Evertz Beats Expectations in Q1 2012 as Domestic Revenue Increases Six Percent

Posted by Joe Zaller
Sep 07 2011

Evertz announced that its revenue for the first quarter of its 2012 fiscal year was C$75.1m, an increase of 2% versus the same period a year ago, and an increase of 10% versus the previous quarter.

Revenue in the US/Canada region was up 6% versus last year, while international revenue declined by 4% versus last year.

The results for the quarter were well above the expectations of equity analysts, who on average were looking for revenue of C$64.2m.

Net income in the quarter was C$17.6m, down 14% versus last year, but up 42% versus last quarter. Gross margins in the quarter were 57%, down from 58% last year and flat versus the previous quarter.

R&D expenses in the quarter increased by $2.3m or 29% compared to the same period last year.  R&D expenses represented approximately 14% of sales for the quarter compared to 11% for the same period last year.  On its conference call with equity analysts Evertz management said they will continue to invest in R&D, which the company sees as a strategic differentiator in the market.

SG&A expenses for the quarter were C$10.4m, an increase of 27% versus last year, but 5% lower than the previous quarter.

The company’s purchase order backlog at the end of August 2011 was in excess of C$21 million and shipments during the month of August 2011 exceeded C$29 million.

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Related Content:

Press Release: Evertz Technologies Reports Results for the First Quarter Ended July 31, 2011

Previous Quarter: Evertz Misses Q4 Revenue and Profit Expectations as International Sales Fall by 31%

Previous Year: Evertz Q1 2011 Revenue up 2%

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