Miranda Q3 Record Revenue and Profitability

28 Nov

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Miranda achieved another quarter of strong results with revenue and profitability coming in at the highest levels in the Company’s history. Revenue increased 29% over 2010 to $48.8 million, with solid growth registered across all geographies. On a constant currency basis sales volume was up 34%. Gross profit also showed continued strength coming in at 62%, while EBITDA was up 97% to $15.7 million or 32% of sales. Quarterly net profit was $13.2 million, translating into fully diluted earnings per share of 60 cents, up from 27 cents in the prior year. Fully diluted earnings per share would have been 47 cents for the current quarter, excluding a one-time $3.0 million income tax recovery adjustment. Cash generation was high, with operating activities generating $11.1 million of cash flows during the quarter.

“This marks the seventh consecutive quarter that the Company has registered year over year organic volume growth and gross margins in or above our targeted range,” commented Strath Goodship, Miranda’s President and Chief Executive Officer. “We are seeing solid traction in our business, reflecting our strong portfolio of leading edge solutions and our continuous focus on business execution.”

“During the quarter, we announced major wins that llustratei our growing momentum and strength, including a multi-year, multi-million dollar routing solution contract with NBCUniversal and an agreement with ITV, the UK’s largest commercial television network, to streamline its distribution chain using Miranda’s iTX playout solution.” Some of the other notable recent sales wins include Al Jazeera (UAE), Astro TV (Malaysia), BBC West One (UK), BskyB (UK), CBC (Canada), Center for Disease Control (USA), Da Ai TV (Taiwan), Lockheed-Martin (USA), Qatar TV (Qatar), TV Globo (Brazil), and Vive TV (Venezuela).

“Television markets have remained strong in severalparts of the world. We are seeing solid traction for our established products and growing interest for our new IT-based playout and monitoring platforms,” highlighted Mr. Goodship. “We continue to be optimistic about the future and expect television markets to be underpinned by key events, such as the 2012 Olympics and US elections. With an expanding portfolio of innovative solutions and a strong balance sheet, we believe the Company is well positioned to deliver continued financial progress and outpace addressable market growth.”

Due to continued business strength, the Company is revising its gross margin target to be within the 57% to 61% range. The Company is targeting annualized EBITDA of 20% to 25%.

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