Miranda reported its results for Q4 and the full year 2009 this morning.
Here’s a link to the press release
Highlights:
* 2009 revenue was slightly up for the year, but net income of C$5.5m was way down versus C$22.7 last year
* Q4 revenue of C$35.7m was up 9% y/y, driven largely by last year’s acquisition of NVISION
* Q4 net income of C$2.1m down 72% y/y
* Q4 gross margins of 53%, down from 63% in 2008 — big ForX impact here.
* In 2009 the company did well in international markets, which for the first time surpassed the US in total sales.
* For the year, international revenues were up 16%, while sales in the US were down 7%
Miranda CEO Strath Goodship summed up the announcement as follows: ”We are cautiously optimistic that we are in the early stages of a gradual recovery and there are a number of sporting and political events in 2010 which should help support sales and position us for growth. Furthermore, we will continue to launch new products, to maintain and increase our competitiveness. Broadcast markets appear to have bottomed and sales activity has been increasing steadily during 2009, the pace and magnitude of any recovery remains uncertain, particularly in North America where sales have been hardest hit by the economic downturn.”