CALIAN TECHNOLOGY LTD. REPORTS FIRST QUARTER REVENUE GROWTH OF 15%.KANATA, ONTARIO--(BUSINESS WIRE)--Feb. 1, 1995--CALIAN (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". )--Calian Technology Ltd. reported net earnings for the quarter ended December December: see month. 31, 1994 of $558,000 compared to net earnings of $533,000 for the first 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 $0.06 compared to $0.06 for the first quarter of the previous year. Revenue for the quarter was $12.9 million compared to $11.2 million in the first quarter of fiscal 1994. This 15% increase in sales resulted primarily from growth in the 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. The Radarsat operations contract was fully operational and a number of other outsourcing contracts signed last fiscal year generated revenue in the quarter. Gross profit for the quarter expressed as a percentage of sales was 9.6% compared to 10.7% in the first quarter of the prior year. Increased competition for international business and additional product development resulted in reduced margins in the commercial business sector. "We feel that Calian is well positioned to benefit from the growth we are seeing in the mobile satellite communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. ," 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. . "In that regard, we are investigating opportunities that could lead Calian into the satellite service and product business." During the quarter Calian was awarded a contract for its fifth mobile satcom hub station (ACSE ACSE - Association Control Service Element ) to be installed for the international communications service provider A Communications Service Provider or CSP is a company that transports information electronically. The term encompasses public and private companies in the wireline, wireless, Internet, cable, satellite, and managed services businesses. in India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. . 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)
Three months ended
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December 31 December 31
1994 1993
----------- --------------
Sales $12,962 $11,191
Cost of sales 11,712 9,999
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Gross profit 1,250 1,192
Selling,
administration
and other expenses 795 757
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Earnings from
operations 455 435
Interest income, net 113 108
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Earnings before
income tax 568 543
Income tax expense 10 10
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NET EARNINGS $ 558 $ 533
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Earnings per share:
Basic $ 0.07 $ 0.06
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Fully diluted $ 0.06 $ 0.06
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Weighted average
number of shares
outstanding
Basic 8,476,054 8,472,277
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Fully diluted 9,318,610 9,218,777
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CALIAN TECHNOLOGY LTD. CONSOLIDATED BALANCE SHEET (dollars in thousands)
December 31 September 30
1994 1994
----------- ------------
(unaudited)
CURRENT ASSETS
Cash and short-term investments $ 9,482 $11,314
Accounts receivable 6,895 7,177
Unbilled accounts receivable 10,004 8,330
Inventory 371 565
Prepaid expenses and other 682 630
-------- --------
27,434 28,016
GOODWILL 1,323 1,364
FIXED ASSETS 4,127 4,156
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$32,884 $33,536
-------- --------
-------- --------
CURRENT LIABILITIES
Accounts payable and
accrued liabilities $ 6,779 $ 7,041
Income taxes payable 2 -
Unearned contract revenue 492 1,205
Current portion of long-term debt 2,529 2,868
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9,802 11,114
LONG-TERM DEBT 808 796
-------- --------
10,610 11,910
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SHAREHOLDERS' EQUITY
Share capital 12,882 12,792
Retained earnings 9,392 8,834
-------- --------
22,274 21,626
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$32,884 $33,536
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CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
(dollars in thousands)
(unaudited)
Three months ended
-------------------------------
December 31 December 31
1994 1993
-------------------------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
Net earnings $ 558 $ 533
Item not affecting cash
Depreciation and amortization 298 314
-------- --------
856 847
Change in non-cash operating
working capital items (2,223) (3,728)
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(1,367) (2,881)
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FINANCING
Change in long-term debt, net (327) (239)
Proceeds on issuance of common shares 90 10
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(237) (229)
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INVESTING
Acquisition of fixed assets (228) (355)
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NET CASH INFLOW (OUTFLOW) (1,832) (3,465)
CASH POSITION, BEGINNING OF PERIOD 11,314 11,101
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CASH POSITION, END OF PERIOD $ 9,482 $ 7,636
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CONTACT: Peter Rose Director of Corporate Finance Tel.: (613) 599-7200 Fax.: (613) 592-7771 |
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