Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the first quarter ended March 31, 2006. Net earnings increased to $19.9 million, or $0.47 per diluted share, on consolidated revenues of $233 million.
The Company's Information Products business posted strong results. During the quarter, the Company continued to successfully deploy new web-based technologies that increase the accessibility and capabilities of its information solutions. As well, the Company achieved important milestones on key business initiatives. The Company signed a strategic long-term agreement with Spicerhaart Limited, one of the U.K.'s largest providers of real estate, surveying and conveyancing services, to market and distribute MDA's HIPs solutions. The Company also obtained regulatory approval to merge its retail search business in England and Wales with PropertyFlow Limited. Subsequent to the first quarter, the Company expanded its geographic coverage into Ireland with the acquisition of the Rochford Brady Group, a leading provider of legal property and company information in Ireland.
The Company's Information Systems business also performed well in the first quarter. Information Systems revenues will fluctuate from quarter to quarter with the change in the contract life cycle of large dollar value contracts. The Company continued to pursue key multi-year contracts and signed a strategic contract with the Canadian Space Agency for a next-generation satellite constellation that will draw on the combined capabilities of the Company's Richmond operations and its recently acquired Montreal operations.
Results from Operations
Three months ended
March 31, 2006
Three months ended
March 31, 2005
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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 First Quarter 2006 unaudited Consolidated Financials are available at:
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, May 2, 2006 at 2:30 p.m. Pacific (5:30 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 and archived 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.