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Evertz Technologies Reports Results for the Second Quarter Ended October 31, 2014




BURLINGTON, ONTARIO — (Marketwired) — 12/03/14 — Evertz Technologies Limited (TSX: ET), the leader in Software Defined Video Network (“SDVN”) technology, today reported its results for the second quarter of its fiscal 2015.

Quarterly Highlights

Revenue

For the quarter ended October 31, 2014, revenues were $82.9 million as compared to revenues of $81.2 million for the quarter ended October 31, 2013. For the quarter, revenues in the United States/Canada region were $45.4 million, an increase of $7.3 million or 19% when compared to the same quarter last year. The International region had revenues of $37.5 million compared to $43.1 million in the same quarter last year.

Gross Margin

For the quarter ended October 31, 2014 gross margin was $46.6 million compared to $46.7 million in the same quarter last year. Gross margin percentage was approximately 56.2% compared to 57.4% in the quarter ended October 31, 2013.

Earnings

For the quarter ended October 31, 2014 net earnings were $14.3 million, compared to $15.6 million in the corresponding period last year.

For the quarter ended October 31, 2014, earnings per share on a fully-diluted basis were $0.19 compared to $0.21 in the corresponding period last year.

Operating Expenses

For the quarter ended October 31, 2014 selling and administrative expenses were $15.1 million compared to $13.7 million for the quarter ended October 31, 2013.

For the quarter ended October 31, 2014 gross research and development expenses increased by $0.5 million or 3% as compared to the corresponding period in 2013. Gross research and development expenses represented approximately 18.2% of revenue for the quarter ended October 31, 2014.

Liquidity and Capital Resources

The Company–s working capital as at October 31, 2014 was $285.3 million as compared to $273.9 million on April 30, 2014.

Cash and cash equivalents were $90.4 million as at October 31, 2014 as compared to $102.0 million on April 30, 2014.

Cash used in operations was $0.7 million for the quarter ended October 31, 2014 as compared to cash provided of $9.7 million for the quarter ended October 31, 2013. Before taking into account taxes and the changes in non-cash working capital and current taxes, the Company generated $17.5 million from operations for the quarter ended October 31, 2014 compared to $19.4 million for the same period last year.

The Company used cash of $2.0 million in investing activities largely a result of purchases in capital assets of $2.0 million, compared to $1.6 million in capital assets purchased for the quarter ended October 31, 2013.

For the quarter ended October 31, 2014, the Company used cash in financing activities of $10.5 million which was principally a result of the payment of dividends.

Shipments and Backlog

At the end of November 2014, purchase order backlog was in excess of $64 million and shipments during the month of November 2014 were $26 million.

Dividend Declared

On December 3, 2014, the Evertz Board of Directors approved a 13% increase of the dividend to $0.18 per share from $0.16 per share. This is the 7th dividend increase in the past seven years reflecting the underlying strength of the Company–s cash flow and business outlook.

The dividend is payable to shareholders of record on December 12, 2014 and will be paid on or about December 19, 2014.

Forward-Looking Statements

The report contains forward-looking statements reflecting Evertz–s objectives, estimates and expectations. Such forward looking statements use words such as “may”, “will”, “expect”, “believe”, “anticipate”, “plan”, “intend”, “project”, “continue” and other similar terminology of a forward-looking nature or negatives of those terms.

Although management of the Company believes that the expectations reflected in such forward-looking statements are reasonable, all forward-looking statements address matters that involve known and unknown risks, uncertainties and other factors. Accordingly, there are or will be a number of significant factors which could cause the Company–s actual results, performance or achievements, or industry results to be materially different from any future results performance or achievements expressed or implied by such forward-looking statements.

Conference Call

The Company will hold a conference call with financial analysts to discuss the results on December 3, 2014 at 5:00 p.m. (EDT). Media and other interested parties are invited to join the conference call in listen-only mode. The conference call may be accessed by dialing toll-free (North America) 1-888-253-4709.

For those unable to listen to the live call, a rebroadcast will also be available until January 3, 2015. The rebroadcast can be accessed at 1-416-915-1035 or toll-free 1-866-245-6755. The pass code for the rebroadcast is 130013.

About Evertz

Evertz Technologies Limited (TSX: ET) designs, manufactures and markets video and audio infrastructure solutions for the television, telecommunications and new-media industries. The Company–s solutions are purchased by content creators, broadcasters, specialty channels and television service providers to support their increasingly complex multi-channel digital and high definition television (“HDTV”) broadcast environments and by telecommunications and new-media companies. The Company–s products allow its customers to generate additional revenue while reducing costs through the more efficient signal routing, distribution, monitoring and management of content as well as the automation of previously manual processes.

Contacts:
Evertz Technologies Limited
Anthony Gridley, CPA, CA
Chief Financial Officer
1-905-335-3701 ext 2587
1-905-335-5785 (FAX)





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