Welcome!

Agile Computing Authors: Yeshim Deniz, Rishi Bhargava, Elizabeth White, Ben Uher, Liz McMillan

News Feed Item

Strong results for Mediagrif in the second quarter of fiscal 2013

Second quarter highlights:

  • Revenues up 20% or $2.5 million to $15.2 million;
  • EBITDA reached 43% of revenues or $6.5 million, up 44% compared to $4.5 million;
  • Operating profit of $5.2 million compared to $3.7 million;
  • Profit of $3.4 million or $0.25 per share;
  • Repayment of $3.0 million (including $2.0 million in advance) on the term loan.

Quarterly dividend:

  • Board of Directors declared a quarterly dividend of $0.09 per share payable on January 14, 2013 to shareholders of record at the close of markets on January 3, 2013.

Amendment to credit agreement:

  • Amendment to the existing credit agreement to support the Company's growth.

TSX: MDF
www.mediagrif.com

LONGUEUIL, QC, Nov. 13, 2012 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce solutions, today announced its financial results for the second quarter of fiscal 2013 ended September 30, 2012. Unless indicated otherwise, all amounts are in Canadian dollars.

SUMMARY OF CONSOLIDATED RESULTS

         
  Three months ended
September 30
Six months ended
September 30
(in thousands of Canadian dollars, except for numbers related to shares - unaudited) 2012 2011 2012 2011
Revenues 15,213 12,706 31,060 25,343
EBITDA 6,514 4,477 12,639 8,469
Operating profit 5,219 3,732 10,111 6,957
Profit for the period 3,429 3,747 7,062 5,905
Earnings per share        
  - Basic & Diluted 0.25 0.27 0.51 0.43
Weighted average number of share outstanding (in thousands)        
  - Basic 13,797 13,705 13,769 13,694
  - Diluted 13,822 13,740 13,806 13,733

The income analysis summary takes into consideration the impact of the acquisition of LesPAC network ("LesPAC") completed on November 14, 2011.

RESULTS FOR THE SECOND QUARTER OF FISCAL 2013

For the second quarter of fiscal 2013, revenues totalled $15.2 million, an increase of 19.7% or $2.5 million compared to the second quarter of fiscal 2012 revenues of $12.7 million.

The revenue increase is explained by the addition of revenues from LesPAC for $3.1 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.4 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedge in place, generated a negative impact on revenues of $0.1 million during the second quarter of fiscal 2013.

Total operating expenses of the second quarter of fiscal 2013, including cost of revenues, reached $10.0 million, compared to $9.0 million for the second quarter of fiscal 2012. The increase in operating expenses is mainly due to the addition of LesPAC activities for $1.8 million during the second quarter while operating expenses of the other subsidiaries decreased by a net amount $0.8 million as a result of lower salaries and professional services, a decrease in the bad debt expense and additional tax credits.

EBITDA totalled $6.5 million or 42.8% of revenues compared to $4.5 million or 35.2% of revenues during the second quarter of fiscal 2012.

Profit reached $3.4 million ($0.25 per share), compared to $3.7 million ($0.27 per share) recorded during the second quarter of fiscal 2012. Profit for the second quarter of fiscal 2013 includes a foreign exchange loss of $0.3 million while the Company recorded a foreign exchange gain of $1.2 million during the second quarter of fiscal 2012.

RESULTS FOR THE FIRST SIX MONTHS OF FISCAL 2013

For the first six months of fiscal 2013, revenues totalled $31.1 million, an increase of 22.9% or $5.8 million, when compared to the first six months of fiscal 2012 revenues of $25.3 million.

The increase is explained by the addition of revenues from LesPAC for $6.7 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.6 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedge in place, generated a negative impact on revenues of $0.2 million during the first six months of fiscal 2013.

Total operating expenses of the first six months of fiscal 2013, including cost of revenues, reached $20.9 million, compared to $18.4 million for the first six months of fiscal 2012. The increase in operating expenses is mainly due to the addition of LesPAC activities for $3.8 million during the first six months while operating expenses of the other subsidiaries decreased by a net amount $1.2 million as a result of lower salaries and professional services and additional tax credits.

EBITDA totalled $12.6 million or 40.7% of revenues compared to $8.5 million or 33.4% of revenues during the first six months of fiscal 2012.

Profit reached $7.1 million ($0.51 per share), compared to $5.9 million ($0.43 per share) recorded during the first six months of fiscal 2012.

CASH FLOW AND FINANCIAL POSITION

During the second quarter of fiscal 2013, operating activities generated $5.7 million of cash flows compared to $3.6 million for the corresponding period of fiscal 2012.

The Company used a portion of these funds and a portion of its cash and cash equivalents to repay an amount of $3.0 million on the term loan during the second quarter of fiscal 2013. As at September 30, 2012, a total of $11.0 million (including an amount of $8.0 million in advance) had been repaid on the $40.0 million Term Loan that was put in place to fund the acquisition of LesPAC.

As at September 30, 2012, the Company had $5.8 million of cash and cash equivalents and $16.0 million available on its revolving credit facility of $20.0 million.

During the first six months of fiscal 2013, operating activities generated $8.0 million of cash flows compared to $3.8 million for the first six months of fiscal 2012.

RECENT DEVELOPMENTS

The credit agreement signed on November 10, 2011 with the National Bank of Canada and the Bank of Nova Scotia was amended on November 13, 2012, allowing the Company to consolidate its existing term loan and revolving facility into a single revolving credit facility, to increase its borrowing capacity thereunder and the existing accordion loan of $25.0 million.

The amended credit agreement now provides for a revolving facility of $60.0 million, including an accordion loan of $40.0 million, which is subject to lenders' acceptance. Conditions attached to the original credit agreement remain unchanged except for conditions related to the term loan, including the obligation to make mandatory quarterly instalments, which now cease to apply.

QUARTERLY DIVIDEND

The Board of Directors of Mediagrif approved and declared a quarterly dividend of $0.09 per share payable on January 14, 2013, to shareholders of record at the close of markets on January 3, 2013.

About Mediagrif Interactive Technologies Inc.

Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since 1996. Its web platforms enable clients to find, purchase and sell products, exchange information, gain access to business opportunities and manage supply chain collaboration with greater speed and efficiency. The Company provides e-commerce solutions in the fields of electronic components, computer equipment and telecommunications, medical equipment, automotive aftermarket, wine and spirits, diamonds and jewelry, classified ads, supply chain collaboration and government opportunities. Mediagrif has its headquarters in Longueuil and has offices in North America and Asia. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.

In addition to providing profit measures in accordance with IFRS, the Company shows operating profit and earnings before interest, taxes, depreciation and amortization ("EBITDA") as supplementary earnings measures. The Company sometimes refers to the free cash flow measure in its documents. Free cash flow is defined as cash flows from operating activities less the acquisition of property, plant and equipment and intangible assets presented in investing activities and less dividends paid that are presented in financing activities. Operating profit, EBITDA and free cash flow are not intended to be measures that should be regarded as an alternative to other financial operating performance measures prepared in accordance with IFRS. Those measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Unless otherwise indicated, all amounts are in Canadian dollars.

Unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are available on www.mediagrif.com and have been filed with SEDAR at the following address: www.sedar.com.

 

SOURCE MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...