Evertz Technologies Limited (TSX:ET), the leader in Software Defined Video
Network ("SDVN") technology, today reported its results for the fourth quarter
and year ended April 30, 2014.


Fiscal 2014 Highlights



--  Record annual revenue of $325.5 million 
--  Fully diluted earnings per share of $0.85 
--  Continued growth in R&D with a gross investment of $60.2 million 
--  Net earnings of $63.5 million for the year 
--  Annual dividends during the year of $2.04 per share, including a special
    dividend of $1.40 per share 



Fourth Quarter 2014 Highlights



--  Revenue $87.2 million up 33% from Q4 2013 
--  Net Earnings $14.8 million up $6.6 million from Q4 2013 

                                                                            
Selected Financial Information                                              
Consolidated Statement of Earnings Data                                     
(in thousands of dollars, except per share amounts)                         
                                                                            
                                      Q4'14      YE'14      Q4'13      YE'13
                                --------------------------------------------
Revenue                            $ 87,237  $ 325,524   $ 65,415  $ 316,305
Gross margin                         49,083    186,186     37,079    181,866
Earnings from operations             18,538     83,163     10,522     86,758
Net earnings                         14,754     63,539      8,133     65,163
Fully-diluted earnings per share     $ 0.20     $ 0.85     $ 0.11     $ 0.88
                                                                            
                                                                            
Selected Financial Information                                              
Consolidated Balance Sheet Data                                             
(in thousands of dollars)                                                   
                                                                            
                                                          Q4 ' 14    YE ' 13
                                                      ----------------------
Cash and instruments held for                                               
 trading                                                $ 101,956  $ 220,668
Working capital                                           273,914    352,164
Total assets                                              401,280    465,307
Shareholders' equity                                      333,478    406,797



Revenue

For the quarter ended April 30, 2014, revenues were $87.2 million as compared to
revenues of $65.4 million for the quarter ended April 30, 2013. For the quarter,
revenues in the United States/Canada region were $43.2 million, an increase of
$9.8 million or 29% when compared to the same quarter last year. The
International region had revenues of $44.1 million, an increase of $12.0 million
or 37% when compared to the same quarter last year.


For the year ended April 30, 2014, sales were $325.5 million, an increase of
$9.2 million or 3% as compared to sales of $316.3 million for the prior year.


Gross Margin

For the quarter ended April 30, 2014 gross margin was $49.1 million compared to
$37.1 million in the same quarter last year. Gross margin percentage was
approximately 56.3% compared to 56.7% in the quarter ended April 30, 2013.


For the year ended April 30, 2014, gross margin was $186.2 million as compared
to $181.9 million for the year ended April 30, 2013. Gross margin percentage was
approximately 57.2% for the year ended April 30, 2014 compared to 57.5% for the
prior year.


Earnings

For the quarter ended April 30, 2014 net earnings were $14.8 million up 81% when
compared to $8.1 million in the corresponding period last year.


For the year ended April 30, 2014, net earnings were $63.5 million as compared
to $65.2 million in the corresponding period last year.


For the quarter ended April 30, 2014, earnings per share on a fully-diluted
basis were $0.20, up 82% when compared to $0.11 in the same period in 2013.


For the year ended April 30, 2014, earnings per share on a fully-diluted basis
were $0.85 as compared to $0.88 in the same period in 2013.


Operating Expenses

For the quarter ended April 30, 2014 selling and administrative expenses were
$15.0 million compared to $14.0 million for the quarter ended April 30, 2013.


For the year ended April 30, 2014, selling and administrative expenses were
$55.2 million compared to $53.1 million for the year ended April 30, 2013.


For the quarter ended April 30, 2014 gross research and development expenses
increased by $1.7 million or 11% as compared to the corresponding period in
2013. Gross research and development expenses represented approximately 19.6% of
revenue for the quarter ended April 30, 2014.


For the year ended April 30, 2014, gross research and development expenses
increased by 14% or $7.3 million as compared to the prior year. Research and
development expenses represented approximately 18.5% of sales.


Liquidity and Capital Resources

The Company's working capital as at April 30, 2014 was $273.9 million as
compared to $352.2 million on April 30, 2013.


Cash and instruments held for trading were $102.0 million as at April 30, 2014
as compared to $220.7 million on April 30, 2013.


Cash used for operations was $1.3 million for the quarter ended April 30, 2014
as compared to cash provided of $11.3 million for the quarter ended April 30,
2013. Before taking into account taxes and the changes in non-cash working
capital, the Company generated $17.5 million from operations for the quarter
ended April 30, 2014 compared to $11.8 million for the same period last year.


Cash provided by operations was $35.5 million for the 2014 fiscal year as
compared to cash provided by operations of $89.6 million for the 2013 fiscal
year. Before taking into account taxes and the changes in non-cash working
capital, the Company generated $74.2 million from operations for fiscal 2014 as
compared to $78.6 million for fiscal 2013.


The Company generated $9.1 million in investing activities largely a result of
proceeds from the disposal of instruments held for trading of $12.2 million,
offset by purchases in capital assets of $3.1 million during the quarter ended
April 30, 2014, compared to $4.1 million in capital assets purchased for the
quarter ended April 30, 2013.


The Company generated cash from investing activities of $1.5 million for the
year ended April 30, 2014 which was predominantly from proceeds upon disposal of
instruments held for trading for $12.2 million offset by cash used for the
acquisition of capital assets of $10.8 million, compared to cash used of $14.6
million for the year ended April 30, 2013.


For the quarter ended April 30, 2014, the Company used cash in financing
activities of $11.4 million which was principally a result of the payment of
dividends of $11.9 million offset by the issuance of capital stock of $0.4
million.


For the year ended April 30, 2014, the Company used cash from financing
activities of $144.2 million, which was principally driven dividends paid of
$152.0 million which included a special dividend of $104.0 million and offset by
the issuance of capital stock pursuant to the Company Stock Option Plan of $8.2
million.


Shipments and Backlog

At the end of May 2014, purchase order backlog was in excess of $67 million and
shipments during the month of May 2014 were $28 million.


Dividend Declared

Evertz Board of Directors declared a dividend on June 11, 2014 of $0.16 per share.

The dividend is payable to shareholders of record on June 20, 2014 and will be
paid on or about June 27, 2014.




                                                                            
Selected Consolidated Financial Information                                 
(in thousands of dollars, except earnings per share and percentages)        
                                                                            
----------------------------------------------------------------------------
                                  Three month periods  Twelve month periods 
                                         ended                 ended        
                                       April 30,             April 30,      
----------------------------------------------------------------------------
                                       2014       2013       2014       2013
----------------------------------------------------------------------------
Revenue                            $ 87,237   $ 65,415  $ 325,524  $ 316,305
Cost of goods sold                   38,154     28,336    139,338    134,439
----------------------------------------------------------------------------
Gross margin                         49,083     37,079    186,186    181,866
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Gross margin %                        56.3%      56.5%      57.2%      57.5%
----------------------------------------------------------------------------
Expenses                                                                    
  Selling and administrative         14,966     13,988     55,162     53,106
  General                             1,509      1,076      6,874      5,366
  Research and development           17,063     15,349     60,196     52,851
  Investment tax credits            (3,259)    (3,609)   (12,292)   (13,178)
  Foreign exchange loss (gain)          266      (247)    (6,917)    (3,037)
----------------------------------------------------------------------------
                                     30,545     26,557    103,023     95,108
----------------------------------------------------------------------------
                                     18,538     10,522     83,163     86,758
                                                                            
Finance income                          281        807      2,001      2,383
Finance costs                         (123)      (290)      (398)      (559)
Other income and expenses                76        (8)         38        264
----------------------------------------------------------------------------
Earnings before income taxes         18,772     11,031     84,804     88,846
----------------------------------------------------------------------------
Provision for (recovery of)                                                 
 income taxes                                                               
  Current                             5,142      2,536     24,529     21,816
  Deferred                          (1,124)        362    (3,264)      1,867
----------------------------------------------------------------------------
                                      4,018      2,898     21,265     23,683
----------------------------------------------------------------------------
Net earnings for the period        $ 14,754    $ 8,133   $ 63,539   $ 65,163
----------------------------------------------------------------------------
                                                                            
Net earnings attributable to                                                
 non-controlling interest              $ 55       $ 23      $ 404      $ 573
----------------------------------------------------------------------------
Net earnings attributable to                                                
 shareholders                        14,699      8,110     63,135     64,590
----------------------------------------------------------------------------
Net earnings for the period        $ 14,754    $ 8,133   $ 63,539   $ 65,163
----------------------------------------------------------------------------
Earnings per share                                                          
Basic                                $ 0.20     $ 0.11     $ 0.85     $ 0.88
Diluted                              $ 0.20     $ 0.11     $ 0.85     $ 0.88
----------------------------------------------------------------------------
                                                                            
                                                                            
Selected Consolidated Financial Information                                 
(in thousands of dollars)                                                   
                                                                            
----------------------------------------------------------------------------
                                             April 30,  April 30,  April 30,
                                                  2014       2013       2012
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents                  $ 101,956  $ 208,658  $ 173,665
  Instruments held for trading                       -     12,010     12,004
  Trade and other receivables                   87,981     53,813     59,864
  Prepaid expenses                               4,704      3,274      1,942
  Inventories                                  134,561    111,619    109,211
  Income tax receivable                          1,735      7,233     11,695
----------------------------------------------------------------------------
                                               330,937    396,607    368,381
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Assets held for sale                                 -      3,781      3,781
----------------------------------------------------------------------------
                                                                            
Property, Plant and Equipment                   51,831     46,637     41,190
Goodwill                                        18,269     17,724     17,507
Intangible assets                                  243        558      1,005
----------------------------------------------------------------------------
                                             $ 401,280  $ 465,307  $ 431,864
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
Current liabilities                                                         
  Trade and other payables                    $ 44,888   $ 36,237   $ 37,034
  Provisions                                     1,624      1,104        809
  Deferred revenue                              10,096      6,712      4,460
  Current portion of long term                                              
   debt                                            415        390        401
----------------------------------------------------------------------------
                                                57,023     44,443     42,704
                                                                            
Long term debt                                   1,372      1,539      1,875
Deferred taxes                                   6,468      9,590      7,331
----------------------------------------------------------------------------
                                                64,863     55,572     51,910
                                                                            
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
Capital stock                                   92,931     81,453     67,458
Share based payment reserve                     10,217     10,727     14,320
                                                                            
Accumulated other comprehensive                                             
 income (loss)                                   2,966    (1,063)      (906)
Retained earnings                              227,364    315,680    297,545
----------------------------------------------------------------------------
                                               230,330    314,617    296,639
                                                                            
Total equity attributable to                                                
 shareholders                                  333,478    406,797    378,417
Non-controlling interest                         2,939      2,938      1,537
----------------------------------------------------------------------------
                                               336,417    409,735    379,954
----------------------------------------------------------------------------
                                             $ 401,280  $ 465,307  $ 431,864
----------------------------------------------------------------------------



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 11, 2014 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, 2014. The rebroadcast can be accessed at 1-416-915-1035
or toll-free 1-866-245-6755. The pass code for the rebroadcast is 886048.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Evertz Technologies Limited
Anthony Gridley
Chief Financial Officer
(905) 335-7580
ir@evertz.com

Evertz Technologies (TSX:ET)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024 Click aqui para mais gráficos Evertz Technologies.
Evertz Technologies (TSX:ET)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024 Click aqui para mais gráficos Evertz Technologies.