Home » Electronic Components, Picture Gallery » Evertz Technologies reports results for the Second Quarter Ended October 31, 2016 and Special Dividend

Evertz Technologies reports results for the Second Quarter Ended October 31, 2016 and Special Dividend




BURLINGTON, ONTARIO — (Marketwired) — 12/01/16 — Evertz Technologies Limited (TSX: ET), the leader in Software Defined Video Network (“SDVN”) technology, today reported its results for the second quarter ended October 31, 2016.

Quarter Highlights

Revenue

For the quarter ended October 31, 2016, revenues were $99.6 million as compared to revenues of $100.6 million for the quarter ended October 31, 2015. For the quarter, revenues in the United States/Canada region were $62.3 million, an increase of 2% as compared to $61.2 million in the same quarter last year. The International region had revenues of $37.3 million as compared to $39.3 million for the quarter ended October 31, 2015.

Gross Margin

For the quarter ended October 31, 2016 gross margin was $57.1 million as compared to $57.5 million in the same quarter last year. Gross margin percentage was approximately 57.3% as compared to 57.2% in the quarter ended October 31, 2015.

Earnings

For the quarter ended October 31, 2016 net earnings were $20.8 million as compared to $19.6 million in the corresponding period last year.

For the quarter ended October 31, 2016 earnings per share on a fully-diluted basis were $0.27, compared to $0.26 in the corresponding period last year.

Operating Expenses

For the quarter ended October 31, 2016 selling and administrative expenses were $15.3 million as compared to $14.8 million for the quarter ended October 31, 2015.

For the quarter ended October 31, 2016 gross research and development expenses were $17.8 million as compared to $16.1 million in the corresponding period in 2015.

Liquidity and Capital Resources

The Company–s working capital as at October 31, 2016 was $338.4 million as compared to $314.9 million on April 30, 2016.

Cash and cash equivalents were $133.4 million as at October 31, 2016 as compared to $123.1 million on April 30, 2016.

Cash generated from operations was $12.6 million for the quarter ended October 31, 2016 as compared to cash generated of $23.7 million for the quarter ended October 31, 2015. Before taking into account taxes and the changes in non-cash working capital and current taxes, the Company generated $24.4 million from operations for the quarter ended October 31, 2016 compared to $22.2 million for the same period last year.

For the quarter, the Company used $2.4 million in investing activities largely a result of purchases in capital assets.

For the quarter ended, the Company generated cash from financing activities of $0.1 million which was principally a result of the issuance of capital stock for $13.7 million, partially offset by the payment of dividends of $13.5 million.

Shipments and Backlog

At the end of November 2016, purchase order backlog was in excess of $72 million and shipments during the month of November 2016 were $39 million.

Dividend Declared

Evertz Board of Directors declared a regular quarterly dividend on December 1, 2016 of $0.18 per share.

The dividend is payable to shareholders of record on December 12, 2016 and will be paid on or about December 19, 2016.

Special Dividend

Evertz Board of Directors declared a special dividend on December 1, 2016 of $1.10 per common share, payable on December 19, 2016 to shareholders of record on December 12, 2016.

The special dividend reflects both the strong long-term operating performance of the company and its solid balance sheet, thereby enabling a distribution of cash over and above what is considered necessary to meet known commitments and maintain adequate reserves.

Selected Consolidated Financial Information

(in thousands of dollars, except earnings per share and percentages)

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 1, 2016 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 647-793- 2625 or toll-free (North America) 1-844-254-9270, access code 2269957 (NEW).

For those unable to listen to the live call, a rebroadcast will also be available until January 1, 2017. The rebroadcast can be accessed at 647-436-0148 or toll-free 1-888-203-1112. The pass code for the rebroadcast is 2269957.

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 and ultra-high definition television (“HDTV” and “UHD”) and next generation high bandwidth low latency IP network 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
Chief Financial Officer
(905) 335 7580





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