TORONTO, ONTARIO: Byron Capital Markets has initiated coverage on Miranda Technologies (TSX: MT) with a Buy rating and a target price of C$11 (US$11.54).
Miranda reported record revenues for 2010 and the fourth-quarter of last year. Full year sales grew 9 percent to C$143.7 million (US$150.8 million); 4Q sales were up 26 percent to C$44.9 million (US$47.11 million). Net income for the full year was up 122 percent to C$12.2 million (US$12.8 million); 4Q net income was up 82 percent to C$3.8 million (US$4 million).
Miranda chief Strath Goodship attributed the increases to the company’s emphasis on IT-based playout and TV services monitoring. The company acquired Omnibus Systems last fall for $46.7 million.
Miranda had cash and equivalents of C$30.5 million (US$32 million) at the end of 2010. Long-term debt was C$22.3 million (US$23.3 million). Shares of Miranda were trading this morning at C$7.05, up 28 percent year-to-date.
~ Deborah D. McAdams
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