MacDonald, Dettwiler and Associates Ltd. (“MDA” or the “Company”) (TSX: MDA), a global communications and information company, today reported financial results for the fourth quarter and full year ended December 31, 2013.
For the fourth quarter of 2013, the Company reported consolidated revenues of $476.7 million compared to $372.6 million for the fourth quarter of 2012. Operating earnings1 this quarter increased to $48.3 million, or $1.34 per share1, from $39.0 million, or $1.22 per share, for the same period of 2012. Fourth quarter net earnings under IFRS were $25.2 million ($0.70 per share) compared to $11.0 million ($0.35 per share) for the same period of last year.
For the full year 2013, the Company reported consolidated revenues of $1.8 billion, up from $879.9 million for 2012 primarily due to the acquisition of SSL. Correspondingly, operating earnings increased to $180.0 million ($5.13 per share) from $124.4 million ($3.91 per share) for 2012. Net earnings under IFRS for 2013 were $105.0 million ($3.00 per share) compared to $83.9 million ($2.63 per share) for last year.
The Company ended the year with total funded order backlog of $3.0 billion, up from $2.2 billion at December 31, 2012. The increase reflects, among other items, an improvement in order intake for turnkey satellite solutions and the addition of the build phase of the RADARSAT Constellation Mission to order backlog in 2013.
The Company has declared a semi-annual dividend of $0.65 per common share payable on March 31, 2014 to shareholders of record at the close of business on March 14, 2014.
