MDA reports fourth quarter loss

One time $54.2 million loss due to property information business sale; revenue up from year ago

Comments Off on MDA reports fourth quarter loss February 28, 2011
by Canadian Press

RICHMOND, B.C. — MacDonald, Dettwiler and Associates Ltd. said Monday it lost $54.2 million in its latest quarter as the company took a one-time charge related to the sale of its property information business.
The company, which is best known for its robotic and satellite technology, said the loss amounted to $1.32 per share in the quarter ended Dec. 31 compared with a profit of $30.2 million or 74 cents per share a year ago. Revenue totalled $299.3 million, up from $237.5 million.

MDA said it earned $5.9 million or 14 cents per share from its continuing operations compared with a profit of $21.5 million or 53 cents per share a year ago.

The company’s property information business, which operated mostly in the United States and Europe, sold data derived from satellite mapping and other means to real estate agents, banks, homebuyers, governments and others.

MDA signed a deal late last year to sell it to a U.S. private equity firm for $850 million. The company said it would use money from the sale to help diversify its business.

Last year, MDA announced an $11.5-million contract with the Canadian Space Agency to design, build and test lunar rover prototypes under CSA’s exploration surface mobility program.

Shares in the company, which reported its results after the close of markets, were up $1.68 at $52.32 on the Toronto Stock Exchange on Monday.
© 2011 The Canadian Press