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Miranda Technologies Q4 profits plunge to $2.1M from $7.4M despite higher sales

Wed, 02/24/2010 - 8:30am
The Associated Press

Miranda Technologies Inc.'s (TSX:MT) fourth-quarter and full-year profits both plunged despite a slight growth in revenue, the equipment maker for the broadcast television industry said Wednesday.

The Montreal-based company said its net income for the last three months of fiscal 2009 was $2.1 million or nine cents a share. That was 72 per cent lower than the $7.4 million or 31 cents a share it made in the same year-earlier period.

Revenues for the quarter ended Dec. 31 grew to $35.7 million from $32.7 million.

Miranda's full-year earnings tumbled 76 per cent to $5.5 million or 24 cents a share, although its revenues were up slightly to $131.8 million from $130 million in 2008.

The rise was driven by its acquisition of NVISION Inc. and stronger international sales, which offset lower sales from North America due to the recession.

"Broadcast markets appear to have bottomed and sales activity has been increasing steadily during 2009," said Strath Goodship in a statement.

"We are cautiously optimistic that we are in the early stages of a gradual recovery and there are a number of sporting and political events in 2010 which should help support sales and position us for growth."

The company's clients include CBC/Radio-Canada, ABC, Disney, ESPN, Fox News, NBC Universal and BBC.

Shares of Miranda Technologies dipped 30 cents to $4.70 in midday trading Wednesday on the Toronto Stock Exchange.

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