Business
Miranda reports results for the fourth quarter 2006
Miranda reports results for the fourth quarter 2006.
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, Feb. 19 /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\nfourth quarter and full fiscal year ended December 31, 2006.\n\n\nHighlights\n\n- Sales of $28.8 million for the quarter, up 5% compared with the fourth\n quarter of 2005\n- Net income of $7.1 million for the quarter, up 45% compared with the\n fourth quarter of 2005\n- Fully diluted EPS for the quarter at $0.28, compared with $0.23 for the\n fourth quarter of 2005\n- Good results for the Vertigo range of products for the fourth quarter\n and delivery of the first Kaleido-X\n- For fiscal 2006, sales of $106.7 million, up 11% compared with 2005\n- For fiscal 2006, net income of $19 million, up 16% compared with 2005\n\n\"We are satisfied with the Miranda results for the fourth quarter and for\nfiscal 2006,\" said Strath Goodship, the President and CEO of Miranda. \"The\ncompany has experienced good overall organic growth and we are continuing to\ninnovate by introducing key products to the market. The acquisition of\nVertigoXmedia has strengthened our offering, as was demonstrated by the\nresults obtained during the last quarter of 2006.\"\nDuring the fourth quarter of 2006, sales totalled $28.8 million, for an\nincrease of 5% when compared with the same period in 2005 and 13% when\ncompared with the preceding quarter. Revenue for the year reached\n$106.7 million, an increase of $10.2 million or 11% relative to 2005. The\nstrength of the Canadian dollar in 2006, when compared with American, European\nand Japanese currencies, had the effect of reducing our annual sales by\n$6.7 million, corresponding to 7% of 2005 revenue.\nWhen we compare sales for the fourth quarters of 2005 and 2006 by\ngeographic segment, we see growth of $3.1 million or 21% for the Americas, an\nincrease of $0.5 million or 6% on sales in Europe, but a decline of\n$2.2 million or 49% in Asia. It should be noted that the fourth quarter 2005\nwas exceptionally high for Asia due to several large contracts delivered\nduring that period.\n\"We are disappointed by our results in Asia. This market has been sporadic\nwith severe pricing pressure. In response, we are continuing to restructure\nour Asian organization and are adding two...