Business
Miranda reports first quarter results
Miranda reports first quarter results.
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, May 10 /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 fiscal year 2006, ended March 31.\n\nHighlights\n----------\n>\n\nAdjusted EBITDA was $5.0 million in the quarter compared with\n$2.9 million in the first quarter of 2005, an increase of 75%. The Adjusted\nEBITDA margin, expressed as a percentage of sales, grew to 21% in the first\nquarter against 16% in the first quarter of the previous year. This growth was\nachieved through growth in sales and control of operating expenses. Selling,\ngeneral and administrative expenses increased by $1.5 million or 26% in the\nfirst quarter of 2006 compared with the corresponding quarter in 2005 due to\nsales growth and the recording of expenses related to operating as a public\ncompany. Research and development expenses increased by $0.7 million or 26%\nyear-over-year. Net earnings were also positively impacted by a $0.4 million\nnet interest income in the quarter versus a $0.2 million net interest expense\nrecorded in the first quarter of 2005. This change is attributable to the\ncompany debt repayment at the end of 2005 and the accumulation of interest on\ncash balances in the first quarter of 2006. Finally, a $0.4 million foreign\nexchange gain recorded in the first quarter of 2006, versus a foreign exchange\nloss of $0.3 million in the previous year's first quarter, also contributed to\nthe positive year-over-year comparison.\n\"We are pleased with the results of the first quarter; a period of the\nyear where our market is characteristically quieter. Overall, we have\ncontinued to see a growing demand for \"HD-ready\" products across all our\nranges, and from an increasingly diverse base of customers,\" said Mr. Strath\nGoodship, Miranda's President and Chief Executive Officer. \"We are also\nencouraged by the buoyancy of Asian and European business, particularly in\nsome of our newer markets such as China and the Middle East,\" added\nMr. Goodship. \"Innovation is at the centre of our success and we have\naccelerated our investment in R&D. We have announced several innovative\nproducts at the National Association of Broadcasters convention in April, as\nwell as a strategic acqu...