Calian Technology reports record year; Strong fourth quarter boosts annual results.KANATA, ONTARIO--(BUSINESS WIRE)--Nov. 6, 1995--Calian Technology Ltd. Monday Monday: see week. reported net earnings of $3,005,000 for the fiscal year ended September September: see month. 30, 1995, an increase of 13 percent from the $2,645,000 earned in 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 fiscal 1995 was $0.34 compared to $0.30 for the previous year. Revenue for the year was $58.6 million compared to $45.0 million in fiscal 1994, an increase of 30 percent. Revenue grew in all of the Company's business areas with 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. leading the way with an increase of 48 percent. Gross profit for the year expressed as a percentage of sales was 9.7 percent compared to 12.2 percent for fiscal 1994. This reduction reflects the lower margins available in the commercial systems business. The fourth quarter gross profit was the highest of the year at 10.9 percent and shows the positive signs of improving margins in the commercial group. Net earnings for the three months ended September 30, 1995 were $740,000 ($0.08 per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis) with revenue of $12.9 million. In fiscal 1994 the Company reported fourth quarter earnings of $837,000 ( $0.10 per share on a fully diluted basis) and revenue of $11.7 million. "We are very pleased with the strong growth realized by all of our business units -- Systems, Technical Services and Products", 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 , President 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. . "We have experienced another year of growth and opportunity driven by the demand for mobile satellite communications." 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, mobile satellite
terminal products, and provides related technical services to Industry
and Governments. 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 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". . 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 (unaudited) follow. -0-
CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENT OF EARNINGS
(dollars in thousands except per share data)
(unaudited)
Three Months Ended Year Ended
------------------ ----------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1995 1994 1995 1994
-------- -------- -------- --------
Sales $ 12,880 $ 11,668 $ 58,627 $ 44,932
Cost of sales 11,484 10,023 52,958 39,444
-------- -------- -------- --------
Gross profit 1,396 1,645 5,669 5,488
Selling,
administration
and other
expenses 928 1,014 3,317 3,348
-------- -------- -------- --------
Earnings from
operations 468 631 2,352 2,140
Interest income,
net 267 191 678 520
-------- -------- -------- --------
Earnings before
income tax 735 822 3,030 2,660
Income tax
recovery (expense) 5 15 (25) (15)
-------- -------- -------- --------
NET EARNINGS $ 740 $ 837 $ 3,005 $ 2,645
-------- -------- -------- --------
-------- -------- -------- --------
Earnings per
share:
Basic $ 0.08 $ 0.10 $ 0.35 $ 0.31
-------- -------- -------- --------
Fully diluted $ 0.08 $ 0.10 $ 0.34 $ 0.30
-------- -------- -------- --------
-------- -------- -------- --------
Weighted average
number of shares
outstanding
Basic 8,875,610 8,475,610 8,612,388 8,474,777
--------- --------- --------- ---------
--------- --------- --------- ---------
Fully
diluted 9,483,610 9,319,110 9,412,360 9,273,527
--------- --------- --------- ---------
--------- --------- --------- ---------
CALIAN TECHNOLOGY LTD.
CONSOLIDATED BALANCE SHEET
(dollars in thousands)
Sept. 30 Sept. 30
1995 1994
------------ -------------
(unaudited)
CURRENT ASSETS
Cash and short-term
investments $ 11,370 $ 11,314
Accounts receivable 10,095 7,177
Unbilled accounts receivable 7,202 8,330
Inventory 248 565
Prepaid expenses and other 698 630
------------ -----------
29,613 28,016
GOODWILL 1,198 1,364
FIXED ASSETS 4,194 4,156
------------ ------------
$ 35,005 $ 33,536
------------ ------------
------------ ------------
CURRENT LIABILITIES
Accounts payable and
accrued liabilities $ 7,124 $ 7,041
Income taxes payable 12 -
Unearned contract revenue 1,627 1,205
Current portion of long-term
debt 159 2,868
------------ ------------
8,922 11,114
LONG-TERM DEBT 637 796
------------ ------------
9,559 11,910
------------ ------------
SHAREHOLDERS' EQUITY
Share capital 13,607 12,792
Retained earnings 11,839 8,834
------------ -----------
25,446 21,626
------------ ------------
$ 35,005 $ 33,536
------------ ------------
------------ ------------
CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
(dollars in thousands)
(unaudited)
Year Ended
------------------------------------------
Sept. 30 Sept. 30
1995 1994
------------- -------------
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING
Net earnings $ 3,005 $ 2,645
Item not affecting cash 1,181
Depreciation and
amortization 1,192
---------- ----------
4,186 3,837
Change in non-cash operating
working capital items (1,024) (1,021)
---------- ----------
3,162 2,816
---------- ----------
FINANCING
Change in long-term
debt, net (2,868) (1,287)
Proceeds on issuance of 815
common shares 10
---------- ----------
(2,053) (1,277)
---------- ----------
INVESTING
Acquisition of
fixed assets (1,053) (1,326)
---------- ----------
NET CASH INFLOW 56 213
CASH POSITION,
BEGINNING OF YEAR 11,314 11,101
---------- ----------
CASH POSITION, END OF YEAR $ 11,370 $ 11,314
---------- ----------
---------- ----------
-0- CONTACT: Peter Rose, Director of Corporate Finance Calian Technology Ltd. 300 Legget Legget is a surname, and may refer to:
K2K Kabul to Kandahar (Canadian Afghanistan operations) K2K Key to Knowledge 1Y5 (613) 599-7200 (613) 592-7771 (fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion