BUSINESS

MDA reports $31.1M profit in second quarter due to new satellite contracts

07/31/2013 05:29 EDT | Updated 09/30/2013 05:12 EDT
RICHMOND, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA) says it earned $31.1 million in its latest quarter, up from a loss of $1.3 million a year ago, partly attributed to new contracts for its communication satellites.

The company said Wednesday the earnings amounted to 86 cents per diluted share for the period ended June 30, compared with a four cent loss in the second quarter of 2012.

Revenue totalled $450.4 million, up from $164 million, while operating earnings for the quarter were $43.3 million, or $1.20 per diluted share, compared with $28.6 million or 90 cents per diluted share year over year.

MDA's order backlog, which represents the estimated dollar value of firm funded contracts for which work has not been performed, was $3 billion for the quarter.

It says since April 1, it has booked four contracts to provide communication satellites. Two of the orders are calculated in the backlog.

MDA recently signed a $1.7 million contract with Sierra Nevada Corporation to build on-board communications for its Dream Chaser spacecraft and a multimillion-dollar deal with airplane-maker Boeing for four projects.

MDA, best-known for the robotic arms used on the International Space Station and U.S. space shuttles, also provide satellite data and surveillance information and technology.

It has some 4,500 employees operating from 11 locations in the United States, Canada and internationally.

Shares in the company, which reported its results after the close of markets, were down $1.45 or 1.85 per cent to $76.81 on the Toronto Stock Exchange.