Attention Business/Financial Editors:
Evertz Technologies Limited (TSX:ET), a global leader in video infrastructure
solutions for production, playout and delivery systems for television
broadcasters, telecom and multi-system operators, today reported its results for
the first quarter ended July 31, 2013 of its fiscal 2014 year.
Quarterly Highlights
-- Revenue of $63.9 million
-- Net earnings of $11.8 million for the quarter, up $3.7 million from
prior quarter ending April 30, 2013
-- Continue growth in R&D with a gross investment of $13.5 million, an
increase of 14% compared to the same quarter last year
-- Fully diluted earnings per share of $0.16, up 45% from prior quarter
-- Quarterly dividend of $0.16 per share declared in the quarter
Selected Financial Information
Consolidated Statement of Earnings Data
(in thousands of dollars, except per share amounts)
Q1 ' 14 Q1 ' 13
------------ ------------
Revenue $ 63,858 $ 95,961
Gross Margin 36,714 55,655
Earnings from operations 15,547 33,234
Net earnings 11,816 24,759
Fully-diluted earnings per share $ 0.16 $ 0.34
Selected Financial Information
Consolidated Balance Sheet Data
(in thousands of dollars)
Q1 ' 14 YE ' 13
------------ ------------
Cash and instruments held for trading $ 210,996 $ 220,668
Working capital 352,901 352,164
Total assets 455,173 465,307
Shareholders' equity 411,429 406,797
Revenue
For the quarter ended July 31, 2013, revenues were $63.9 million as compared to
revenues of $96.0 million for the quarter ended July 31, 2012. For the quarter,
revenues in the United States/Canada region were $35.9 million, compared to
$59.4 million in the same quarter last year. The International region had
revenues of $27.9 million, as compared to $36.6 million in the same quarter last
year.
Gross Margin
For the quarter ended July 31, 2013 gross margin was $36.7 million compared to
$55.7 million in the same quarter last year. Gross margin percentage was
approximately 57.5% compared to 58.0% in the same quarter last year.
Earnings
For the quarter ended July 31, 2013 net earnings were $11.8 million as compared
to $24.8 million in the corresponding period last year.
For the quarter ended July 31, 2013, earnings per share on a fully-diluted basis
were $0.16 as compared to $0.34 in the same period in 2012.
Operating Expenses
For the quarter ended July 31, 2013 selling and administrative expenses were
$11.6 million, a decrease of $0.8 million or 6%, compared to $12.4 million for
the quarter ended July 31, 2012.
For the quarter ended July 31, 2013 gross research and development expenses
increased by $1.7 million or 14% as compared to the corresponding period in
2012. Gross research and development expenses represented approximately 21% of
revenue for the quarter ended July 31, 2013.
Liquidity and Capital Resources
The Company's working capital as at July 31, 2013 was $352.9 million as compared
to $352.2 million on April 30, 2013.
Cash and instruments held for trading were $211.0 million as at July 31, 2013 as
compared to $220.7 million on April 30, 2013.
Cash provided by operations was $2.7 million for the quarter ended July 31, 2013
as compared to $9.6 million for the quarter ended July 31, 2012. Before taking
into account taxes and the changes in non-cash working capital, the Company
generated $12.8 million from operations for the quarter ended July 31, 2013
compared to $27.4 million for the same period last year.
The Company used $3.5 million in investing activities largely a result of
purchases in capital assets during the quarter ended July 31, 2013, compared to
$3.1 million in capital assets purchased for the quarter ended July 31, 2012.
For the quarter ended July 31, 2013, the Company used cash in financing
activities of $8.5 million which was principally a result of the payment of
dividends of $12.4 million offset by the issuance of capital stock of $4.2
million.
Shipments and Backlog
Purchase order backlog at the end of August 2013 was in excess of $53 million
and shipments during the month of August 2013 were $25 million.
Dividend Declared
Evertz Board of Directors declared a dividend on September 11, 2013 of $0.16 per
share.
The dividend is payable to shareholders of record on September 20, 2013 and will
be paid on or about September 27, 2013.
Selected Consolidated Financial Information
(Unaudited)
(in thousands of dollars, except earnings per share and share data)
-------------------------------------------------------------
-------------------------------------------------------------
Three months Three months
ended ended
July 31, July 31,
2013 2012
-------------------------------------------------------------
-------------------------------------------------------------
Revenue $ 63,858 $ 95,961
Cost of goods sold 27,144 40,306
-------------------------------------------------------------
Gross margin $ 36,714 $ 55,655
-------------------------------------------------------------
Expenses
Selling and administrative 11,612 12,367
General 1,462 1,450
Research and development 13,459 11,792
Investment tax credits (2,857) (3,186)
Foreign exchange gain (2,509) (2)
-------------------------------------------------------------
21,167 22,421
-------------------------------------------------------------
Earnings before undernoted $ 15,547 $ 33,234
Finance income 621 449
Finance costs (102) (88)
Other income and expenses 7 115
-------------------------------------------------------------
Earnings before income taxes $ 16,073 $ 33,710
-------------------------------------------------------------
Provision for (recovery of)
income taxes
Current 6,370 8,988
Deferred (2,113) (37)
-------------------------------------------------------------
$ 4,257 $ 8,951
-------------------------------------------------------------
Net earnings for the period $ 11,816 $ 24,759
-------------------------------------------------------------
Net earnings attributable to
non-controlling interest 83 170
-------------------------------------------------------------
Net earnings attributable to
shareholders 11,733 24,589
-------------------------------------------------------------
-------------------------------------------------------------
Net earnings for the period $ 11,816 $ 24,759
-------------------------------------------------------------
-------------------------------------------------------------
Earnings per share:
Basic $ 0.16 $ 0.34
Diluted $ 0.16 $ 0.34
-------------------------------------------------------------
-------------------------------------------------------------
-------------------------------------------------------------
-------------------------------------------------------------
Consolidated Balance Sheet Data As at As at
July 31, April 30,
2013 2013
-------------------------------------------------------------
-------------------------------------------------------------
Cash and instruments held for
trading $ 210,996 $ 220,668
Inventory $ 112,637 111,619
Working capital $ 352,901 352,164
Total assets $ 455,173 465,307
Shareholders' equity $ 411,429 406,797
Number of common shares
outstanding:
Basic 74,007,946 73,632,566
Fully-diluted 78,119,846 78,246,966
Weighted average number of
shares outstanding:
Basic 73,784,853 73,300,647
Fully-diluted 74,053,544 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 September 11, 2013 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 October 11, 2013. The rebroadcast can be accessed at
1-416-915-1035 or toll-free 1-866-245-6755. The pass code for the rebroadcast is
524216.
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 and high definition television
("HDTV") broadcast 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Evertz Technologies Limited
Anthony Gridley
Chief Financial Officer
(905) 335-7580
ir@evertz.com
Evertz Technologies (TSX:ET)
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