MDA reports $2.2M Q1 profit, revenue up on Space Systems/Loral acquisition

RICHMOND, B.C. – MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) says it earned $2.2 million in its latest quarter, down from $33.2 million a year ago, due in part to costs related to its acquisition of California-based Space Systems/Loral Inc.

The company said Thursday the earnings amounted to seven cents per diluted share for the quarter ended March 31, compared with $1.04 a year ago.

Revenue totalled $428.6 million, up from $172 million a year ago, also boosted by the inclusion of a full quarter from Space Systems/Loral.

Operating earnings for the quarter were $41.8 million, or $1.30 per diluted share, compared with $28.9 million or 91 cents per diluted share year over year.

MDA’s order backlog, which represents the estimated dollar value of firm funded contracts for which work has not been performed, was $3 billion for the quarter, compared with $2.2 billion at the end of the fourth quarter.

In March, the company raised $287.7 million in an offering of 4.1 million shares at $69.40 per share. The company said used the proceeds from the sale to pay down bank debt and fund other growth opportunities.

MDA, best-known for the robotic arms used on the International Space Station and U.S. space shuttles, also provide satellite data and surveillance information and technology.

Shares in the company, which reported its results after the close of markets, were up 14 cents or 0.19 per cent to $72.84 on the Toronto Stock Exchange.