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For immediate release: July 29, 2009

MDA reports second 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 second quarter ended June 30, 2009. Net earnings were $25 million (62 cents per share) this quarter compared to $13 million (33 cents per share) for the second quarter of last year.

Summary of Consolidated Results


Q2-2009
Q2-2008
YTD
Q2-2009
YTD
Q2-2008

($ thousands, except per common share amounts)
Consolidated revenues
245,794
321,445
517,764
611,882
 
 
 
 
 
Net earnings
25,286
13,412
49,708
39,498
Net earnings per common share, basic
0.63
0.33
1.23
0.98
Net earnings per common share, diluted
0.62
0.33
1.23
0.97
 
 
 
 
 
Adjusted net earnings1
28,752
25,979
52,345
51,164
Adjusted net earnings per common share, basic
0.71
0.65
1.29
1.27
Adjusted net earnings per common share, diluted
0.71
0.64
1.29
1.25
 
 
 
 
 
Weighted average number of common shares outstanding:
(thousands)
    Basic
40,455
40,167
40,435
40,234
    Diluted
40,625
40,666
40,560
40,820
 
 
 
 
 
Average exchange rates:
    1 US dollar to Canadian dollar
1.167
1.010
1.206
1.007
    1 British pound to Canadian dollar
1.807
1.991
1.797
1.989

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


Net earnings per share, adjusted for items affecting comparability as set forth in the table below, were 71 cents this quarter compared to 64 cents for the second quarter of 2008. Consolidated revenues were $246 million for the second quarter of 2009 compared to $321 million for the same period a year ago. Revenues were down primarily due to reduced market activity in Information Products.

Reconciliation of net earnings to adjusted net earnings


Q2-2009
Q2-2008
YTD
Q2-2009
YTD
Q2-2008

($ thousands)
Net earnings
25,286
13,412
49,708
39,498
Items affecting comparability:
    Stock-based compensation expense (recovery)
1,889
(4,724)
5,035
874
    Fair value loss (gain) on equity forward contracts
697
15,991
(5,218)
8,924
    Restructuring expense
2,416
-
3,549
-
    Costs related to terminated divestiture of
        Information Systems and Geospatial Services
        businesses
-
4,934
-
4,934
    Tax on items affecting comparability
(1,536)
(3,634)
(729)
(3,066)
Adjusted net earnings
28,752
25,979
52,345
51,164


MDA’s unaudited consolidated financial statements and management’s discussion and analysis for the three and six months ended June 30, 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, July 29, 2009 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 1-866-223-7781 in Canada or the United States
In Toronto, dial 416-340-8018

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

Telephone replay will be available until August 5, 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 earnings conference call and webcast 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", "believe" or "continue" 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 earnings conference call and webcast represent MDA’s views only as of today’s date. MDA disclaims any intention or obligation to update or revise 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.



For more information, please contact:

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


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