Welcome!

Microsoft Cloud Authors: Liz McMillan, Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham

News Feed Item

Mediagrif announces its financial results for the third quarter of fiscal 2013

Third quarter highlights:

  • Revenues up 11% or $1.5 million to $15.1 million.
  • EBITDA of $6.2 million up 29%, compared to $4.8 million (before transaction costs of $1.4 million for the acquisition of LesPAC).
  • Operating profit of $4.9 million compared to $2.3 million.
  • Profit of $3.5 million ($0.24 per share), up by $2.5 million.
  • Full repayment of long-term debt following the private placement of common shares of $35.0 million.

Increase in quarterly dividend at $0.10 per share:

  • Increase of 11% of quarterly dividend from $0.09 to $0.10 per share.

TSX: MDF
www.mediagrif.com

LONGUEUIL, QC, Feb. 12, 2013 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce solutions, today announced its financial results for the third quarter of fiscal 2013 ended December 31, 2012. Unless indicated otherwise, all amounts are in Canadian dollars.

SUMMARY OF CONSOLIDATED RESULTS

     
  Three months ended
December 31
  Nine months ended
December 31
(in thousands of Canadian dollars, except for numbers related to shares - unaudited) 2012 2011 2012 2011
Revenues 15,128 13,617 46,188 38,960
EBITDA 6,173 3,353 18,812 11,822
Operating profit 4,898 2,250 15,009 9,207
Profit for the period 3,475 965 10,537 6,870
Earnings per share        

- Basic & Diluted 0.24 0.07 0.75 0.50
Weighted average number of share outstanding (in thousands)        

- Basic 14,356 13,710 13,964 13,699
  - Diluted 14,374 13,762 13,995 13,743

The results for the three- and nine-month periods ended December 31, 2012 include a non-recurring expense of $1.4 million related to the acquisition of LesPAC.

The income analysis summary takes into consideration the impact of the acquisition of LesPAC network ("LesPAC") completed on November 14, 2011.

RESULTS FOR THE THIRD QUARTER OF FISCAL 2013

For the third quarter of fiscal 2013, revenues totaled $15.1 million, an increase of 11.1% or $1.5 million compared to the third quarter of fiscal 2012 revenues of $13.6 million.

The revenue increase is mainly explained by the increase in revenues from LesPAC for $1.9 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.2 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedges in place, generated a negative impact on revenues of $0.1 million during the third quarter of fiscal 2013.

Total operating expenses of the third quarter of fiscal 2013, including cost of revenues, reached $10.2 million, compared to $11.4 million for the third quarter of fiscal 2012. The decrease in operating expenses is mainly due to the $1.4 million transaction costs related to the acquisition of LesPAC incurred during the third quarter of fiscal 2012 while LesPAC activities added $1.0 million in operating expenses during the third quarter of fiscal 2013. Additional tax credits of $0.2 million were also recorded in the third quarter of fiscal 2013.

EBITDA totaled $6.2 million or 40.8% of revenues compared to $3.4 million or 24.6% of revenues during the third quarter of fiscal 2012.

Profit reached $3.5 million ($0.24 per share), compared to $1.0 million ($0.07 per share) recorded during the third quarter of fiscal 2012.

RESULTS FOR THE FIRST NINE MONTHS OF FISCAL 2013

For the first nine months of fiscal 2013, revenues totaled $46.2 million, an increase of 18.6% or $7.2 million, when compared to the first nine months of fiscal 2012 revenues of $39.0 million.

The increase is mainly explained by the increase in revenues from LesPAC by $8.6 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.8 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedge in place, generated a negative impact on revenues of $0.3 million during the first nine months of fiscal 2013.

Total operating expenses of the first nine months of fiscal 2013, including cost of revenues, reached $31.2 million, compared to $29.8 million for the first nine months of fiscal 2012. The increase in operating expenses is mainly due to the increase in LesPAC activities for $4.8 million during the first nine months of fiscal 2013 partly offset by a decrease in professional fees (including the $1.4 million transaction costs related to LesPAC), lower salary expenses and additional tax credits.

EBITDA totaled $18.8 million or 40.7% of revenues compared to $11.8 million or 30.3% of revenues during the first nine months of fiscal 2012.

Profit reached $10.5 million ($0.75 per share), compared to $6.9 million ($0.50 per share) recorded during the first nine months of fiscal 2012.

CASH FLOW AND FINANCIAL POSITION

On December 6, 2012, the Company completed the sale, by way of a private placement, of 2 million common shares for gross proceeds of $35.0 million. The Company used the proceeds to repay in full the term loan and revolving credit facility.

As at December 31, 2012, the Company had $9.3 million of cash and cash equivalents and $60.0 million available on its unused revolving credit facility.

Operating activities generated $4.9 million of cash flows during the third quarter of fiscal 2013 compared to $5.4 million for the corresponding period of fiscal 2012.

During the first nine months of fiscal 2013, operating activities generated $12.9 million of cash flows compared to $9.2 million for the first nine months of fiscal 2012.

QUARTERLY DIVIDEND INCREASED TO $0.10 PER SHARE

The Board of Directors of Mediagrif approved a 11% dividend increase in the quarterly dividend of $0.09 per share and declared a quarterly dividend of $0.10 per share. The dividend is payable on April 15, 2013, to shareholders of record on April 2, 2013.

RECENT DEVELOPMENT

We have been informed by our client, Public Works and Government Services of Canada ("PWGSC"), that it will not call for tenders in order to replace the MERX solution. The department uses MERX's electronic tendering system pursuant to a contract which expires May 31, 2013.

PWGSC plans to provide its suppliers with a solution developed internally. Suppliers of PWGSC, as well as those of other departments and governmental agencies, may continue to benefit from all the value added services of MERX.

The Company believes that the loss of a portion of the revenue from the expiration of this agreement will be compensated, among other things by:

  • Providing the services of MERX to all suppliers and other departments and agencies that are currently using MERX.
  • The increase activity generated by the use of MERX by our public and private sector clients in Canada.

About Mediagrif Interactive Technologies Inc.

Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since 1996. Its web platforms enable clients to find, purchase and sell products, exchange information, gain access to business opportunities and manage supply chain collaboration with greater speed and efficiency. The Company provides e-commerce solutions in the fields of electronic components, computer equipment and telecommunications, medical equipment, automotive aftermarket, wine and spirits, diamonds and jewelry, classified ads, supply chain collaboration and government opportunities. Mediagrif has its headquarters in Longueuil and has offices in North America and Asia. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.

In addition to providing profit measures in accordance with IFRS, the Company shows operating profit and earnings before interest, taxes, depreciation and amortization ("EBITDA") as supplementary earnings measures. The Company sometimes refers to the free cash flow measure in its documents. Free cash flow is defined as cash flows from operating activities less the acquisition of property, plant and equipment and intangible assets presented in investing activities and less dividends paid that are presented in financing activities. Operating profit, EBITDA and free cash flow are not intended to be measures that should be regarded as an alternative to other financial operating performance measures prepared in accordance with IFRS. Those measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Unless otherwise indicated, all amounts are in Canadian dollars.

Unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are available on www.mediagrif.com and have been filed with SEDAR at the following address: www.sedar.com.

SOURCE MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. 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 advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...