Attention Business/Financial Editors:
Evertz Technologies Limited (TSX:ET), a global leader in video
infrastructure solutions for production, playout and delivery
systems for television broadcasters, telecom and multi-system
operators, today reported its results for the fourth quarter and
year ended April 30, 2013.
Fiscal 2013 Highlights
-- Record annual revenue of $316.3 million, an 8% increase over prior year
-- Fully diluted earnings per share of $0.88, an increase of 9% as compared
to $0.81 a year ago
-- Continued growth in R&D with a gross investment of $52.9 million
-- Cash and instruments held for trading increased to over $220 million
-- Quarterly dividend increased to $0.16 per share during the year
-- Continued expansion through the completion of a selective acquisition
and the opening of North American and International sales offices
Selected Financial Information
Consolidated Statement of Earnings Data
(in thousands of dollars, except per share amounts)
Q4'13 YE'13 Q4'12 YE'12
------------------------------------------
Revenue $ 65,415 $ 316,305 $ 76,340 $ 293,400
Gross Margin 37,079 181,866 42,783 166,168
Earnings from operations 10,522 86,758 17,474 80,276
Net earnings 8,133 65,163 13,490 59,956
Fully-diluted earnings per
share $ 0.11 $ 0.88 $ 0.18 $ 0.81
Selected Financial Information
Consolidated Balance Sheet Data
(in thousands of dollars)
YE'13 YE'12
--------------------
Cash and instruments held for
trading $ 220,668 $ 185,669
Working capital 352,164 325,677
Total assets 465,307 431,864
Shareholders' equity 406,797 378,417
Revenue
For the quarter ended April 30, 2013, revenues were $65.4
million as compared to revenues of $76.3 million for the quarter
ended April 30, 2012. For the quarter, revenues in the United
States/Canada region were $33.3 million, a decrease of $3.3 million
or 9.1% when compared to the same quarter last year. The
International region had revenues of $32.1 million, as compared to
$39.6 million in the same quarter last year.
For the year ended April 30, 2013, sales were $316.3 million, an
increase of $22.9 million or 7.8% as compared to sales of $293.4
million for the prior year. The United States/Canada region
increased by $23.3 million or 15.6% when compared to the prior
year, and the International region was consistent at $143.1 million
compared to $143.5 million in the prior year.
Gross Margin
For the quarter ended April 30, 2013 gross margin was $37.1
million compared to $42.8 million in the same quarter last year.
Gross margin percentage was approximately 56.7%, up from 56.0% in
the quarter ended April 30, 2012.
For the year ended April 30, 2013, gross margin was $181.9
million as compared to $166.2 million for the year ended April 30,
2012. Gross margin percentage was approximately 57.5% for the year
ended April 30, 2013 up when compared to 56.6% for the prior
year.
Earnings
For the quarter ended April 30, 2013 net earnings were $8.1
million as compared to $13.5 million in the corresponding period
last year.
For the year ended April 30, 2013, net earnings were $65.2
million as compared to $60.0 million in the corresponding period
last year.
For the quarter ended April 30, 2013, earnings per share on a
fully-diluted basis were $0.11 as compared to $0.18 in the same
period in 2012.
For the year ended April 30, 2013, earnings per share on a
fully-diluted basis were $0.88 as compared to $0.81 in the same
period in 2012.
Operating Expenses
For the quarter ended April 30, 2013 selling and administrative
expenses were $14.0 million compared to $12.3 million for the
quarter ended April 30, 2012.
For the year ended April 30, 2013, selling and administrative
expenses were $53.1 million compared to $47.1 million for the year
ended April 30, 2012.
For the quarter ended April 30, 2013 gross research and
development expenses increased by $2.6 million or 20.1% as compared
to the corresponding period in 2012. Gross research and development
expenses represented approximately 23.5% of revenue for the quarter
ended April 30, 2013.
For the year ended April 30, 2013, gross research and
development expenses increased by 19.6% or $8.7 million as compared
to the prior year. Research and development expenses represented
approximately 16.7% of sales.
Liquidity and Capital Resources
The Company's working capital as at April 30, 2013 was $352.2
million as compared to $325.7 million on April 30, 2012.
Cash and instruments held for trading were $220.7 million as at
April 30, 2013 as compared to $185.7 million on April 30, 2012.
Cash provided by operations was $11.3 million for the quarter
ended April 30, 2013 as compared to $8.0 million for the quarter
ended April 30, 2012. Before taking into account taxes and the
changes in non-cash working capital, the Company generated $11.8
million from operations for the quarter ended April 30, 2013
compared to $18.2 million for the same period last year.
Cash provided by operations was $89.6 million for the 2013
fiscal year as compared to cash provided by operations of $66.6
million for the 2012 fiscal year. Before taking into account taxes
and the changes in non-cash working capital, the Company generated
$78.6 million from operations for fiscal 2013 as compared to $73.0
million for fiscal 2012.
The Company used $3.9 million in investing activities largely a
result of purchases in capital assets of $4.1 million during the
quarter ended April 30, 2013, compared to $1.6 million in capital
assets purchased for the quarter ended April 30, 2012.
The Company invested $3.8 million net of cash in a technology
based company and $11.0 million on the purchase of capital assets
for the year ended April 30, 2013, compared to $16.6 million in
capital assets purchased for the year ended April 30, 2012.
For the quarter ended April 30, 2013, the Company used cash in
financing activities of $11.4 million which was principally a
result of the payment of dividends of $11.8 million offset by the
issuance of capital stock of $0.6 million.
For the year ended April 30, 2013, the Company used cash in
financing activities of $40.1 million as a result of the payment of
dividends of $42.9 million, repurchase of capital stock costing
$4.2 million offset by the issuance of share capital of $8.0
million.
Shipments and Backlog
Purchase order backlog at the end of May 2013 was in excess of
$35 million and shipments during the month of May 2013 were $19
million.
Dividend Declared
Evertz Board of Directors declared a dividend on June 12, 2013
of $0.16 per share.
The dividend is payable to shareholders of record on June 21,
2013 and will be paid on or about June 28, 2013.
Selected Consolidated Financial Information
(Unaudited)
(in thousands of dollars, except earnings per share and share data)
---------------------------------------------------------------------------
Three month periods Twelve month periods
ended ended
April 30, April 30,
---------------------------------------------------------------------------
2013 2012 2013 2012
---------------------------------------------------------------------------
Revenue $ 65,415 $ 76,340 $ 316,305 $ 293,400
Cost of goods sold 28,336 33,557 134,439 127,232
---------------------------------------------------------------------------
Gross margin 37,079 42,783 181,866 166,168
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Gross margin % 56.7% 56.0% 57.5% 56.6%
---------------------------------------------------------------------------
Expenses
Selling and administrative 13,988 12,320 53,106 47,118
General 1,076 2,110 5,366 6,788
Research and development 15,349 12,782 52,851 44,200
Investment tax credits (3,609) (2,562) (13,178) (9,872)
Foreign exchange (gain) loss (247) 659 (3,037) (2,342)
---------------------------------------------------------------------------
26,557 25,309 95,108 85,892
---------------------------------------------------------------------------
10,522 17,474 86,758 80,276
Finance income 807 488 2,383 1,915
Finance costs (290) (55) (559) (197)
Other income and expenses (8) 403 264 (154)
---------------------------------------------------------------------------
Earnings before income taxes 11,031 18,310 88,846 81,840
---------------------------------------------------------------------------
Provision for income taxes
Current 2,536 3,865 21,816 21,669
Deferred 362 955 1,867 215
---------------------------------------------------------------------------
2,898 4,820 23,683 21,884
---------------------------------------------------------------------------
Net earnings for the period 8,133 13,490 65,163 59,956
---------------------------------------------------------------------------
Net earnings attributable to
non-controlling interest 23 110 573 416
---------------------------------------------------------------------------
Net earnings attributable to
shareholders 8,110 13,380 64,590 59,540
---------------------------------------------------------------------------
Net earnings for the period 8,133 13,490 65,163 59,956
---------------------------------------------------------------------------
Earnings per share
Basic $ 0.11 $ 0.19 $ 0.88 $ 0.81
Diluted $ 0.11 $ 0.18 $ 0.88 $ 0.81
---------------------------------------------------------------------------
Selected Consolidated Financial Information
(Unaudited)
(in thousands of dollars, except earnings per share and share data)
---------------------------------------------------------------------------
April 30, April 30, April 30,
2013 2012 2011
---------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 208,658 $ 173,665 $ 175,835
Instruments held for trading 12,010 12,004 16,190
Trade and other receivables 57,087 61,806 52,732
Inventories 111,619 109,211 106,422
Income tax receivable 7,233 11,695 2,014
---------------------------------------------------------------------------
$ 396,607 $ 368,381 $ 353,193
---------------------------------------------------------------------------
Assets held for sale $ 3,781 $ 3,781 $ -
---------------------------------------------------------------------------
Property, Plant and Equipment $ 46,637 $ 41,190 37,627
Goodwill 17,724 17,507 17,467
Intangible assets 558 1,005 2,224
---------------------------------------------------------------------------
$ 465,307 $ 431,864 $ 410,511
---------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other payables $ 36,237 $ 37,034 $ 21,814
Provisions 1,104 809 1,235
Deferred revenue 6,712 4,460 3,664
Current portion of long term debt 390 401 451
---------------------------------------------------------------------------
$ 44,443 $ 42,704 $ 27,164
Long term debt $ 1,539 $ 1,875 $ 2,493
Deferred taxes 9,590 7,331 7,095
---------------------------------------------------------------------------
$ 55,572 $ 51,910 $ 36,752
---------------------------------------------------------------------------
Equity
Capital stock $ 81,453 $ 67,458 $ 58,882
Share based payment reserve 10,727 14,320 13,762
Accumulated other comprehensive (loss)
income (1,063) (906) 440
Retained earnings 315,680 297,545 299,125
---------------------------------------------------------------------------
$ 314,617 $ 296,639 $ 299,565
Total equity attributable to shareholders 406,797 378,417 372,209
Non-controlling interest 2,938 1,537 1,550
---------------------------------------------------------------------------
409,735 379,954 373,759
---------------------------------------------------------------------------
$ 465,307 $ 431,864 $ 410,511
---------------------------------------------------------------------------
Forward-Looking Statements
The report contains forward-looking statements reflecting
Evertz's objectives, estimates and expectations. Such forward
looking statements use words such as "may", "will", "expect",
"believe", "anticipate", "plan", "intend", "project", "continue"
and other similar terminology of a forward-looking nature or
negatives of those terms.
Although management of the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, all forward-looking statements address matters that
involve known and unknown risks, uncertainties and other factors.
Accordingly, there are or will be a number of significant factors
which could cause the Company's actual results, performance or
achievements, or industry results to be materially different from
any future results performance or achievements expressed or implied
by such forward-looking statements.
Conference Call
The Company will hold a conference call with financial analysts
to discuss the results on June 12, 2013 at 5:00 p.m. (EDT). Media
and other interested parties are invited to join the conference
call in listen-only mode. The conference call may be accessed by
dialing 1-416-849-6166 or toll-free (North America)
1-866-250-6267.
For those unable to listen to the live call, a rebroadcast will
also be available until July 11, 2013. The rebroadcast can be
accessed at 1-416-915-1035 or toll-free 1-866-245-6755. The pass
code for the rebroadcast is 672047.
About Evertz
Evertz Technologies Limited (TSX:ET) designs, manufactures and
markets video and audio infrastructure solutions for the
television, telecommunications and new-media industries. The
Company's solutions are purchased by content creators,
broadcasters, specialty channels and television service providers
to support their increasingly complex multi-channel digital and
high definition television ("HDTV") broadcast environments and by
telecommunications and new-media companies. The Company's products
allow its customers to generate additional revenue while reducing
costs through the more efficient signal routing, distribution,
monitoring and management of content as well as the automation of
previously manual processes.
Contacts: Evertz Technologies Limited Anthony Gridley Chief
Financial Officer (905) 335 7580ir@evertz.com
Evertz Technologies (TSX:ET)
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