Miranda Reports Thirty-Seven Percent Revenue Increase in Q1 2011

Posted by Joe Zaller
Jun 02 2011

Miranda Technologies reported that its revenue for the first quarter of 2011 was C$39.8m, an increase of 37% versus the same period last year, and down 11% sequentially. Excluding the impact of foreign exchange, revenue improved 44% versus the first quarter of 2010.

Miranda said the year-over-year increase was due largely to the acquisition of OmniBus.  However the company did not break out the contribution from OmniBus, despite repeated questions from analysts on the company’s conference call, so it is difficult to know how much of the company’s year-over-year growth is organic.

On a geographic basis revenue increased in all territories, with Canada, the United States, the United Kingdom and Other Countries, increasing 31%, 38%, 212% and 23%, respectively over the prior year. Canada, the United States, the United Kingdom and Other Countries generated 10%, 32%, 10% and 48% of quarterly sales respectively.

Gross margin as a percent of sales were a strong 60%, up from 58% during the first quarter of 2010. The company attributed the increase in gross margin to favorable changes in product and customer mix, supported by the higher margin solutions offered by OmniBus.

Net profit in the quarter was C$2.3m versus a loss of C$1.6m during the same period a year ago. EBITDA was C$5.5m for the quarter, up 674% over the same period in 2010. EBITDA as a percentage of sales was 14%, versus 2% in the prior year.

“The recovery in broadcast markets, that began last year, continued and strengthened in the quarter, resulting in strong quarterly results,” said Strath Goodship, Miranda’s President and Chief Executive Officer. ”

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Related Content:

Miranda Press Release: Miranda Reports First Quarter 2011 Results

Miranda Q1 2011 Management Discussion and Analysis (MD&A) filing with Canadian securities regulators

Miranda Reports Record Q4 and Full Year 2010 Results, Forecasts Continued Growth

Press Release: Miranda-Reports-First-Quarter-2010-Results

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