Miranda Posts Q3 2009 Results

Posted by Joe Zaller
Oct 30 2009

Miranda announced their results for Q3 today.

 The press release is here, and here is an article from Reuters

To hear a replay of the conference, dial +1-877-289-8525 and enter code 4169895#


 Here are a few highlights:

* Sales for the quarter were C$31.8m, which represents a 2% increase versus last quarter and 16% decrease versus the same quarter last year

 * Net income of  C$1.1m, which is an 86% decrease compared to the same period last year

 * Grass Valley manufacturing (Nvision products) is moving to Montreal, but certain specialist functions (assembly, test order fulfillment and new product introduction) will remain in Grass Valley

 * The addition of the Nvision product line has helped the company win more business, both stand-alone router product deals and multi-product sales

 * There continues to be strong price pressure in the market

 * The company said that they are seeing build-up in their sales pipeline, particularly in the international market, and that the US market is still challenging. 

 * Company expects 2010 to be better than 2009

 * When asked by an analyst about a supplier who is anticipating 8% growth to return to their business, Miranda said they would agree that the overall market will return to 5-10% annual growth and that Miranda  will likely grow faster than the market

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