MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, today reported financial results for the three and six months ended June 30, 2008.
Consolidated revenues for the three months ended June 30, 2008 were $321 million, up from $312 million for the same period last year. Information Products revenues were $218 million, consistent with the second quarter last year. Information Systems revenues increased to $104 million from $93 million for the same period a year ago. Had average foreign exchange rates remained comparable to the same period last year, consolidated revenues for the three months ended June 30, 2008 would have increased by a further $17 million to $338 million.
Diluted adjusted earnings per share for the quarter increased to 62 cents from 55 cents for the same period last year. For comparability, adjusted net earnings exclude the non-recurring costs related to the proposed divestiture of the Information Systems business and the non-cash mark-to-market adjustments on stock-based compensation and related hedges. Diluted earnings per share for the quarter, excluding only the divestiture-related costs, would have been 44 cents compared to 45 cents for the same period a year ago. Diluted earnings per share, after all adjustments, were 33 cents for the quarter.
Consolidated revenues for the six months ended June 30, 2008 were $612 million compared to $618 million for the prior year period. Excluding the impact of foreign currency fluctuations, consolidated revenues for the first six months of 2008 would have been $656 million. Information Products revenues were $412 million compared to $428 million for the same period last year. Information Systems revenues were $200 million compared to $190 million for the same period a year ago.
Diluted adjusted earnings per share for the six months ended June 30, 2008 were $1.22 compared to $1.07 for the same period last year. Excluding only the divestiture-related costs, diluted earnings per share would have been $1.08 for the year to date compared to 94 cents for the prior year period. After all adjustments, diluted earnings per share were 97 cents for the six months ended June 30, 2008. -- www.cnxmarketlink.com
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