CAE reports fourth quarter and full-year financial results for fiscal year 2013
- Q4 and full-year revenue up 16% over prior year - Q4 EPS of C$0.17 (C$0.21 before restructuring, integration and acquisition costs) vs. C$0.21 in prior year - Full-year EPS of C$0.54 (C$0.74 before restructuring, integration and acquisition costs) vs. C$0.70 in prior year - Record $4.1 billion order backlog
(firmenpresse) - MONTREAL, CANADA -- (Marketwired) -- 05/16/13 -- (NYSE: CAE)(TSX: CAE) - CAE today reported financial results for the fourth quarter and full-year ended March 31, 2013. Net income attributable to equity holders was $43.8 million ($0.17 per share) this quarter, compared to $53.2 million ($0.21 per share) last year. Net income attributable to equity holders for the year was $139.4 million ($0.54 per share), compared to $180.3 million ($0.70 per share) last year. All financial information is in Canadian dollars.
Excluding $10.1 million (after-tax) of restructuring, integration and acquisition costs this quarter, net income attributable to equity holders was $53.9 million ($0.21 per share). On the same basis, it was $190.7 million ($0.74 per share) for the year.
Revenue for the quarter was $587.9 million, 16% higher than $506.7 million in the fourth quarter last year. For the full year, revenue was $2,104.5 million, up 16% from $1,821.2 million last year.
"Our results for the quarter and the year reflected our integration of new businesses and restructuring of Civil and Military operations," said Marc Parent, CAE's President and Chief Executive Officer. "Backlog exceeded $4 billion for the first time in CAE's history, with a high proportion involving recurring services. In Civil Products, we had a strong finish to the year, meeting our mid-30s full-flight simulator order outlook. With continued high levels of aircraft deliveries, we expect strong demand for civil full-flight simulators again in fiscal 2014. In Civil Training, the integration of Oxford progressed well, with cost synergies on target. In Military, we booked orders involving enduring aircraft programs, which gives us confidence in sustaining our business in a still-challenging environment. New Core Markets delivered on our financial goals and we expect our investments in new products and expanded sales capabilities to bear fruit in the period ahead."
Summary of consolidated results
Civil segments
Revenue for our combined Civil segments increased 54% in the fourth quarter to $331.6 million compared to $215.4 million last year. Fourth quarter operating profit was $54.1 million (16.3% of revenue) compared to $44.3 million (20.6% of revenue) last year.
Annual revenue was $1,158.0 million, up 38% from $840.9 million last year. Annual operating profit was $195.1 million (16.8% of revenue) compared to $173.8 million (20.7% of revenue) last year.
We received 10 full-flight simulator (FFS) orders in the fourth quarter to conclude the year with 35 in total. We also obtained training services contracts expected to generate $456.7 million in future revenue, including long-term training services contracts with LAN, TAM, Turkish Airlines, Virgin Atlantic and Brussels Airlines. We also renewed a long-term contract with GE Capital Aviation Services for crew sourcing and we signed an agreement with Ryanair for training and recruitment services.
We received $607.5 million in combined civil segment orders this quarter representing a book-to-sales ratio of 1.83x. The ratio for the trailing 12 months was 1.18x.
Training & Services/Civil (TS/C)
Simulation Products/Civil (SP/C)
Military segments
Revenue for our combined Military segments decreased 15% in the fourth quarter to $227.3 million compared to $267.1 million last year. For the year, revenue was $834.4 million, down 7% from $897.3 million last year.
Combined Military operating income was $29.4 million (12.9% of revenue) for the quarter, compared to $45.6 million (17.1% of revenue) last year. For the full year, operating income was $113.1 million (13.6% of revenue), compared to $142.1 million (15.8% of revenue) last year.
We booked orders in our Simulation Products Military segment during the quarter involving enduring aircraft types like the MH-60 Seahawk helicopter and the C-130J Hercules transport aircraft. These orders comprised simulator products and updates in support of the U.S. Navy and Air Force, the Royal Australian Navy, and the Israeli Air Force. We were also awarded contracts in our Training and Services Military segment to provide a range of maintenance and support services for customers including NATO, the U.S. Air Force, the German Armed Forces, and the Taiwan Air Force. As part of the U.S. Air Force's KC-135 Aircrew Training Systems program, for which CAE is the prime contractor, we were awarded an additional contract to provide operations and maintenance support involving the aerial refueling aircraft's boom operator trainers.
We received $215.9 million in combined military segment orders this quarter, representing a book-to-sales ratio of 0.95x. The ratio for the trailing 12 months was 0.92x.
Simulation Products/Military (SP/M)
Training & Services /Military (TS/M)
New Core Markets
Revenue in New Core Markets was $29.0 million for the quarter, up 20% from $24.2 million last year. Operating income was $1.8 million for the quarter, compared to negative $1.2 million last year. Annual revenue was $112.1 million up 35% from $83.0 million last year and operating income was $6.4 million, compared to negative $13.8 million last year.
In CAE Healthcare, we continued to make good progress penetrating global markets with sales of our surgical, patient, and ultrasound simulators, as well as centre management systems to customers in Canada, the U.S., Australia, India and Saudi Arabia.
In CAE Mining, we sold our mine planning software to customers in China and Russia and our new stratigraphic modeling software to customers in South Africa and Chile. We also received a contract to implement a complete suite of geological data management, resource modeling and mine planning software to a gold mining company operating long life projects in Vietnam and Malaysia.
New Core Markets (NCM)
Additional financial highlights
Income taxes this quarter were $7.0 million representing an effective tax rate of 13%, compared to 26% last year. The decrease in the effective tax rate from the fourth quarter of fiscal 2012 was mainly due to the settlement of tax audits as well as the change in the mix of income from various jurisdictions. Excluding the effect of the one - time items in the quarter, the income tax expense would have been $11.5 million. The impact of these one-time items represents $0.02 on earnings per share.
Free cash flow(4) was positive $108.6 million this quarter. Our free cash flow is generally higher in the second half of the fiscal year, a trend that is expected to continue in fiscal 2014. The increase in free cash flow compared to the fourth quarter last year results mainly from favorable changes in non-cash working capital.
Capital expenditures totalled $32.4 million this quarter, including $29.5 million for growth and $2.9 million for maintenance.
Net debt(5) was $916.8 million as at March 31, 2013, compared with $965.4 million as at December 31, 2012.
CAE will pay a dividend of $0.05 per share effective June 28, 2013 to shareholders of record at the close of business on June 14, 2013.
Additional information
You will find a more detailed discussion of our results by segment in the Management's Discussion and Analysis
(MD&A) as well as in our consolidated interim financial statements which are posted on our website at .
CAE's unaudited consolidated interim financial statements and management's discussion and analysis for the quarter ended March 31, 2013 have been filed with the Canadian securities commissions and are available on our website () and on SEDAR (). They have also been filed with the U.S. Securities and Exchange Commission and are available on their website ().
Conference call Q4 and full-year FY2013
CAE will host a conference call focusing on fiscal year 2013 fourth quarter and full-year financial results today at 1:00 p.m. ET. The call is intended for analysts, institutional investors and the media. Participants can listen to the conference by dialling + 1 877 586 3392 or +1 416 981 9024. The conference call will also be audio webcast live for the public at .
CAE is a global leader in modeling, simulation and training for civil aviation and defence. The company employs approximately 8,000 people at more than 100 sites and training locations in approximately 30 countries. CAE offers civil aviation, military, and helicopter training services in more than 45 locations worldwide and trains approximately 100,000 crewmembers yearly. In addition, the CAE Oxford Aviation Academy offers training to aspiring pilot cadets in 11 CAE-operated flight schools. CAE's business is diversified, ranging from the sale of simulation products to providing comprehensive services such as training and aviation services, integrated enterprise solutions, in-service support and crew sourcing. The company applies simulation expertise and operational experience to help customers enhance safety, improve efficiency, maintain readiness and solve challenging problems. CAE is leveraging its simulation capabilities in new markets such as healthcare and mining.
You will find more information about the risks and uncertainties associated with our business in the MD&A section of our annual report and annual information form for the year ended March 31, 2012. These documents have been filed with the Canadian securities commissions and are available on our website ( ), on SEDAR () and a free copy is available upon request to CAE. They have also been filed with the U.S. Securities and Exchange Commission under Form 40-F and are available on EDGAR (). The forward-looking statements contained in this news release represent our expectations as of May 16, 2013 and, accordingly, are subject to change after this date. We do not update or revise forward-looking information even if new information becomes available unless legislation requires us to do so. You should not place undue reliance on forward-looking statements.
Notes
Contacts:
Investor relations:
Andrew Arnovitz, Vice President
Investor Relations and Strategy
(514) 734-5760
Media:
Nathalie Bourque, Vice President
Public Affairs and Global Communications
(514) 734-5788
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Datum: 16.05.2013 - 06:32 Uhr
Sprache: Deutsch
News-ID 1228116
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