Business
Miranda reports first-quarter results
Miranda reports first-quarter results.
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, May 2 /CNW Telbec/ - Miranda Technologies Inc. (TSX: MT), a\nglobal developer, manufacturer and marketer of high-performance hardware and\nsoftware for the television broadcast industry, today reported results for the\nfirst quarter of its 2007 fiscal year, ended March 31.\n\n\nIn the first quarter of 2007, sales were $21.0 million, a decrease of 13%\ncompared with the same period in 2006. Net income for the period was $0.9\nmillion, compared to $3.4 million in the first quarter of 2006. This\ntranslates into a fully diluted EPS of $0.04, compared to $0.14 in 2006.\n\n\nThe decrease in sales was caused principally by a decline in the sales of\nthe Kaleido-K2 multi-image processor and its impact on related products in\nAsia and in Europe.\n\n\nStrath Goodship, President and CEO of Miranda said: "The new Kaleido-X\nmulti-image processor is a robust platform with a number of unique features\nthat have allowed us to win market share for larger monitor wall applications\nthat the previous generation, Kaleido-K2, could not address. We have already\ninstalled the product for strategically significant accounts in the Americas\nand Europe and have seen positive customer response. However, the introduction\nof the Kaleido-X has negatively affected sales of the Kaleido-K2 more rapidly\nthan anticipated and development will continue during the rest of 2007 to\nintegrate all of the Kaleido-K2 functionalities into the new platform."\n\n\nThe decrease was also due to lower infrastructure equipment sales in\nCanada, which had been stronger in the first quarter of 2006, stimulated by\nintense HD conversion activity. On the other hand, sales in the United States\nrose by 19% during the first quarter of 2007 as a result of increased HD\nrole-out activity.\n\n\nLower overall sales combined with higher operating expenses had a\nnegative impact on profitability. EBITDA was $1.7 million, compared to\n$5.3 million in 2006. However, for a more accurate picture of operating\nperformance, a few items should be highlighted: in the first quarter of 2007,\nlegal fees of $0.5 million were incurred related to intellectual property\nlitigation while last year's first-quarter results included an exchange gain\nof $0.4 million and a gain of $0.3 million from a settlement.\n\n\nR&D investments for the quarter totalled $4.2 million, ...