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For immediate release: March 18, 2010

MDA reports fourth quarter and full year 2009 results

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, 2009. MDA posted net earnings this quarter of $30 million, or $0.74 per diluted share, compared to $8.8 million, or $0.22 per diluted share, for the same period of last year. For the year, net earnings increased to $108 million ($2.67 per diluted share) from $48 million ($1.19 per diluted share) for last year.

Summary of consolidated results


Q4-2009
Q4-2008
Year
2009
Year
2008

($ thousands, except per common share amounts)
Consolidated revenues
237,526
278,327
1,000,890
1,168,491
 
 
 
 
 
Net earnings
30,169
8,750
108,386
48,490
Net earnings per common share, basic
0.74
0.22
2.68
1.20
Net earnings per common share, diluted
0.74
0.22
2.67
1.19
 
 
 
 
 
Adjusted net earnings1
26,972
21,218
107,140
92,497
Adjusted net earnings per common share, basic
0.67
0.53
2.65
2.30
Adjusted net earnings per common share, diluted
0.66
0.52
2.64
2.28
 
 
 
 
 
Weighted average number of common shares outstanding:
(thousands)
    Basic
40,536
40,363
40,475
40,284
    Diluted
40,807
40,431
40,656
40,655
 
 
 
 
 
Average exchange rates:
    1 US dollar to Canadian dollar
1.056
1.213
1.142
1.067
    1 British pound to Canadian dollar
1.727
1.898
1.780
1.961

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

Net earnings per diluted share, adjusted for items affecting comparability as set forth in the table below, increased to $0.66 this quarter (Q4 2008 – $0.52) and $2.64 for the year (2008 – $2.28).

Consolidated revenues for the year were $1,001 million (2008 – $1,168 million). Information Systems revenues increased over last year on strong organic growth, but soft housing market conditions in the U.S. and the United Kingdom and accounting changes to revenue recognition in Information Products caused revenues to finish down for the year.

The Company ended the year with a solid order backlog of $1,013 million, up significantly from $745 million a year earlier. Total debt, less cash and cash equivalents, was $327 million at December 31, 2009, down from $460 million at December 31, 2008.

Reconciliation of net earnings to adjusted net earnings


Q4-2009
Q4-2008
Year
2009
Year
2008

($ thousands)
Net earnings
30,169
8,750
108,386
48,490
Items affecting comparability:
    Stock-based compensation expense (recovery)
14,540
(41)
24,367
(828)
    Fair value loss (gain) on equity forward contracts
(18,535)
(1,354)
(29,449)
36,691
    Fair value loss (gain) on interest rate swap
        contracts not subject to hedge accounting
(337)
6,776
(337)
6,776
    Write-down of assets related to restructuring
-
7,000
1,407
7,000
    Other restructuring expense
-
2,767
2,142
4,045
    Terminated divestiture costs
-
-
-
4,934
    Tax on items affecting comparability
1,135
(2,680)
624
(14,611)
Adjusted net earnings
26,972
21,218
107,140
92,497


MDA’s audited consolidated financial statements and management’s discussion and analysis for the year ended December 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.

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, March 18, 2010 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 (888) 231-8191 OR (647) 427-7450 in Canada or the United States.

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

Telephone replay will be available from March 18, 2010 6:00 p.m. PST (9:00 p.m. EST) to March 25, 2010 8:59 p.m. PST (11:59 p.m. EST) at the following numbers:

Toll free: 1-800-642-1687
Toronto area: 1-416-849-0833
Password: 50482277


Related Websites:
www.mdacorporation.com

Forward-Looking Statements
This earnings release and the associated earnings conference call and webcast which includes a business update, fourth quarter and full year 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", "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 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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