Stock Name: MDF
Amount: CAD 0.09
Announcement Date: 13/11/2012
Record Date: 01/01/2013
Dividend Detail:
Second quarter highlights:
Revenues up 20% or $2.5��million to $15.2��million;
EBITDA reached 43% of revenues or $6.5 million, up 44% compared to $4.5
million;
Operating profit of $5.2 million compared to $3.7 million;
Profit of $3.4��million or $0.25 per share;
Repayment of $3.0��million (including $2.0��million in advance) on the
term loan.
Quarterly dividend:
Board of Directors declared a quarterly dividend of $0.09 per share
payable on January 14, 2013 to shareholders of record at the close of
markets on January 3, 2013.
Amendment to credit agreement:
Amendment to the existing credit agreement to support the Company's
growth.
TSX: MDF
www.mediagrif.com
LONGUEUIL, QC, Nov. 13, 2012 /CNW Telbec/ - Mediagrif Interactive
Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce
solutions, today announced its financial results for the second quarter
of fiscal 2013 ended September 30, 2012. Unless indicated otherwise,
all amounts are in Canadian dollars.
SUMMARY OF CONSOLIDATED RESULTS
�� | �� | �� | �� | �� | |
�� | Three months ended September 30 | Six months ended September 30 | |||
(in thousands of Canadian dollars, except for numbers related to shares - unaudited) | 2012 | 2011 | 2012 | 2011 | |
Revenues | 15,213 | 12,706 | 31,060 | 25,343 | |
EBITDA | 6,514 | 4,477 | 12,639 | 8,469 | |
Operating profit | 5,219 | 3,732 | 10,111 | 6,957 | |
Profit for the period | 3,429 | 3,747 | 7,062 | 5,905 | |
Earnings per share | �� | �� | �� | �� | |
�� | - Basic & Diluted | 0.25 | 0.27 | 0.51 | 0.43 |
Weighted average number of share outstanding (in thousands) | �� | �� | �� | �� | |
�� | - Basic | 13,797 | 13,705 | 13,769 | 13,694 |
�� | - Diluted | 13,822 | 13,740 | 13,806 | 13,733 |
The income analysis summary takes into consideration the impact of the
acquisition of LesPAC network ("LesPAC") completed on November��14,
2011.
RESULTS FOR THE SECOND QUARTER OF FISCAL 2013
For the second quarter of fiscal 2013, revenues totalled $15.2��million,
an increase of 19.7% or $2.5��million compared to the second quarter of
fiscal 2012 revenues of $12.7��million.
The revenue increase is explained by the addition of revenues from
LesPAC for $3.1��million, partly offset by a decrease in revenues, in
original currencies, in certain subsidiaries, amounting to a net amount
of $0.4��million. Moreover, the changes in the value of the Canadian
dollar compared to the U.S. dollar, combined with currency hedge in
place, generated a negative impact on revenues of $0.1 million during
the second quarter of fiscal 2013.
Total operating expenses of the second quarter of fiscal 2013, including
cost of revenues, reached $10.0��million, compared to $9.0��million for
the second quarter of fiscal 2012. The increase in operating expenses
is mainly due to the addition of LesPAC activities for $1.8��million
during the second quarter while operating expenses of the other
subsidiaries decreased by a net amount $0.8��million as a result of
lower salaries and professional services, a decrease in the bad debt
expense and additional tax credits.
EBITDA totalled $6.5��million or 42.8% of revenues compared to
$4.5��million or 35.2% of revenues during the second quarter of fiscal
2012.
Profit reached $3.4��million ($0.25 per share), compared to $3.7��million
($0.27 per share) recorded during the second quarter of fiscal 2012.
Profit for the second quarter of fiscal 2013 includes a foreign
exchange loss of $0.3 million while the Company recorded a foreign
exchange gain of $1.2��million during the second quarter of fiscal 2012.
RESULTS FOR THE FIRST SIX MONTHS OF FISCAL 2013
For the first six months of fiscal 2013, revenues totalled
$31.1��million, an increase of 22.9% or $5.8��million, when compared to
the first six months of fiscal 2012 revenues of $25.3 million.
The increase is explained by the addition of revenues from LesPAC for
$6.7��million, partly offset by a decrease in revenues, in original
currencies, in certain subsidiaries, amounting to a net amount of
$0.6��million. Moreover, the changes in the value of the Canadian dollar
compared to the U.S. dollar, combined with currency hedge in place,
generated a negative impact on revenues of $0.2 million during the
first six months of fiscal 2013.
Total operating expenses of the first six months of fiscal 2013,
including cost of revenues, reached $20.9��million, compared to
$18.4��million for the first six months of fiscal 2012. The increase in
operating expenses is mainly due to the addition of LesPAC activities
for $3.8��million during the first six months while operating expenses
of the other subsidiaries decreased by a net amount $1.2��million as a
result of lower salaries and professional services and additional tax
credits.
EBITDA totalled $12.6��million or 40.7% of revenues compared to
$8.5��million or 33.4% of revenues during the first six months of fiscal
2012.
Profit reached $7.1��million ($0.51 per share), compared to $5.9��million
($0.43 per share) recorded during the first six months of fiscal 2012.
CASH FLOW AND FINANCIAL POSITION
During the second quarter of fiscal 2013, operating activities generated
$5.7��million of cash flows compared to $3.6��million for the
corresponding period of fiscal 2012.
The Company used a portion of these funds and a portion of its cash and
cash equivalents to repay an amount of $3.0��million on the term loan
during the second quarter of fiscal 2013. As at September 30, 2012, a
total of $11.0��million (including an amount of $8.0��million in advance)
had been repaid on the $40.0��million Term Loan that was put in place to
fund the acquisition of LesPAC.
As at September 30, 2012, the Company had $5.8��million of cash and cash
equivalents and $16.0��million available on its revolving credit
facility of $20.0��million.
During the first six months of fiscal 2013, operating activities
generated $8.0��million of cash flows compared to $3.8��million for the
first six months of fiscal 2012.
RECENT DEVELOPMENTS
The credit agreement signed on November 10, 2011 with the National Bank
of Canada and the Bank of Nova Scotia was amended on November 13, 2012,
allowing the Company to consolidate its existing term loan and
revolving facility into a single revolving credit facility, to increase
its borrowing capacity thereunder and the existing accordion loan of
$25.0��million.
The amended credit agreement now provides for a revolving facility of
$60.0��million, including an accordion loan of $40.0��million, which is
subject to lenders' acceptance. Conditions attached to the original
credit agreement remain unchanged except for conditions related to the
term loan, including the obligation to make mandatory quarterly
instalments, which now cease to apply.
QUARTERLY DIVIDEND
The Board of Directors of Mediagrif approved and declared a quarterly
dividend of $0.09 per share payable on January 14, 2013, to
shareholders of record at the close of markets on January 3, 2013.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since
1996. Its web platforms enable clients to find, purchase and sell
products, exchange information, gain access to business opportunities
and manage supply chain collaboration with greater speed and
efficiency. The Company provides e-commerce solutions in the fields of
electronic components, computer equipment and telecommunications,
medical equipment, automotive aftermarket, wine and spirits, diamonds
and jewelry, classified ads, supply chain collaboration and government
opportunities. Mediagrif has its headquarters in Longueuil and has
offices in North America and Asia. For more information, please visit
us at www.mediagrif.com or call 1 877 677-9088.
In addition to providing profit measures in accordance with IFRS, the
Company shows operating profit and earnings before interest, taxes,
depreciation and amortization ("EBITDA") as supplementary earnings
measures. The Company sometimes refers to the free cash flow measure in
its documents. Free cash flow is defined as cash flows from operating
activities less the acquisition of property, plant and equipment and
intangible assets presented in investing activities and less dividends
paid that are presented in financing activities. Operating profit,
EBITDA and free cash flow are not intended to be measures that should
be regarded as an alternative to other financial operating performance
measures prepared in accordance with IFRS. Those measures do not have a
standardized meaning prescribed by IFRS and may not be comparable to
similar measures presented by other companies.
This press release contains certain forward-looking statements with
respect to the Company. These forward-looking statements, by their
nature, necessarily involve risks and uncertainties that could cause
actual results to differ materially from those contemplated by these
forward-looking statements. We consider the assumptions on which these
forward-looking statements are based to be reasonable, but caution the
reader that these assumptions regarding future events, many of which
are beyond our control, may ultimately prove to be incorrect since they
are subject to risks and uncertainties that affect us. We disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by applicable securities legislation.
Unless otherwise indicated, all amounts are in Canadian dollars.
Unaudited condensed consolidated interim financial statements,
accompanying notes and MD&A are available on www.mediagrif.com and have been filed with SEDAR at the following address: www.sedar.com.
��
SOURCE: MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.
For further information:
Mediagrif InteractiveTechnologies Inc.
Claude Roy
President and Chief Executive Officer
Tel.: 450-449-0102 ext. 2004
Toll Free: 1 877 677-9088 ext. 2004
Email:��croy@mediagrif.com
Paul Bourque
Chief Financial Officer
Tel.: 450-449-0102, ext: 2135
Toll Free: 1 877 677-9088 ext. 2135
Email:��pbourque@mediagrif.com
No comments:
Post a Comment