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Miranda’s Profit Falls Despite Higher Revenues

MONTREAL, QUEBEC: Shares of Miranda Technologies have maintained a 5 percent loss since the company reported lower profits on higher revenues for the fourth quarter and full year of 2009. Miranda (TSE: MT) last week reported 4Q09 revenues of $35.7 million Canadian, up 9 percent from the year-earlier quarter. Comparable net income was C$2.1 million versus C$7.4 million for the earlier quarter. For the full year ending Dec. 31, 2009, Miranda reported C$131.8 million in sales revenue compared to C$130 million in 2008. Net income was C$5.5 million compared to C$22.7 million.

The company attributed the strong sales figures to the acquisition of Nvision in late 2008. International sales exceeded U.S. sales for the first time, the company said. International grew 16 percent to C$68.3 million for the full year of 2009; U.S. sales fell 7 percent to C$56.9 million.

Miranda chief Strath Goodship said the company “took a series of measures to improve productivity which included workforce reductions and the consolidation of Nvision’s electronic assembly operations into our Montreal manufacturing facilities. This was made possible by our recent expansion of our Montreal headquarters.”

As of Dec. 31, 2009, cash, cash equivalents and temporary investments were C$49.2 million, up from C$48.4 million at the end of 3Q09.

“We are cautiously optimistic that we are in the early stages of a gradual recovery and there are a number of sporting and political events in 2010 which should help support sales and position us for growth,” Goodship said. “Broadcast markets appear to have bottomed and sales activity has been increasing steadily during 2009, the pace and magnitude of any recovery remains uncertain, particularly in North America where sales have been hardest hit by the economic downturn.”

August 13, 2009: “Miranda Posts Smaller Profit on Reduced Revenues”
Miranda finished its second quarter with $31.1 million Canadian in sales, compared to C$34.2 million a year ago. Net income was C$1.3 million for the quarter ending June 30, 2009, compared to C$4.1 million a year ago.

May 6, 2009
: “Miranda Sales Rise, Profit Drops”
Miranda posted sales of $33.2 million Canadian, up 30 percent from C$25.5 million last year, with net income at C$1.1 million, down 69 percent from last year’s C$3.5 million. Miranda’s (TSX: MT) $40 million U.S. acquisition of NVision closed in December.

February 20, 2009: “Miranda Posts Record Profit”
Miranda Technologies pulled down record income and revenue for 2008. The Canadian TV signal specialist posted net income of C$22.7 million on revenues of C$130 million for the year ending Dec. 31, 2008. Both numbers were up, 140 and 16 percent, respectively, over the previous year. Diluted earnings per share were 92 cents versus 38 cents in 2007.