Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the fourth quarter and year ended December 31, 2005. Fourth quarter net earnings increased to $20.1 million, or $0.49 per diluted share, on revenues of $205 million. Full year net earnings increased to $1.68 per diluted share on revenues of $833 million.
During the fourth quarter, the Company performed well across most of its markets and made strategic progress on its long-term goals. In its Information Products business, the Company posted strong results across all geographic regions and continued to develop and add to its broad range of product offerings. In addition, the Company reached a key milestone in its plans to expand its product offerings to include decisioning applications and further penetrate the U.S. mortgage lending sector by acquiring MindBox, LLC on January 3, 2006.
The Company also made substantial progress in its Information Systems business. In the fourth quarter, the Company completed its purchase of the business of EMS Canada, which brings a major supplier directly under MDA's control and improves the value-added content of future space-based information solutions requiring data collection and distribution. The Company continued to work through its substantial order backlog and pursue key multi-year projects.
Results from Operations
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MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 2,700 people in locations across the United States, the United Kingdom, and Canada. The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
MDA's Fourth Quarter and Fiscal Year 2005 unaudited Consolidated Financials are available at: http://www.mdacorporation.com/investor/financial_reports.shtml
Investor/Analyst Conference Call Today
MDA President and CEO Daniel Friedmann and Executive Vice President and CFO Anil Wirasekara will be available on a Conference Call today, February 28, 2006 at 1:30 p.m. Pacific (4:30 p.m. Eastern) to explain the financial results of the Company and to answer questions.
To participate, dial 1-866-898-9626 in Canada or the United States
In Toronto, dial 416-340-2216
The Conference Call will also be Webcast live at:
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and MDA's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect MDA's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.