Business
Miranda Technologies expects that first quarter results will not meet analysts consensus estimates
Miranda Technologies expects that first quarter results will not meet analysts consensus estimates.
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, March 27 /CNW Telbec/ - Miranda Technologies Inc (TSX: MT)\nannounced today that the Company expects its revenue and earnings results will\nfall short of analysts' consensus estimates for the first quarter ending\nMarch 31, 2007. Based on management's review of preliminary unaudited results\nto date, the Company's first quarter revenue is anticipated to be between\n$20 M to $22 M compared to a consensus estimate of $26.5 M, and is expected to\nresult in an impact on the quarter's earnings. In 2006, the Company had posted\nrevenue of $24.1 M for the first quarter.\n\n\nStrath Goodship, Miranda's Chief Executive Officer stated:\n\n\n"We are disappointed with our anticipated first quarter results. We\nbelieve there are two reasons for the shortfall in 2007 first quarter revenue\ncompared to the same period last year. First the introduction of our new\nmulti-viewer, the Kaleido-X, has negatively affected sales of the incumbent\nproduct and second, some markets outside of the U.S. have been softer than\nlast year, in particular Western Europe, limiting our revenue growth in these\nareas.\n\n\nWe continue to be pleased with the market acceptance of the new Kaleido-X\nmulti-viewer that we started shipping at the end of last year. It is a robust\nplatform with a number of unique features and ample scope for development, so\nwe are confident in the product's success. However, it has adversely impacted\nsales of the Kaleido K2 multi-viewer more than anticipated in certain markets,\nsuch as Japan. Due to the more complex nature of the Kaleido-X, it has also\ntaken longer to ramp up manufacturing of the new product than expected.\n\n\nManagement's efforts are directed at growing the Company's business. We\nexpect that new product introductions and the continued ramp up of the\nKaleido-X to have full impact in the second half of the year. We are\nallocating resources to speed up introduction of new products and features,\nsome of which will be presented at the National Association of Broadcasters\nexhibition in April."\n\n\nMiranda expects to announce its full 2007 first quarter results on\nMay 2nd 2007.\n\n\nForward-Looking Statement\n\n\nThis press release contains forward-looking statements reflecting\nMiranda's objectives, estimates and expectations. Such statements may be\nmarked by the use of verbs such as '...