Miranda’s Q2 Earnings Increase as Expenses Fall, Sees Increased Order Activity

Posted by Joe Zaller
Aug 05 2010

Broadcast infrastructure provider Miranda Technologies announced their Q2 2010 results this morning.  Revenue for the quarter was C$32.1m, up 3% from the same period a year ago and up 11% versus the previous quarter.  International sales were up 11% y/y.  Sales in the US were up 10% y/y

The company’s net income jumped 173% to C$3.5m as expenses were reduced during the quarter, and EBITDA rose by 125% to C$6m versus the same period in 2009.  Gross margins were 60%, slightly down from Q2 2009, but up from 57.7% in the previous quarter.  This is a good showing in a competitive market, which the company attributes to a higher margin mix, and increased sales of routing switchers.

Miranda CEO Strath Goodship issued an upbeat statement saying “Quarterly sales momentum continues to build, with order intake levels strengthening significantly over the first quarter of 2010. This includes a noticeable uptick in the USA, where broadcast markets have been particularly hard hit by the economic downturn. At the same time we are seeing heightened sales of higher-margin products, including routers, which positively impacts customer and product mix, along with gross margins.”

Goodship also said that he expects “overall business conditions in each of our markets to strengthen, in conjunction with a gradually improving global economy.”

You can read the company’s earnings press release here.

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