Canada: MacDonald, Dettwiler and Associates (MDA), a global communications and information company, has reported financial results for the fourth quarter and full year ended December 31, 2016.
For the full year 2016, consolidated revenues were $2.1 billion, operating EBITDA was $370.7 million and operating earnings were $211.0 million or $5.78 per share. This is comparable with fiscal year 2015, with consolidated revenues of $2.1 billion, operating EBITDA of $376.8 million and operating earnings of $221.1 million or $6.08 per share. Net earnings under IFRS for the full year 2016 were $139.6 million, consistent with $142.8 million for 2015.
For the fourth quarter of 2016, consolidated revenues were $502.9 million compared to $544.3 million for the same period of 2015. Revenues for the fourth quarter of 2016 decreased in the Communications segment because of lower geostationary communications satellite bookings over the past two years, and in the Surveillance and Intelligence segment due to lower pass-through revenues.
Operating EBITDA for the fourth quarter of 2016 was $92.9 million compared to $94.8 million for the same period of 2015, and operating earnings were $51.7 million, or $1.42 per share, compared to $54.9 million, or $1.51 per share, for the same period of last year.
The decrease in operating earnings, year over year and quarter over quarter, is due to increased corporate expenses relating to the Company’s U.S. government access plan as well as higher interest expense attributed to the securitization of orbital receivables.
Net earnings under IFRS for the fourth quarter of 2016 were $31.9 million compared to $5.8 million for the corresponding period of 2015. The Company ended the year with a total funded order backlog of $2.4 billion.
The Company has made substantive progress on its U.S. government access plan. On January 26, 2017, the Security Control Agreement with the U.S. Department of Defense was executed.
The Company has declared a quarterly dividend of $0.37 per common share payable on March 31, 2017 to shareholders of record at the close of business on March 15, 2017.
MDA’s audited consolidated financial statements and management’s discussion and analysis (MD&A) for the year ended December 31, 2016 are available at: