|By PR Newswire||
|February 12, 2013 06:37 PM EST||
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.
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
Nine months ended
|(in thousands of Canadian dollars, except for numbers related to shares - unaudited)||2012||2011||2012||2011|
|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)|
|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.
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.
SOURCE MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.
The Internet of Things 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 and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Jun. 29, 2016 07:00 PM EDT Reads: 461
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 29, 2016 05:30 PM EDT Reads: 1,037
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jun. 29, 2016 04:15 PM EDT Reads: 447
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 29, 2016 04:15 PM EDT Reads: 424
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Jun. 29, 2016 04:00 PM EDT Reads: 381
UAS, drones or unmanned aircraft, no matter what you call them — this was their week. Our news stream was flooded with updates on the newly announced rules and regulations for commercial UAS from the FAA. So, naturally we have dedicated this week’s top news round up to highlight some of our favorite UAS stories.
Jun. 29, 2016 03:02 PM EDT Reads: 288
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 29, 2016 03:00 PM EDT Reads: 377
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jun. 29, 2016 02:00 PM EDT Reads: 401
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jun. 29, 2016 02:00 PM EDT Reads: 666
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jun. 29, 2016 01:15 PM EDT Reads: 366
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Jun. 29, 2016 12:30 PM EDT Reads: 565
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
Jun. 29, 2016 11:00 AM EDT Reads: 534
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jun. 29, 2016 11:00 AM EDT Reads: 499
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Jun. 29, 2016 11:00 AM EDT Reads: 601
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Jun. 29, 2016 10:45 AM EDT Reads: 568
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 29, 2016 10:30 AM EDT Reads: 520
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Jun. 29, 2016 10:00 AM EDT Reads: 1,307
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 29, 2016 09:45 AM EDT Reads: 1,275
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 29, 2016 09:45 AM EDT Reads: 961
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided 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 sett...
Jun. 29, 2016 09:15 AM EDT Reads: 1,468