2012, gross margin was $166.2 million when compared to $178.3 million for the year ended April 30, 2011. Gross margin percentage was approximately 57% for the year ended April 30, 2012 as compared to 58% for the prior year.
Earnings
For the quarter ended April 30, 2012 net earnings were $13.5 million as compared to $12.4 million in the corresponding period last year.
For the year ended April 30, 2012, net earnings were $60.0 million as compared to $78.3 million in the corresponding period last year.
For the quarter ended April 30, 2012, earnings per share on a fully-diluted basis were $0.18 as compared to $0.16 in the same period in 2011.
For the year ended April 30, 2012, earnings per share on a fully-diluted basis were $0.81 as compared to $1.04 in the same period in 2011.
Operating Expenses
For the quarter ended April 30, 2012 selling and administrative expenses were $12.3 million compared to $10.4 million for the quarter ended April 30, 2011. Selling and administrative expenses represented approximately 16% of revenue in the quarter ended April 30, 2012.
For the year ended April 30, 2012, selling and administrative expenses were $47.1 million compared to $37.6 million for the year ended April 30, 2011. Selling and administrative expenses represented approximately 16% of revenue in fiscal 2012.
For the quarter ended April 30, 2012 gross research and development expenses increased by $2.9 million or 30% as compared to the corresponding period in 2011. Gross research and development expenses represented approximately 17% of revenue for the quarter compared to 14% for the same period last year.
For the year ended April 30, 2012, gross research and development expenses increased by 24% or $8.5 million as compared to the prior year. Research and development expenses represented approximately 15% of sales.
Liquidity and Capital Resources
The Company's working capital as at April 30, 2012 was $325.7 million as compared to $326.0 million on April 30, 2011.
Cash and instruments held for trading were $185.7 million as at April 30, 2012 as compared to $192.0 million on April 30, 2011.
Cash provided by operations was $8.0 million for the quarter ended April 30, 2012 as compared to $23.3 million for the quarter ended April 30, 2011. Before taking into account the changes in non-cash working capital, the Company generated $18.2 million from operations for the quarter ended April 30, 2012 compared to $15.2 million for the same period last year.
Cash provided by operations was $66.6 million for the 2012 fiscal year as compared to cash provided by operations of $73.7 million for the 2011 fiscal year. Before taking into account changes in non-cash working capital, the Company generated $73.0 million from operations for fiscal 2012 as compared to $88.1 million for fiscal 2011.
The Company spent $1.6 million on the purchase of equipment for the quarter ended April 30, 2012 and $16.6 million for the year ended April 30, 2012.
For the quarter ended April 30, 2012, the Company used cash from financing activities of $11.1 million which was principally a result of the payment of dividends of $10.3 million.
For the year ended April 30, 2012, the Company used cash from financing activities of $56.2 million as a result of the payment of dividends of $36.9 million, repurchase of capital stock costing $25.9 million offset by the issuance of share capital of $7.6 million.
IFRS Reporting Commenced First Quarter of 2012
Starting with the first quarter of 2012, Evertz is now reporting its financial results in accordance with International Financial Reporting Standards ("IFRS"). Previously, the Company prepared its financial results under Canadian Generally Accepted Accounting Standards ("Canadian GAAP"). The comparative financial information has been restated to reflect the adoption of IFRS. Further information on the transition from Canadian GAAP to IFRS is provided within the Company's Management's Discussion and Analysis and Note 24 to the Consolidated Financial Statements.
Shipments and Backlog
Purchase order backlog at the end of May 2012 was in excess of $57 million and shipments during the month of May 2012 exceeded $30 million.
Dividend Declared
Evertz Board of Directors declared a dividend on June 13, 2012 of $0.14 per share.
The dividend is payable to shareholders of record on June 22, 2012 and will be paid on or about June 29, 2012.
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 June 13, 2012 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 July 13, 2012. The rebroadcast can be accessed at 1-416-915-1035 or toll-free 1-866-245-6755. The pass code for the rebroadcast is 376075.
About Evertz
Evertz Technologies Limited (TSX: ET) designs, manufactures and markets video and audio infrastructure equipment for the production, post production, broadcast and internet protocol television ("IPTV") industry. The Company's solutions are purchased by content creators, broadcasters, specialty channels and television service providers to support their increasingly complex multi-channel digital and high definition television ("HDTV") broadcast environments and by telecommunications companies to roll-out IPTV. 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.
Contacts:
Evertz Technologies Limited
Anthony Gridley
Chief Financial Officer
(905) 335-7580
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Datum: 13.06.2012 - 14:05 Uhr
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News-ID 1124153
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