|By PR Newswire||
|February 12, 2013 06:37 PM EST||
Third quarter highlights:
- Revenues up 11% or $1.5 million to $15.1 million.
- EBITDA of $6.2 million up 29%, compared to $4.8 million (before transaction costs of $1.4 million for the acquisition of LesPAC).
- Operating profit of $4.9 million compared to $2.3 million.
- Profit of $3.5 million ($0.24 per share), up by $2.5 million.
- Full repayment of long-term debt following the private placement of common shares of $35.0 million.
Increase in quarterly dividend at $0.10 per share:
- Increase of 11% of quarterly dividend from $0.09 to $0.10 per share.
LONGUEUIL, QC, Feb. 12, 2013 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce solutions, today announced its financial results for the third quarter of fiscal 2013 ended December 31, 2012. Unless indicated otherwise, all amounts are in Canadian dollars.
SUMMARY OF CONSOLIDATED RESULTS
Three months ended
Nine months ended
|(in thousands of Canadian dollars, except for numbers related to shares - unaudited)||2012||2011||2012||2011|
|Profit for the period||3,475||965||10,537||6,870|
|Earnings per share|
||- Basic & Diluted||0.24||0.07||0.75||0.50|
|Weighted average number of share outstanding (in thousands)|
|The results for the three- and nine-month periods ended December 31, 2012 include a non-recurring expense of $1.4 million related to the acquisition of LesPAC.|
The income analysis summary takes into consideration the impact of the acquisition of LesPAC network ("LesPAC") completed on November 14, 2011.
RESULTS FOR THE THIRD QUARTER OF FISCAL 2013
For the third quarter of fiscal 2013, revenues totaled $15.1 million, an increase of 11.1% or $1.5 million compared to the third quarter of fiscal 2012 revenues of $13.6 million.
The revenue increase is mainly explained by the increase in revenues from LesPAC for $1.9 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.2 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedges in place, generated a negative impact on revenues of $0.1 million during the third quarter of fiscal 2013.
Total operating expenses of the third quarter of fiscal 2013, including cost of revenues, reached $10.2 million, compared to $11.4 million for the third quarter of fiscal 2012. The decrease in operating expenses is mainly due to the $1.4 million transaction costs related to the acquisition of LesPAC incurred during the third quarter of fiscal 2012 while LesPAC activities added $1.0 million in operating expenses during the third quarter of fiscal 2013. Additional tax credits of $0.2 million were also recorded in the third quarter of fiscal 2013.
EBITDA totaled $6.2 million or 40.8% of revenues compared to $3.4 million or 24.6% of revenues during the third quarter of fiscal 2012.
Profit reached $3.5 million ($0.24 per share), compared to $1.0 million ($0.07 per share) recorded during the third quarter of fiscal 2012.
RESULTS FOR THE FIRST NINE MONTHS OF FISCAL 2013
For the first nine months of fiscal 2013, revenues totaled $46.2 million, an increase of 18.6% or $7.2 million, when compared to the first nine months of fiscal 2012 revenues of $39.0 million.
The increase is mainly explained by the increase in revenues from LesPAC by $8.6 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.8 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 $0.3 million during the first nine months of fiscal 2013.
Total operating expenses of the first nine months of fiscal 2013, including cost of revenues, reached $31.2 million, compared to $29.8 million for the first nine months of fiscal 2012. The increase in operating expenses is mainly due to the increase in LesPAC activities for $4.8 million during the first nine months of fiscal 2013 partly offset by a decrease in professional fees (including the $1.4 million transaction costs related to LesPAC), lower salary expenses and additional tax credits.
EBITDA totaled $18.8 million or 40.7% of revenues compared to $11.8 million or 30.3% of revenues during the first nine months of fiscal 2012.
Profit reached $10.5 million ($0.75 per share), compared to $6.9 million ($0.50 per share) recorded during the first nine months of fiscal 2012.
CASH FLOW AND FINANCIAL POSITION
On December 6, 2012, the Company completed the sale, by way of a private placement, of 2 million common shares for gross proceeds of $35.0 million. The Company used the proceeds to repay in full the term loan and revolving credit facility.
As at December 31, 2012, the Company had $9.3 million of cash and cash equivalents and $60.0 million available on its unused revolving credit facility.
Operating activities generated $4.9 million of cash flows during the third quarter of fiscal 2013 compared to $5.4 million for the corresponding period of fiscal 2012.
During the first nine months of fiscal 2013, operating activities generated $12.9 million of cash flows compared to $9.2 million for the first nine months of fiscal 2012.
QUARTERLY DIVIDEND INCREASED TO $0.10 PER SHARE
The Board of Directors of Mediagrif approved a 11% dividend increase in the quarterly dividend of $0.09 per share and declared a quarterly dividend of $0.10 per share. The dividend is payable on April 15, 2013, to shareholders of record on April 2, 2013.
We have been informed by our client, Public Works and Government Services of Canada ("PWGSC"), that it will not call for tenders in order to replace the MERX solution. The department uses MERX's electronic tendering system pursuant to a contract which expires May 31, 2013.
PWGSC plans to provide its suppliers with a solution developed internally. Suppliers of PWGSC, as well as those of other departments and governmental agencies, may continue to benefit from all the value added services of MERX.
The Company believes that the loss of a portion of the revenue from the expiration of this agreement will be compensated, among other things by:
- Providing the services of MERX to all suppliers and other departments and agencies that are currently using MERX.
- The increase activity generated by the use of MERX by our public and private sector clients in Canada.
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.
SOURCE MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
Nov. 25, 2015 05:00 PM EST Reads: 298
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
Nov. 25, 2015 04:15 PM EST Reads: 471
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound cha...
Nov. 25, 2015 02:45 PM EST Reads: 492
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Nov. 25, 2015 02:30 PM EST Reads: 501
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Yet a closer inspection at the data reveals less than half of these cloud projects involve production...
Nov. 25, 2015 02:15 PM EST Reads: 423
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, wil...
Nov. 25, 2015 02:00 PM EST Reads: 506
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical to maintaining positive ROI. Raxak Protect is an automated security compliance SaaS platform and ma...
Nov. 25, 2015 02:00 PM EST Reads: 350
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).
Nov. 25, 2015 01:30 PM EST Reads: 463
There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content. Join @ThingsExpo conference chair Roger Strukhoff (@IoT2040), June 7-9, 2016 in New York City, for three days of intense 'Internet of Things' discussion and focus, including Big Data's indespensable role in IoT, Smart Grids and Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) IoT's use in Vertical Markets.
Nov. 25, 2015 12:00 PM EST Reads: 515
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context with p...
Nov. 25, 2015 12:00 PM EST Reads: 362
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
Nov. 25, 2015 10:00 AM EST Reads: 428
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 25, 2015 09:45 AM EST Reads: 115
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 25, 2015 09:00 AM EST Reads: 265
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningful and actionable insights. In his session at @ThingsExpo, Paul Turner, Chief Marketing Officer at...
Nov. 25, 2015 08:15 AM EST Reads: 348
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, demonstrated examples of com...
Nov. 25, 2015 07:45 AM EST Reads: 344
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).
Nov. 25, 2015 07:30 AM EST Reads: 250
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Nov. 25, 2015 05:45 AM EST Reads: 377
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessions, I wanted to share some of my observations on emerging trends. As cyber security serves as a fou...
Nov. 25, 2015 05:45 AM EST Reads: 288
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion is moderated by me, Dana Gardner, Principal Analyst at Interarbor Solutions.
Nov. 25, 2015 02:30 AM EST Reads: 681
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 25, 2015 02:00 AM EST Reads: 291