May 03, 2013

MDA Reports $428 Millions in Revenue for First Quarter 2013

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[Satellite TODAY 05-03-13] MacDonald, Dettwiler and Associates (MDA) reported consolidated revenues of $428.6 million for the first quarter of 2013, an important increase compared to the $172 million the company registered for the same period last year. Revenues from Space Systems/Loral (SSL), which MDA acquired on Nov. 2, 2012, influenced the growth in revenue.

MDA also reported $41.8 million ($1.30 per share) in operating earnings for this quarter, compared to $28.9 million ($0.91 per share) in the first quarter of 2012.

Order booking activity was strong, resulting in record order backlog of $3.0 billion with increases across all markets, according to the company’s report. MDA signed contracts with the Canadian Space Agency to build, launch and provide initial operations for the RADARSAT Constellation Mission and to support Canada’s robotic elements on the International Space Station through to December 2015. Additionally, the company signed a contract with a subsidiary of EchoStar Corporation to build Jupiter 2/EchoStar XIX, a Ka-band satellite that will help meet the growing demand for high-speed satellite Internet service in North America.

According to MDA, large, non-operational expenses impacted its net earnings under IFRS for the first quarter of 2013. As a result, net earnings this quarter were $2.2 million ($0.07 per share) compared to $33.2 million ($1.04 per share) for the first quarter of 2012.