Business
Allen-Vanguard reports financial results for fourth quarter and fiscal 2007 ended September 30, 2007, and provides general update to investors
- Record revenue and EBITDA in fourth quarter and fiscal 2007 - Company maintains expectations fo...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n- Record revenue and EBITDA in fourth quarter and fiscal 2007\n- Company maintains expectations for fiscal 2008, subject to timing and\n allocation of U.S. defense budget\n- Innovation and persistent global threat of improvised explosive\n devices (IEDs) likely to drive sustained opportunities in counter-IED\n\n\nOTTAWA, Dec. 18 /CNW Telbec/ - Allen-Vanguard Corporation\n("Allen-Vanguard" or the "Company") (TSX:VRS) today announced financial\nresults for the fourth quarter ("Q4") and fiscal 2007 ("FY 07") ended\nSeptember 30, 2007, and provided a general update to investors. All amounts in\nCanadian dollars unless otherwise noted.\n\n\nFY 07 and Q4 financial highlights\n\nThe Company reported record revenue and EBITDA in Q4 and for FY 07\noverall.\n\n- Q4 revenue was $50.0 million, with EBITDA of $8.4 million (net of a one\n time inventory charge of $1.2 million), up from revenue of\n $20.0 million and EBITDA of $2.9 million in Q4 of FY 06.\n- Revenue and EBITDA for FY 07 was $96.2 million and $10.0 million,\n respectively, up from $56.8 million and $4.3 million, respectively, in\n FY 06.\n- Results included a revenue contribution of $17.9 million from the\n acquisition of Med-Eng Inc. ("Med-Eng"), acquired September 17, 2007,\n for the final thirteen days of the fiscal year.\n- Charges in the fourth quarter for financing, transaction and\n amortization costs related to the acquisition of Med-Eng totaled\n $29.8 million.\n\nCommenting on the new scale of the business following the Med-Eng\nacquisition, Mr. David E. Luxton, President and CEO of Allen-Vanguard said,\n"Allen-Vanguard is now a global leader in the counter-IED market, offering a\ncomprehensive suite of advanced solutions to counter any kind of hazardous\ndevice. Although order flow can and does vary considerably on a quarterly\nbasis, the pro forma revenue and EBITDA of our combined business, assuming\nthat Allen-Vanguard had owned Med-Eng for the entire Q4 period, would have\nbeen approximately $138 million and $36 million, respectively."\n\nFiscal 2008 outlook\n\n"We entered fiscal 2008 with a backlog of $135 million and good visibility\nin particular on additional large requirements for electronic counter measures\n("ECM" or "jammers")," continued Mr. Luxton. The Comp...