Miranda Reports 35 Percent Revenue Growth, Strong Profit in Q2 2011

Posted by Joe Zaller
Aug 11 2011

Miranda Technologies reported that its revenue for the second quarter of 2011 was C$43.2m, an increase of 35% versus Q2 2010, and up 9% versus the previous quarter.

The company attributed its sales growth in the quarter to higher revenue in all geographies, with sales in Canada, the United States, the United Kingdom and Other Countries increased 198%, 44%, 93% and 3% respectively over 2010.  Miranda also said its revenue was boosted by the acquisition of OmniBus, which was close in late 2010.

Net profit was C$3.5m, flat versus Q2 2010.  Net cash flows generated from operating activities were C$1.1m for the quarter. EBITDA was C$7.4m for the quarter, up 23% over 2010. EBITDA as a percentage of sales was 17%.

Gross profit as a percentage of sales was 59%, down slightly from 60% last year, largely due to the unfavorable impact of foreign exchange compared to 2010, but partially offset by the sale of higher margin products from OmniBus.

SG&A jumped 23% versus Q2 2010 to C$15.1m.  Miranda attributed the increase to higher sales and amortization costs associated with the acquisition of OmniBus, along with higher selling expenses. SG&A as a percentage of sales was 35%, down from 38% last year.

R&D expenses were C$7.0m or 16% of sales for the quarter, compared to $6.1m million and 19% respectively in 2010. The increase was largely due to higher R&D and amortization costs associated with the OmniBus acquisition.

Miranda CEO Strath Goodship issued and upbeat statement saying “Business momentum has clearly grown over the past year, resulting in notable gains in revenue and profitability. We are seeing strong organic growth and we continue to make good progress with our IT-based playout offerings,
where we are a clear leader. The improving television markets we have enjoyed in recent quarters continue to strengthen in several parts of the world, furthermore, our position is building in emerging markets, while our competitive edge extends in developed markets with our IT-based playout and monitoring technology growth platforms. This combined with our strong financial position and some key upcoming events, such as the 2012 Olympics and US elections, should further support our business and allow us to profitably gain further market share.”

 

Related Content:

Press Release: Miranda Reports Second Quarter 2011 Results: Revenue and Profitability Remain Strong

Miranda Q2 2011 Management’s Discussion and Analysis (MD&A) Filing

Previous Quarter: Miranda Reports Thirty-Seven Percent Revenue Increase in Q1 2011

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

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