Business
Allen-Vanguard announces financial results for second quarter of fiscal 2008, provides general update to shareholders
- Delay in U.S. defense programs impacts Q2 results and fiscal 2008 expectations - Q2 revenue $91...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\n- Delay in U.S. defense programs impacts Q2 results and fiscal 2008\n expectations\n- Q2 revenue $91.3 million, EBITDA $21.6 million\n- Long-term program visibility and recurring revenue base strengthens\n considerably for fiscal 2009 through 2011\n- Large defense orders in progress, expected to refresh backlog through\n Q3 and Q4\n- Company expanding program of alliances and teaming agreements with\n prime contractors\n\n\nOTTAWA, May 15 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"\nor "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada reported today its financial\nresults for the second quarter ("Q2 2008") ended March 31, 2008. All figures\nare in Canadian dollars.\n\n\nSummary of Q2 results\n\nRevenue was $91.3 million in Q2 2008, compared to revenue of $23.5 million\nin Q2 2007. EBITDA(1) was $21.6 million in Q2 2008, versus EBITDA of $3.4\nmillion in Q2 2008. Net loss after acquisition-related expenses, including\namortization of intangibles and financing charges, was $34.2 million or $0.32\ncents per share compared to a net loss of $0.4 million or a loss of $0.02\ncents per share in Q2 2007. For the six months ended March 31, 2008, the\nCompany reported revenue of $231.6 million, EBITDA of $66.0 million and a net\nloss of $27.4 million, or a loss of $0.26 per share. These first-half results\ncompared to revenue of $33.7million, EBITDA of $3.0 million and a net loss of\n$1.6 million, or a loss of $0.04 per share in the first half of fiscal 2007.\nThe Company noted that the results of operations are difficult to compare on a\nyear-over-year basis due to the inclusion of the operating results of Med-Eng\nSystems ("Med-Eng") and Hazard Management Solutions (HMS) in the Company's\nconsolidated earnings from their respective acquisition dates of 17-Sep-07 and\n13-Jun-07.\n"Our financial results in the quarter were negatively impacted by the\ndelay of several large U.S. defense orders for jammers which were expected to\ncommence in Q2 2008," said David E. Luxton, President & CEO. "However, at the\nsame time as the U.S. Department of Defense ("DoD") was re-defining\nrequirements and deferring orders in the very short term, our visibility on\nthese programs with our strategic partners, Lockheed Martin and General\nDynamics, actually strengthened ...