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/ 12.09.2009 2:00PM
Evertz Results Drop on Weakness in NA Market
BURLINGTON, ONTARIO, CANADA:Evertz
reported this week that its fiscal 2Q profit came in at half of last year’s
figure. The Canadian broadcast equipment maker posted F2Q net income of C$17.5
million (US$16.6 million) or 23 Canadian cents a share, compared to C$34.1 million
(US$32.3 million) or 46 Canadian cents a share a year ago. Revenues were down
for the quarter 20 percent to C$73 million (US$68.8 million), though up from
C$72 million the previous quarter.
Evertz said sales in the North American market fell by C$18.7 million (US$17.7 million)
or 30 percent compared to a year ago. By comparison, international sales grew
C$400,000, (US$379,000) or 1 percent.
Evertz pumped up research and development from the quarter by C$1.4 million (US$1.33
million) for a total of C$9.1 million (UA$8.6million), up 18 percent from a
year earlier. Foreign exchange affected the comparative bottom lines,
generating a gain of only C$600,000 (US$569,000) this year compared to C$5.2
million (US$4.9 million) a year earlier.
Purchase order backlog at the end of November was more than C$32 million (US$30
million); shipments for that month exceeded $21 million (US$19.9 million).
The company on Dec. 8 declared a dividend of 8 Canadian cents a share.
More on Evertz:
September 9, 2009: “Evertz Reports 1Q10”
June
18, 2009: “Evertz Reports Nearly
Flat 4Q Profit”
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