Newspaper article The Canadian Press

MDA Q4 Revenue Up but Earnings Down on Acquisition Costs, Other Items

Newspaper article The Canadian Press

MDA Q4 Revenue Up but Earnings Down on Acquisition Costs, Other Items

Article excerpt

MDA Q4 revenue up, but net earnings down

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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. …

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