MYOB Limited (ASX:MYO) Announces Results for the Year Ended Dec. 31, 2005: Investing for Further Growth.Sydney, Australia, Feb 22, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - MYOB "Mind your own business." See digispeak. (chat) MYOB - mind your own business. Limited (ASX ASX See: Australian Stock Exchange : MYO MYO Make Your Own MYO Myosin MYO Metropolitan Youth Orchestra MYO Muslim Youth of Ottawa MYO Mason Youth Organization (Mason, OH) MYO Moriches Youth Organization MYO Model Year Zero MYO Multi Year Open ; US: MYBOF) today announced its financial results for the full year ended 31 December 2005. Highlights include: - Revenue from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the up 39% - Operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become up 41% to $61m at a margin of over 37% - Earnings per share up 109% to 4.2 cents - Strong balance sheet, with cash of $44 million and capacity for significant debt - Fully franked dividend of 2.75 cents declared (up 22%) together with a further fully franked special dividend of 1.25 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. - On-market buyback of up to 5% of the shares on issue The company's revenue from continuing operations of $161 million for the year ended 31 December 2005 was up by 39% compared to the year ended 31 December 2004. Total revenue (including revenue from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. ) was $166 million. MYOB's earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 41% to $61 million, up from $43 million in the prior year. MYOB achieved an EBITDA margin in 2005 of just over 37%, up slightly on the prior year. MYOB generated a 98% increase in earnings before interest and tax (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) to $25 million. Importantly, earnings per share was up 109% to 4.2 cents. In releasing the results, Craig Winkler Winkler may refer to:
"Our capital position is excellent, with cash on hand of $44m and access to significant debt capacity to fund appropriate acquisitions. Importantly, we generate great cash flow from our existing businesses, which more than fund our organic growth options. As a result, we have today announced an on-market buyback of up to 5% of the issued capital of the company together with a special fully franked dividend, as we continue to manage our shareholders' capital carefully." The Directors have provided for a final dividend of 2.75 cents per share fully franked and an additional fully franked special dividend of 1.25 cents per share. The 4.00 cents in dividends will be paid on 21 April 2006 to all shareholders on the register at the books closing date of 3 April 2006. The Directors have suspended the Company's Dividend Reinvestment Plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. . ---------------------------------------------------------------------- 12 Months to 31 December 2004($m) 2005($m) ---------------------------------------------------------------------- Revenue from continuing operations 116.0 161.2 ---------------------------------------------------------------------- Operating EBITDA 42.9 60.6 ---------------------------------------------------------------------- Operating EBIT 19.3 27.9 ---------------------------------------------------------------------- Non operating revenues and specific costs (6.8) (3.1) ---------------------------------------------------------------------- Net interest & share of associate loss 1.0 0.9 ---------------------------------------------------------------------- Profit before tax 13.5 25.7 ---------------------------------------------------------------------- Taxation expense (6.4) (8.0) ---------------------------------------------------------------------- Profit after tax from continuing operations 7.1 17.7 ---------------------------------------------------------------------- Earnings per share 2.01 4.20 ---------------------------------------------------------------------- Fully franked dividends (declared) /share (cents) 2.25 4.00 ---------------------------------------------------------------------- From its 2005 financial year onwards MYOB has adopted International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). (IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System ). All comparative historical figures have been restated accordingly. Conclusion MYOB expects around 13% operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. growth for the year ending 31 December 2006. During 2006 MYOB expects to incur an EBITDA loss of approximately A$4 million in China as part of its investment in the marketing and development of MYOB China. As a result, the company expects a group EBITDA margin of circa 35% for the current year. Summing up, Craig Winkler said "Looking ahead to 2006 and beyond, it's an incredibly exciting time for MYOB. While our core products continue to win awards around the world, we have well and truly taken our range of business solutions to another level. We remain focused on solving the administrative burden for businesses of all kinds, but today we do that with an expanded suite of options that do a great deal more than keep track of the numbers. That's always been the vision, and it's rewarding to see another year where the results attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as to that direction." A copy of the Company's official results release in English and financial statements for the year ending 31 December 2005, as lodged with the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. , is available at http://myob.com/au/investors/announcements About MYOB MYOB (ASX: MYO; US: MYBOF) is a global provider of solutions that liberate business owners and accountants from the burden of day to day administration, empowering them to achieve business success. MYOB develops and delivers award-winning software, services and support for more than 500,000 businesses and over 10,000 accounting practices worldwide. Owner-operated businesses are the most dynamic force in the world economy and yet they are universally challenged by limited resources. MYOB uses its knowledge, expertise and scale to help them build better businesses. MYOB also works directly with accounting practices to streamline their processes and maximise their productivity. MYOB solutions are used by leading accounting practices from tax agents and sole practitioners to the 'Big 4' firms. For more information visit the MYOB web site at http://myob.com/au/investors/announcements Source: MYOB Contact: Shareholders/Analysts Simon Martin Chief Financial Officer, MYOB Limited Tel: +61 3 9222 9748 E-mail: simon.martin@myob.com Media Caroline Jackson Corporate Relations Manager, MYOB Limited Tel: +61 3 9222 9741 E-mail: caroline.jackson@myob.com Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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