Miranda CEO Upbeat About Future as Q3 Revenue up 19%, Net Income Jumps 520%

Posted by Joe Zaller
Nov 12 2010

Broadcast infrastructure, graphics and automation vendor Miranda Technologies reported that its revenue for the third quarter of 2010 was C$37.7m, up 19% versus the same period a year ago, and up 17% versus the previous quarter.  Revenue from recently acquired automation provider OmniBus Systems was C$1.9m in the quarter. Excluding the contribution from OmniBus, the company’s revenue grew 13% versus Q3 2009, and 12% versus the previous quarter.

Revenue was up in all geographic territories, with Canada, the United States and Other Countries, growing 68%, 26% and 10%, respectively over the prior year. Canada, the United States and Other Countries generated 7%, 41% and 52% of quarterly sales, respectively.

Net income in the third quarter was C$6.6m, 520% higher than the third quarter last year, while EBITDA jumped by 167% to C$8.8m versus Q3 2009.

The company’s performance during the quarter was helped by a C$1.3m reduction in income taxes, and C$3.7m of R&D tax credits, up from C$1.2m during the same quarter a year ago. Miranda said that this increase in R&D tax credits was “mainly due to the resolution of previous years’ matters in the amount of $2.4 million.” Excluding this, R&D tax credits for the quarter were C$1.3m.

Gross margins were 58% of sales, up from 55% in Q3 2009, but down from 60% last quarter.

Company president & CEO Strath Goodship issued an upbeat statement, saying “We are encouraged by the steady improvement in U.S. broadcast markets and strong customer interest we are seeing across our product lines. We are excited about our prospects, particularly with the addition of OmniBus.  We remain committed to driving profitable growth, both organically and through acquisitions, and with a strong balance sheet we are well placed to capitalize on improving market conditions.”

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You can read the full Miranda Q3 earnings announcement here.

Information about Miranda’s Q2 2010 results is here.

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