CALIAN REPORTS SECOND QUARTER EARNINGS GROWTH OF 26 PERCENT.KANATA, ONTARIO--(BUSINESS WIRE)--MAY 10, 1995--CALIAN TECHNOLOGY LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CTY CTY - /sit'ee/ or /C-T-Y/ [MIT] The terminal physically associated with a computer's system console. The term is a contraction of "Console tty", that is, "Console TeleTYpe". ) Company Announces Alliance With TMI TMI Too Much Information TMI Three Mile Island TMI TRMM Microwave Imager TMI Transactions on Medical Imaging TMI Texas Military Institute TMI Teen Missions International TMI Tauber Manufacturing Institute Communications Calian Technology Ltd. reported net earnings for the quarter ended March 31, 1995 of $847,000, a 26 percent increase over net earnings of $670,000 for the second quarter of fiscal 1994. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter was $0.10 compared to $0.07 for the second quarter of the previous year. Net earnings for the six months ended March 31, 1995 increased 17 percent to $1.4 million from $1.2 million in the previous fiscal period. Fully diluted earnings per share for the six months were $0.16 compared to $0.13. Revenue for the quarter was $15.8 million compared to $10.0 million in the second quarter of fiscal 1994. Year to date sales increased to $28.8 million from $21.1 million for the six months ended March 31, 1994. This 36 percent increase in revenue is a result of growth in the commercial systems and technical outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. business. Gross profit for the three months ended March 31, 1995 expressed as a percentage of sales was 9.6 percent compared to 14 percent in the prior year. Gross profit for the six month period was 9.6 percent compared to 12.2 percent in fiscal 1994. The decline in gross profit reflects lower margins in the commercial systems business (ACSE ACSE - Association Control Service Element ). During the period substantial quoting and sales activity was observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. in follow on contracts with existing ACSE customers. These system enhancements will result in higher margins in our commercial systems business. "Despite lower gross margins we are pleased with our performance during the quarter." said Larry O'Brien
Lawrence "Larry" Francis O'Brien, Jr. (July 7 1917 – September 28, 1990) was one of the United States Democratic Party's leading electoral strategists when, for more than two , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Particularly pleasing was the signing of the agreement with TMI Communications to provide products over M-SAT on an exclusive basis. This coupled with the increase in follow on ACSE business will enhance the long term prospects for increased gross margins and profits." In a separate announcement earlier today, CALIAN announced it has signed an agreement with TMI Communications to design and build low cost data messaging terminals aimed at the exploding mobile satellite communications market. Calian and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. SED Systems SED Systems is a communications networking industry supplying both systems and services. Originating in 1965, SED is located in the Innovation Place Research Park on the University of Saskatchewan campus. As a division of CALIAN Ltd. Inc. of Saskatoon Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. design, manufacture and integrate electronic systems with applications
in the satellite communication, space and defense markets and provide
related technical outsourcing services. The Company trades on The
Toronto Stock Exchange Toronto Stock Exchange (TSE)Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CTY. Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge follow. -0-
CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENT OF EARNINGS
(dollars in thousands except per share data)
(unaudited)
3 Months Ended 6 Months Ended
March 31 March 31 March 31 March 31
1995 1994 1995 1994
-------- -------- -------- -------
Sales $ 15,813 $ 9,945 $ 28,775 $ 21,136
Cost of sales 14,285 8,549 25,997 18,548
-------- -------- -------- -------
Gross profit 1,528 1,396 2,778 2,588
Selling, administration
and other expenses 807 815 1,602 1,572
-------- -------- -------- -------
Earnings from
operations 721 581 1,176 1,016
Interest income, net 136 99 249 207
-------- -------- -------- -------
Earnings before
income tax 857 680 1,425 1,223
Income tax expense 10 10 20 20
-------- -------- -------- -------
NET EARNINGS $ 847 $ 670 $ 1,405 $ 1,203
-------- -------- -------- -------
-------- -------- -------- -------
Earnings per share:
Basic $ 0.10 $ 0.08 $ 0.17 $ 0.14
-------- -------- -------- -------
-------- -------- -------- -------
Fully diluted $ 0.10 $ 0.07 $ 0.16 $ 0.13
-------- -------- -------- -------
-------- -------- -------- -------
Weighted average number of shares
outstanding
Basic 8,515,610 8,475,610 8,495,832 8,473,943
--------- ---------- ---------- ---------
--------- ---------- ---------- ---------
Fully diluted 9,358,610 9,237,110 9,338,832 9,235,443
--------- ---------- ---------- ---------
--------- ---------- ---------- ---------
CALIAN TECHNOLOGY LTD.
CONSOLIDATED BALANCE SHEET
(dollars in thousands)
March 31 September 30
1995 1994
------------ -------------
(unaudited)
CURRENT ASSETS
Cash and short-term investments $ 9,458 $ 11,314
Accounts receivable 8,096 7,177
Unbilled accounts receivable 9,954 8,330
Refundable investment tax credits 255 565
Prepaid expenses and other 574 630
------------ -------------
28,337 28,016
GOODWILL 1,281 1,364
FIXED ASSETS 4,063 4,156
------------ -------------
$ 33,681 $ 33,536
------------ -------------
------------ -------------
CURRENT LIABILITIES
Accounts payable and $ 6,849 $ 7,041
accrued liabilities
Income taxes payable 22 -
Unearned contract revenue 354 1,205
Current portion of long-term debt 2,529 2,868
------------ -------------
9,754 11,114
LONG-TERM DEBT 806 796
------------ -------------
10,560 11,910
------------ -------------
SHAREHOLDERS' EQUITY
Share capital 12,882 12,792
Retained earnings 10,239 8,834
------------ -------------
23,121 21,626
------------ -------------
$ 33,681 $ 33,536
------------ -------------
------------ -------------
CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
(dollars in thousands)
(unaudited)
Six Months Ended
-----------------------------
March 31 March 31
1995 1994
------------ ------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING Net earnings $ 1,405 $ 1,203
Item not affecting cash
Depreciation and amortization 540 596
------------ ------------
1,945 1,799
Change in non-cash operating
working capital items (3,198) (2,629)
------------ ------------
(1,253) (830)
------------ ------------
FINANCING Change in long-term debt, net (329) (1,691)
Proceeds on issuance of common
shares 90 10
------------ ------------
(239) (1,681)
------------ ------------
INVESTING
Acquisition of fixed assets (364) (513)
------------ ------------
NET CASH OUTFLOW 1,856) (3,024)
CASH POSITION, BEGINNING OF PERIOD 11,314 11,101
------------ ------------
CASH POSITION, END OF PERIOD $ 9,458 $ 8,077
------------ ------------
------------ ------------
CONTACT: Peter Rose, Director of Corporate Finance Calian Technology Ltd., (613) 599-7200 |
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