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For immediate release: May 5, 2009

MDA reports first quarter 2009 results

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, 2009.

Diluted EPS for the first quarter of 2009 was 60 cents compared to 22 cents for the fourth quarter of 2008 and 64 cents for the first quarter of 2008. Adjusted for items affecting comparability, diluted EPS was 58 cents compared to 52 cents for the fourth quarter of 2008 and 61 cents for the first quarter a year ago. The Company’s solid results were driven by the steady performance of its Information Systems group and businesses in the property insurance and geospatial service markets.

Consolidated revenues for the first quarter of 2009 were $272 million compared to $290 million for the same period of 2008. Revenues from Information Systems were $118 million, up from $96 million for the same period a year ago. Revenues from Information Products were $154 million compared to $174 million for the preceding quarter and $194 million for the first quarter of 2008 as sales to the lending and conveyancing markets continued to be impacted by low market activity.

Results of Operations

Three months ended
March 31, 2009
Three months ended
March 31, 2008
($ thousands, except per common share amounts)
Consolidated revenues
$ 271,970
$ 290,437

Adjusted net earnings1
23,593
25,185
Adjusted net earnings per common share1:
Basic
0.58
0.62
Diluted
0.58
0.61

Net earnings
24,422
26,086
Net earnings per common share:
Basic
0.60
0.65
Diluted
0.60
0.64

Weighted average number of common shares outstanding:
(thousands)
Basic
40,416
40,300
Diluted
40,494
40,974

Average exchange rates:
1 US dollar to Canadian dollar
1.245
1.004
1 British pound to Canadian dollar
1.786
1.986

1 Adjusted net earnings and adjusted net earnings per common share are non-GAAP financial measures.


Reconciliation of net earnings to adjusted net earnings

Three months ended
March 31, 2009
Three months ended
March 31, 2008
($ thousands)
Net earnings
$ 24,422
$ 26,086

Items affecting comparability:
Stock-based compensation expense
3,146
5,598
Fair value gain on equity forward contracts
(5,915)
(7,067)
Restructuring expense
1,133
-
Tax on items affecting comparability
807
568
Adjusted net earnings
23,593
25,185


MDA’s unaudited consolidated financial statements and management’s discussion and analysis for the three months ended March 31, 2009 are available at:
http://www.mdacorporation.com/corporate/investor/financial-reports

About MDA

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 information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.

MDA employs more than 3,200 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.

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 5, 2009 at 2:00 p.m. Eastern (11:00 a.m. Pacific) to explain the financial results of the Company and to answer questions.

To participate, dial 1-888-789-9572 in Canada or the United States
In Toronto and international, dial 416-695-7806
Pass code: 2560715

The Conference Call will also be Webcast live and archived at:
http://www.mdacorporation.com/corporate/investor/events

Telephone replay will be available until May 12, 2009 at the following numbers:

Toll free, International, dial 1-800-408-3053
In Toronto, dial 416-695-5800
Pass code: 5643440

Related Websites:
www.mdacorporation.com

Forward-Looking Statements

This earnings release and the associated presentation and conference call, which includes a business update, first quarter 2009 financial review and question and answer session, contains certain forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. (“MDA”) with respect to future events and financial performance. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "plan", "foresee" or "believe" or the negatives of such terms or variations of them or similar terminology. Any such forward-looking statements are based on MDA's current expectations, estimates, projections and assumptions made in light of its experience and its perception of historical trends. 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. You are referred to the risk factors described in MDA's most recent annual Management's Discussion and Analysis, Annual Information Form and other documents on file with the Canadian securities regulatory authorities, available online at www.sedar.com or www.mdacorporation.com. The forward-looking statements and information contained in this earnings release and the associated presentation and conference call represent MDA’s views only as of today’s date. MDA disclaims any intention or obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law, rule or regulation. You should not place undue reliance on forward-looking statements.

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.



For more information, please contact:

Wendy Keyzer
MDA External Relations
Telephone: 604-231-2743
E-mail: wendy@mdacorporation.com


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