Miranda Technologies posted Q4 2012 revenue of approximately $44.3m, down about 10% versus the same period a year ago (when the company reported record revenues for both the quarter and the full year), and down about 8% versus the previous quarter.
The results were disclosed in a regulatory filing from parent-company Belden, which stated: “Our revenues and income (loss) from continuing operations before taxes for 2012 included $73.6 million and ($11.5 million), respectively, from Miranda. Included in our income from continuing operations before taxes for 2012 are $10.6 million of cost of sales related to the adjustment of inventory to fair value and $10.9 million of amortization of intangible assets. In addition, we recognized $2.5 million of transaction costs associated with the acquisition in 2012, which are included in our selling, general, and administrative expenses.”
Miranda was acquired by Belden in July 2012 for $374.7m, and its results have been included in Belden’s consolidated financial statements since July 27, 2012.
Because of the timing of Belden’s purchase of Miranda, the company’s revenue for the full year 2012 is unknown. This is because Miranda did not report its results for the second quarter of 2012 as it was acquired by Belden just prior to the date when it was scheduled to announce these results.
Miranda did however, disclose revenue for Q1, Q3, and Q4 2012 of $41.35 (C$42.2m), ~$48m and ~$44.3m respectively, or approximately $133.65m in aggregate for the three quarters.
Miranda’s revenue for the full year 2011 was $177.3 (C$181.9m), so unless the company had revenue in excess of $43.65m in the second quarter of 2012, its 2012 revenue will have been lower than the previous year. Miranda’s revenue for the second quarter of 2011 was $42.1m (C$43.2m).
Please keep in mind that the above numbers are approximate due to exchange rate fluctuations between the Canadian Dollar and the US Dollar since the beginning of 2011.
Previous Quarter: Belden Q3 2012 Revenue Declines 6 Percent, Miranda “Off to a Slow Start”
Previous Year: Miranda Reports 27% Revenue Increase in 2011
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