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Evertz
Technologies Reports Results for the Second Quarter Ended October 31, 2011
December
7, 2011
Source: Evertz
Evertz Technologies Limited, an equipment
provider to the television broadcast industry, reported its results for the second
quarter ended October 31, 2011, of its fiscal 2012 year.
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Quarterly
Highlights -- Revenues was $70.5 million --
Net earnings were $16.1 million for the quarter -- Gross
investment in R&D was $10.0 million -- Fully-diluted
earnings per share were $0.22 for the quarter -- Purchased
and cancelled 305,200 shares pursuant to a NCIB Selected Financial Information
Consolidated Statement of Earnings Data (in thousands of dollars, except per share
amounts)
Revenue
For
the quarter ended October 31, 2011, revenues were $70.5 million as compared to
revenues of $82.3 million for the quarter ended October 31, 2010. For the quarter,
revenues in the United States/Canada region were $35.9 million. The International
region had revenues of $34.6 million.
Gross
Margin
For the quarter ended October 31, 2011
gross margin was $40.4 million compared to $47.6 million in the same quarter last
year. Gross margin percentage was approximately 57.3% compared to 57.9% for the
quarter ended October 31, 2010.
Earnings
For the quarter ended October 31, 2011 net earnings were
$16.1 million as compared to $20.9 million in the corresponding period last year.
For the quarter ended October 31, 2011, earnings per share
on a fully-diluted basis were $0.22 as compared to $0.28 in the same period in
2010.
Operating Expenses
For
the quarter October 31, 2011 selling and administrative expenses were $11.7 million
compared to $9.0 million for the quarter ended October 31, 2010. Selling and administrative
expenses represented approximately 16.7% of revenue in the quarter ended October
31, 2011.
For the quarter ended October 31, 2011
gross research and development expenses increased by $1.8 million or 22.1% as
compared to the corresponding period in 2010. Gross research and development expenses
represented approximately 14.2% of revenue for the quarter compared to 10.0% for
the same period last year.
Liquidity
and Capital Resources
The
Company's working capital as at October 31, 2011 was $323.6 million as compared
to $326.0 million on April 30, 2011.
Cash
and instruments held for trading were $186.3 million as at October 31,
2011 as compared to $192.0 million on April 30, 2011.
Cash
provided by operations was $22.3 million for the quarter ended October 31, 2011
as compared to $9.5 million for the quarter ended October 31, 2010. Before taking
into account the changes in non-cash working capital, the Company generated $19.0
million from operations for the quarter ended October 31, 2011 compared to $27.1
million for the same period last year.
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