Welcome!

News Feed Item

Mediagrif announces its financial results for the third quarter of fiscal 2013

Third quarter highlights:

  • Revenues up 11% or $1.5 million to $15.1 million.
  • EBITDA of $6.2 million up 29%, compared to $4.8 million (before transaction costs of $1.4 million for the acquisition of LesPAC).
  • Operating profit of $4.9 million compared to $2.3 million.
  • Profit of $3.5 million ($0.24 per share), up by $2.5 million.
  • Full repayment of long-term debt following the private placement of common shares of $35.0 million.

Increase in quarterly dividend at $0.10 per share:

  • Increase of 11% of quarterly dividend from $0.09 to $0.10 per share.

TSX: MDF
www.mediagrif.com

LONGUEUIL, QC, Feb. 12, 2013 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce solutions, today announced its financial results for the third quarter of fiscal 2013 ended December 31, 2012. Unless indicated otherwise, all amounts are in Canadian dollars.

SUMMARY OF CONSOLIDATED RESULTS

     
  Three months ended
December 31
  Nine months ended
December 31
(in thousands of Canadian dollars, except for numbers related to shares - unaudited) 2012 2011 2012 2011
Revenues 15,128 13,617 46,188 38,960
EBITDA 6,173 3,353 18,812 11,822
Operating profit 4,898 2,250 15,009 9,207
Profit for the period 3,475 965 10,537 6,870
Earnings per share        

- Basic & Diluted 0.24 0.07 0.75 0.50
Weighted average number of share outstanding (in thousands)        

- Basic 14,356 13,710 13,964 13,699
  - Diluted 14,374 13,762 13,995 13,743

The results for the three- and nine-month periods ended December 31, 2012 include a non-recurring expense of $1.4 million related to the acquisition of LesPAC.

The income analysis summary takes into consideration the impact of the acquisition of LesPAC network ("LesPAC") completed on November 14, 2011.

RESULTS FOR THE THIRD QUARTER OF FISCAL 2013

For the third quarter of fiscal 2013, revenues totaled $15.1 million, an increase of 11.1% or $1.5 million compared to the third quarter of fiscal 2012 revenues of $13.6 million.

The revenue increase is mainly explained by the increase in revenues from LesPAC for $1.9 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.2 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedges in place, generated a negative impact on revenues of $0.1 million during the third quarter of fiscal 2013.

Total operating expenses of the third quarter of fiscal 2013, including cost of revenues, reached $10.2 million, compared to $11.4 million for the third quarter of fiscal 2012. The decrease in operating expenses is mainly due to the $1.4 million transaction costs related to the acquisition of LesPAC incurred during the third quarter of fiscal 2012 while LesPAC activities added $1.0 million in operating expenses during the third quarter of fiscal 2013. Additional tax credits of $0.2 million were also recorded in the third quarter of fiscal 2013.

EBITDA totaled $6.2 million or 40.8% of revenues compared to $3.4 million or 24.6% of revenues during the third quarter of fiscal 2012.

Profit reached $3.5 million ($0.24 per share), compared to $1.0 million ($0.07 per share) recorded during the third quarter of fiscal 2012.

RESULTS FOR THE FIRST NINE MONTHS OF FISCAL 2013

For the first nine months of fiscal 2013, revenues totaled $46.2 million, an increase of 18.6% or $7.2 million, when compared to the first nine months of fiscal 2012 revenues of $39.0 million.

The increase is mainly explained by the increase in revenues from LesPAC by $8.6 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.8 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedge in place, generated a negative impact on revenues of $0.3 million during the first nine months of fiscal 2013.

Total operating expenses of the first nine months of fiscal 2013, including cost of revenues, reached $31.2 million, compared to $29.8 million for the first nine months of fiscal 2012. The increase in operating expenses is mainly due to the increase in LesPAC activities for $4.8 million during the first nine months of fiscal 2013 partly offset by a decrease in professional fees (including the $1.4 million transaction costs related to LesPAC), lower salary expenses and additional tax credits.

EBITDA totaled $18.8 million or 40.7% of revenues compared to $11.8 million or 30.3% of revenues during the first nine months of fiscal 2012.

Profit reached $10.5 million ($0.75 per share), compared to $6.9 million ($0.50 per share) recorded during the first nine months of fiscal 2012.

CASH FLOW AND FINANCIAL POSITION

On December 6, 2012, the Company completed the sale, by way of a private placement, of 2 million common shares for gross proceeds of $35.0 million. The Company used the proceeds to repay in full the term loan and revolving credit facility.

As at December 31, 2012, the Company had $9.3 million of cash and cash equivalents and $60.0 million available on its unused revolving credit facility.

Operating activities generated $4.9 million of cash flows during the third quarter of fiscal 2013 compared to $5.4 million for the corresponding period of fiscal 2012.

During the first nine months of fiscal 2013, operating activities generated $12.9 million of cash flows compared to $9.2 million for the first nine months of fiscal 2012.

QUARTERLY DIVIDEND INCREASED TO $0.10 PER SHARE

The Board of Directors of Mediagrif approved a 11% dividend increase in the quarterly dividend of $0.09 per share and declared a quarterly dividend of $0.10 per share. The dividend is payable on April 15, 2013, to shareholders of record on April 2, 2013.

RECENT DEVELOPMENT

We have been informed by our client, Public Works and Government Services of Canada ("PWGSC"), that it will not call for tenders in order to replace the MERX solution. The department uses MERX's electronic tendering system pursuant to a contract which expires May 31, 2013.

PWGSC plans to provide its suppliers with a solution developed internally. Suppliers of PWGSC, as well as those of other departments and governmental agencies, may continue to benefit from all the value added services of MERX.

The Company believes that the loss of a portion of the revenue from the expiration of this agreement will be compensated, among other things by:

  • Providing the services of MERX to all suppliers and other departments and agencies that are currently using MERX.
  • The increase activity generated by the use of MERX by our public and private sector clients in Canada.

About Mediagrif Interactive Technologies Inc.

Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since 1996. Its web platforms enable clients to find, purchase and sell products, exchange information, gain access to business opportunities and manage supply chain collaboration with greater speed and efficiency. The Company provides e-commerce solutions in the fields of electronic components, computer equipment and telecommunications, medical equipment, automotive aftermarket, wine and spirits, diamonds and jewelry, classified ads, supply chain collaboration and government opportunities. Mediagrif has its headquarters in Longueuil and has offices in North America and Asia. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.

In addition to providing profit measures in accordance with IFRS, the Company shows operating profit and earnings before interest, taxes, depreciation and amortization ("EBITDA") as supplementary earnings measures. The Company sometimes refers to the free cash flow measure in its documents. Free cash flow is defined as cash flows from operating activities less the acquisition of property, plant and equipment and intangible assets presented in investing activities and less dividends paid that are presented in financing activities. Operating profit, EBITDA and free cash flow are not intended to be measures that should be regarded as an alternative to other financial operating performance measures prepared in accordance with IFRS. Those measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Unless otherwise indicated, all amounts are in Canadian dollars.

Unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are available on www.mediagrif.com and have been filed with SEDAR at the following address: www.sedar.com.

SOURCE MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, will go over the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, applicatio...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Microsoft Azure Container Services can be used for container deployment in a variety of ways including support for Orchestrators like Kubernetes, Docker Swarm and Mesos. However, the abstraction for app development that support application self-healing, scaling and so on may not be at the right level. Helm and Draft makes this a lot easier. In this primarily demo-driven session at @DevOpsSummit at 21st Cloud Expo, Raghavan "Rags" Srinivas, a Cloud Solutions Architect/Evangelist at Microsoft, wi...
Though cloud is the future of enterprise computing, a smooth transition of legacy applications and systems is critical for seamless business operations. IT professionals are eager to start leveraging the cost, scale and other benefits of cloud, but with massive investments already in place in existing infrastructure and a number of compliance and resource hurdles, it can be challenging to move to a cloud-based infrastructure.
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
SYS-CON Events announced today that Avere Systems, a leading provider of hybrid cloud enablement solutions, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere Systems was created by file systems experts determined to reinvent storage by changing the way enterprises thought about and bought storage resources. With decades of experience behind the company’s founders, Avere got its ...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...