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Miranda
Reports Q2-2009 Financial Results
August 11, 2009
Source: Miranda Technologies
Miranda Technologies reported results for
the second quarter ended June 30, 2009.
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here for financial statements
Second Quarter Highlights: Q2 2009/2008
Sales of $31.1 million, versus $34.2 million in 2008
Previously announced cost containment initiatives completed,
expect savings of $4 million annually
Net income of $1.3 million, compared to $4.1 million last
year
EBITDA of $2.7 million, versus $7.0 million
Fully diluted earnings per share (EPS) of 6 cents, compared
to 16 cents
Excluding restructuring charges, the Company achieved quarterly
net income of $1.7 million, fully diluted EPS of 8 cents and
EBITDA of $3.4 million
Combination of Miranda and NVISION products strengthening
business
“Delays in customer orders combined with reduced customer
demand stemming from the global downturn and tight credit
markets continued to weigh on the broadcast equipment industry,
including Miranda,” said Strath Goodship, Miranda’s
President and Chief Executive Officer.
Second quarter revenues declined 9% from 2008 to $31.1 million.
Net income was $1.3 million, or 6 cents per share on a fully
diluted basis, down from $4.1 million and 16 cents respectively
last year. This quarter’s earnings were impacted by a
restructuring charge of approximately $0.7 million, relating
to the previously announced cost containment efforts. These
initiatives are now in full effect and are expected to generate
annualized savings of approximately $4.0 million. Excluding
restructuring, net income for the period was $1.7 million,
translating into fully diluted EPS of 8 cents.
“Despite weaker end market demand, our business fundamentals
remain strong and we remain a dominant player in our industry,”
commented Mr. Goodship. “Furthermore the integration
of NVISION is proceeding well and the broader solutions now
being offered have allowed us to win a number of combined
deals. We also continue to believe broadcast spending will
eventually improve. Therefore, we continue to make sound investments
in our future, streamlining costs to mitigate the impact of
lower sales volumes, while strengthening our product line
through strategic investments in R&D.”
click
here for financial statements
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