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Evertz Technologies Limited Exceeds Half Billion in Annual Revenue in Fiscal 2024
Burlington, Ontario--(Newsfile Corp. - June 19, 2024) - Evertz Technologies Limited (TSX: ET), th...
About this update from Evertz Technologies Limited
[{"type":"text","content":"Evertz Technologies Limited Exceeds Half Billion in Annual Revenue in Fiscal 2024Burlington, Ontario--(Newsfile Corp. - June 19, 2024) - 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, 2024.Fiscal 2024 HighlightsRecord revenue of $514.6 million an increase of 13% or $60.0 million from the prior yearReoccurring software, services and other software of $188.9 million, representing 37% of total revenueInternational revenue of $176.6 million, an increase of 50% or $59.1 million from the prior yearEarnings from operations of $100.4 millionNet earnings of $71.0 million for the year, an increase of 10% from the prior yearFully diluted earnings per share of $0.91 for the yearFourth Quarter 2024 HighlightsQuarterly revenue of $122.8 millionEarnings from operations of $19.6 millionNet earnings of $13.9 million for the quarterFully diluted earnings per share of $0.18 for the quarterCash and cash equivalents of $86.3 millionSelected Financial InformationConsolidated Statement of Earnings Data(in thousands of dollars, except earnings per share and share data)  Q4'24 Q4'23 YE'24 YE'23 Revenue$122,770$128,919$514,616$454,578Gross margin72,65576,646302,443268,258Earnings from operations19,54130,467100,39695,628Net earnings13,86118,55171,02764,555Fully-diluted earnings per share$0.18$0.24$0.91$0.84Fully-diluted shares77,310,30976,164,71677,044,85876,200,428 Selected Financial InformationConsolidated Balance Sheet Data (in thousands of dollars)   YE ' 24 YE ' 23 Cash and cash equivalents$86,325$12,468Working capital201,437171,428Total assets484,722436,652Shareholders' equity263,267243,099 RevenueFor the quarter ended April 30, 2024, revenues were $122.8 million compared to revenues of $128.9 million for the quarter ended April 30, 2023. For the quarter, revenues in the United States/Canada region were $96.5 million, a decrease of $1.5 million, compared to $98.0 million in the same quarter last year. The International region had revenues of $26.3 million compared to $30.9 million in the same quarter last year.For the year ended, April 30, 2024, sales were $514.6 million (including $325.7 million in hardware and $188.9 million in reoccurring software, services and other software) compared to sales...