MDA announces fourth quarter and full year 2014 results and dividend increase.

Transmitted by CNW Group on : February 25, 2015 17:00

 

 

RICHMOND, BC, Feb. 25, 2015 /CNW/ – MacDonald, Dettwiler and Associates Ltd. (“MDA” or the “Company”) (TSX: MDA), a global communications and information company, today reported financial results for the fourth quarter and full year ended December 31, 2014.

The Company announced a 14% increase in the dividend rate for 2015 and changed its dividend policy to pay dividends quarterly instead of semi-annually.  A quarterly dividend of $0.37 per share is payable on March 31, 2015 to shareholders of record at the close of business on March 16, 2015.

Consolidated revenues for the fourth quarter of 2014 were $547 million, up from $477 million for the same period of 2013. Operating earnings¹ this quarter increased to $54 million, or $1.49 per share¹, compared to $48 million, or $1.34 per share, for the same period of last year.

For the full year 2014, consolidated revenues increased to $2.1 billion compared to $1.8 billion for 2013. Operating earnings increased to $208 million ($5.76 per share) from $180 million ($5.13 per share) for 2013.

The Company ended the year with total funded order backlog of $3.1 billion compared to $3.0 billion as at December 31, 2013. The increase reflects solid bookings activity throughout 2014, which included new orders for nine communication satellites.

The Company’s net earnings under IFRS in 2014 were impacted by the inclusion and variability of certain large, non-operational items that affected the comparability of financial results to prior periods. These items included charges related to the settlement of the ViaSat litigation, enterprise improvement costs, and unrealized losses related to share-based compensation awards and certain long-term foreign exchange exposures that are either unhedged or not subject to hedge accounting. Including unusual and non-recurring items, net earnings for 2014 were $47 million.

Financial Highlights

($ millions, except per common share amounts)					Three months ended December 31,			Twelve months ended December 31,
					2014		2013	2014		2013
Consolidated revenues					547.0		476.7	2,098.8		1,819.0
Operating earnings1					53.9		48.3	208.0		180.0
Operating earnings per share1					1.49		1.34	5.76		5.13
Net earnings (loss)					(35.8)		25.2	47.1		105.0
Net earnings (loss) per share, basic and diluted					(0.99)		0.70	1.31		3.00
Weighted average number of common shares outstanding:
(millions)
Basic and diluted2			36.1				36.0	36.1		35.1

 

1  See section “Non-IFRS Financial Measures” in this earnings release.

2 On March 27, 2013, the Company completed a public offering of 4,145,750 common shares at a price of $69.40 per share for gross proceeds of $287.7 million.

 

MDA’s audited consolidated financial statements and management’s discussion and analysis (MD&A) for the twelve months ended December 31, 2014 are available at:

http://www.mdacorporation.com/corporate/investor/financial_reports.cfm

About MDA

 

MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.

MDA’s business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.

MDA’s established global customer base is served by more than 4,800 employees operating from 11 locations in the United States, Canada, and internationally.

The Company’s common shares trade on the Toronto Stock Exchange under the symbol MDA.

Investor/Analyst Conference Call

MDA President and CEO Daniel Friedmann and Executive Vice President and CFO Anil Wirasekara will be available on a Conference Call today, February 25, 2015 at 2:30 p.m. Pacific (5:30 p.m. Eastern) to explain the financial results of the Company and to answer questions.

To participate, dial toll free US/Canada:  1-888-390-0546

Toronto:  1-416-764-8688

The Conference Call will also be Webcast live at:

http://www.mdacorporation.com/corporate/investor/events.cfm

Telephone replay will be available from February 25, 2015 5:00 p.m. (PDT), 8:00 p.m. (EDT) to

March 10, 2015 8:59 p.m. (PDT), 11:59 p.m. (EDT) at the following numbers:

Toll Free US/Canada:  1-888-390-0541

Toronto:  1-416-764-8677

Pass code:  352595#

Related Websites:

www.mdacorporation.com

Non-IFRS Financial Measures

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