Welcome!

Microsoft Cloud Authors: Andreas Grabner, Stackify Blog, Liz McMillan, David H Deans, Automic Blog

News Feed Item

Evertz Technologies Second Quarter Fiscal 2013 Revenue and Earnings Up 18%

BURLINGTON, ONTARIO -- (Marketwire) -- 12/04/12 --

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 that revenue and earnings per share rose 18% in its results for the second quarter of its fiscal 2013 year.

Quarterly Highlights


--  Revenue of $83.2 million, an increase of 18% year over year for the
    quarter 
--  US/Canada region revenue was up $10.8 million or 30% compared to a year
    ago 
--  Revenue in the International region rose 5% compared to a year ago, to
    $36.4 million 
--  Gross margin rose to 59% 
--  Fully diluted earnings per share increased 18% to $0.26 for the quarter
    as compared to $0.22 a year ago 
--  Cash and instruments held for trading increased to over $215 million 

                                                                            
Selected Financial Information                                              
Consolidated Statement of Earnings Data                                     
(in thousands of dollars, except per share amounts)                         
                                                       Q2 ' 13       Q2 ' 12
                                                    ----------    ----------
Revenue                                              $  83,158     $  70,487
Gross margin                                            48,860        40,376
Earnings from operations                                25,894        21,983
Net earnings                                            19,092        16,097
Fully-diluted earnings per share                     $    0.26     $    0.22
                                                                            
Selected Financial Information                                              
Consolidated Balance Sheet Data                                             
(in thousands of dollars)                                                   
                                                       Q2 ' 13       YE ' 12
                                                    ----------    ----------
Cash and instruments held for trading                $ 215,342     $ 185,669
Working capital                                        349,281       325,677
Total assets                                           446,714       431,864
Shareholders' equity                                   402,075       378,417

Revenue

For the quarter ended October 31, 2012, revenues were $83.2 million, an increase of $12.7 million or 18% as compared to revenues of $70.5 million for the quarter ended October 31, 2011. For the quarter, revenues in the United States/Canada region were $46.7 million, an increase of $10.8 million or 30% when compared to the same quarter last year. The International region had revenues of $36.4 million, an increase of 5% when compared to the same quarter last year.

Gross Margin

For the quarter ended October 31, 2012 gross margin was $48.9 million compared to $40.4 million in the same quarter last year. Gross margin percentage was approximately 59% compared to 57% for the quarter ended October 31, 2011.

Earnings

For the quarter ended October 31, 2012 net earnings were $19.1 million as compared to $16.1 million in the corresponding period last year.

For the quarter ended October 31, 2012, earnings per share on a fully-diluted basis were $0.26 as compared to $0.22 in the same period in 2011.

Operating Expenses

For the quarter ended October 31, 2012 selling and administrative expenses were $13.1 million compared to $11.7 million for the quarter ended October 31, 2011. Selling and administrative expenses represented approximately 16% of revenue in the quarter compared to 17% for the same period last year.

For the quarter ended October 31, 2012 gross research and development expenses increased by $2.6 million or 26% as compared to the corresponding period in 2011. Gross research and development expenses represented approximately 15% of revenue for the quarter ended October 31, 2012.

Liquidity and Capital Resources

The Company's working capital as at October 31, 2012 was $349.3 million as compared to $325.7 million on April 30, 2012.

Cash and instruments held for trading were $215.3 million as at October 31, 2012 as compared to $185.7 million on April 30, 2012.

Cash provided by operations was $46.4 million for the quarter ended October 31, 2012 as compared to $22.3 million for the quarter ended October 31, 2011. Before taking into account the changes in non-cash working capital, the Company generated $22.5 million from operations for the quarter ended October 31, 2012 compared to $19.0 million for the same period last year.

The Company spent $1.4 million on the purchase of capital assets for the quarter ended October 31, 2012 and $3.4 million for the quarter ended October 31, 2011.

For the quarter ended October 31, 2012, the Company used cash from financing activities of $11.0 million which was principally a result of the payment of dividends of $10.6 million.

Shipments and Backlog

Purchase order backlog at the end of November 2012 was in excess of $41 million and shipments during the month of November 2012 exceeded $21 million.

Dividend Declared

Evertz Board of Directors declared a dividend on December 4, 2012 of $0.14 per share.

The dividend is payable to shareholders of record on December 14, 2012 and will be paid on or about December 21, 2012.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                   Three month period      Six month period 
                                                ended                 ended 
                                          October 31,           October 31, 
----------------------------------------------------------------------------
                                     2012        2011       2012       2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue                         $  83,158   $  70,487  $ 179,119  $ 145,615 
Cost of goods sold                 34,298      30,111     74,604     62,392 
----------------------------------------------------------------------------
Gross margin                       48,860      40,376    104,515     83,223 
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Selling and administrative       13,090      11,739     25,459     22,121 
  General                           1,449       1,789      2,897      3,098 
  Research and development         12,612      10,041     24,404     20,360 
  Investment tax credits           (2,864)     (2,454)    (6,050)    (4,736)
  Foreign exchange gain            (1,321)     (2,722)    (1,323)    (3,065)
----------------------------------------------------------------------------
                                   22,966      18,393     45,387     37,778 
----------------------------------------------------------------------------
Earnings before undernoted         25,894      21,983     59,128     45,445 
                                                                            
Finance income                        428         453        877        876 
Finance costs                         (78)        (46)      (166)       (97)
Other income and expenses            (119)       (242)        (4)      (225)
----------------------------------------------------------------------------
Earnings before income taxes       26,125      22,148     59,835     45,999 
----------------------------------------------------------------------------
                                                                            
Provision for income taxes                                                  
  Current                           6,324       6,126     15,312     13,481 
  Deferred                            709         (75)       672     (1,203)
----------------------------------------------------------------------------
                                    7,033       6,051     15,984     12,278 
----------------------------------------------------------------------------
                                                                            
Net earnings for the period     $  19,092   $  16,097  $  43,851  $  33,721 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net earnings attributable to                                                
 non-controlling interest             185         101        355        198 
----------------------------------------------------------------------------
Net earnings attributable to                                                
 shareholders                      18,907      15,996     43,496     33,523 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings for the period     $  19,092   $  16,097  $  43,851  $  33,721 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Earnings per share                                                          
Basic                           $    0.26   $    0.22  $    0.59  $    0.45 
Diluted                         $    0.26   $    0.22  $    0.59  $    0.45 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Balance Sheet Data                       As at            As at
                                           October 31, 2012   April 30, 2012
----------------------------------------------------------------------------
Cash and instruments held for trading          $    215,342     $    185,669
Inventory                                      $    107,927     $    109,211
Working capital                                $    349,281     $    325,677
Total assets                                   $    446,714     $    431,864
Shareholders' equity                           $    402,075     $    378,417
                                                                            
Number of common shares outstanding:                                        
  Basic                                          73,172,986       73,225,786
  Fully -diluted                                 77,924,586       77,904,086
                                                                            
Weighted average number of shares                                           
 outstanding:                                                               
  Basic                                          73,166,072       73,612,759
  Fully -diluted                                 73,382,083       73,812,767
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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 December 4, 2012 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 January 4, 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 235180.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Carbonite will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Carbonite protects your entire IT footprint with the right level of protection for each workload, ensuring lower costs and dependable solutions with DoubleTake and Evault.
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assis...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...