Calian Technology Ltd. reports second quarter results.KANATA, ONTARIO--(BUSINESS WIRE)--May 16, 1997-- Calian Technology Lt(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". . ) Revenues increase 30 percent to $15.3 Million Calian Technology Ltd. (TSE-CTY) reported net earnings for the quarter ended March 31,1997 of $444,000 compared to net earnings of $198,000 for the second quarter of fiscal 1996 representing basic and 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 of $.05 each as compared to $.02 for the corresponding period last year. Revenues for the quarter increased $3.5 Million to $15.3 Million compared to $11.8 Million for the same period last year, representing an increase of 30 percent. Net earnings for the six months ended March 31, 1997 were $762,000 as compared to $442,000 for the six months ended March 31, 1996. Basic and fully diluted earnings per share for the six months were $.09 as compared to $.05 for the corresponding period last year. Year to date revenues were $29.2 Million, an increase of $6 Million or 26 percent over revenues of $23.2 Million for the same period last year. Gross profit as a percentage of sales was 11.5 percent in the three months ended March 31, 1997 as compared to 8.6 percent for the same period last year. For the six months ended March 31, 1997, the gross profit was 11.4 percent of sales as compared to 8.3 percent for the six months ended March 31, 1996. As a result of the growth of the technical services division, the revenue mix for the corporation has changed which has resulted in the improved gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. . "Our second quarter continued the growth trend that commenced in the fourth quarter last year," commented 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 , President and Chief Executive Officer of Calian. "We continue to see a strong performance from our Technical Services division under the dedicated leadership of Ed Lambert Lambert may refer to
adj. 1. Almost exact or correct: the approximate time of the accident. 2. $25.6 Million. Our Systems division has set its own records in terms of proposal activity during the quarter and landed a significant contract with Hughes which makes the systems division a key supplier of test systems to all major satellite manufacturers in the U.S.," continued O' Brien. "I am very pleased with these results and I believe that we are on track to finish this year with a strong performance." Calian Technology Ltd. provides advanced communications solutions in a global environment. The Company and its wholly owned subsidiaries 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. provide systems, services and end user products, specializing in satellite based communications, to commercial and government clients worldwide. 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.
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
1997 1996 1997 1996
Sales $ 15,332 $ 11,754 $ 29,249 $ 23,277
Cost of sales 13,563 10,739 25,913 21,332
Gross profit 1,769 1,015 3,336 1,945
Selling,
administration
and other
expenses (1,377) (993) (2,683) (1,854)
Investment tax
credits related
to prior years' - 62 - 124
research and
development
------- ------- --------- ------
Earnings from
operations 392 84 653 215
Interest income,
net 56 181 117 361
------- ------- --------- ------
Earnings before
income tax 448 265 770 576
Income tax expense 4 67 8 134
------- ------- --------- ------
NET EARNINGS $ 444 $ 198 $ 762 $ 442
------- ------- --------- ------
------- ------- --------- ------
Earnings per
share:
Basic $ 0.05 $ 0.02 $ 0.09 $ 0.05
------- ------- --------- ------
------- ------- --------- ------
Fully diluted $ 0.05 $ 0.02 $ 0.09 $ 0.05
Weighted average number of shares
outstanding
Basic 8,850,710 8,928,610 8,874,089 8,913,638
--------- --------- ---------- ---------
--------- --------- ---------- ---------
Fully
diluted 9,423,710 9,572,610 9,562,339 9,558,138
--------- --------- ---------- ---------
--------- --------- ---------- ---------
-0-
CALIAN TECHNOLOGY LTD.
CONSOLIDATED BALANCE SHEET
(dollars in thousands)
March 31 September 30
1997 1996
--------- -----------
(unaudited)
CURRENT ASSETS
Cash and short-term
investments $ 7,018 $ 9,411
Accounts receivable 11,689 6,028
Unbilled accounts receivable 8,946 9,554
Inventory 1,485 1,184
Income taxes recoverable - 15
Prepaid expenses and other 602 514
--------- ---------
29,740 26,706
GOODWILL 1,750 1,033
DEFERRED DEVELOPMENT COSTS 980 1,003
FIXED ASSETS 4,756 4,932
--------- ---------
$37,226 $33,674
--------- ---------
--------- ---------
CURRENT LIABILITIES
Accounts payable and
accrued liabilities $ 6,943 $ 5,883
Unearned contract revenue 2,353 248
Current portion of
long-term debt 301 205
--------- ---------
9,597 6,336
--------- ---------
LONG-TERM DEBT 391 425
--------- ---------
9,988 6,761
--------- ---------
SHAREHOLDERS' EQUITY
Share capital 13,642 13,827
Retained earnings 13,596 13,086
--------- ---------
27,238 26,913
--------- ---------
$37,226 $33,674
--------- ---------
--------- ---------
-0-
CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
(dollars in thousands)
(unaudited)
Six Months Ended
March 31 March 31
1997 1996
NET INFLOW (OUTFLOW) OF
CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
Net earnings $ 762 $ 442
Item not affecting cash
Depreciation and amortization 878 617
--------- ---------
1,640 1,059
Change in non-cash operating
working capital items (2,189) 75
--------- ---------
(549) 1,134
--------- ---------
FINANCING
Change in long-term debt,
net 32 (50)
Issuance of common shares - 140
Repurchase of common shares (438) -
--------- ---------
(406) 90
--------- ---------
INVESTING
Investment in deferred
development costs (52) (568)
Acquisition of fixed assets (443) (1,005)
Acquisition, including
cash deficiency of $21 (943) -
--------- ---------
(1,438) (1,573)
--------- ---------
NET CASH OUTFLOW (2,393) (349)
CASH POSITION, BEGINNING
OF PERIOD 9,411 11,370
--------- ---------
CASH POSITION, END OF PERIOD $ 7,018 $11,021
--------- ---------
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CONTACT: Calian Technology Ltd. Shaun McEwan McEwan is a surname. People
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