BURLINGTON, ONTARIO: Evertz Technologies Ltd.’s fiscal 4Q09 profit was nearly flat compared to a year ago, due to higher operating expenses that offset boosted revenues. Evertz (TSX: ET) reported net income of $20.8 million, or 28 cents a share, for the three months ending April 30, 2009, of its fiscal 2009 year. The same quarter a year ago yielded a profit of $21.1 million, or 28 cents a share.
Revenues for the quarter were up 23 percent to $77.3 million. Sales in North America increased by $9.7 million or 25 percent compared to 4Q08. International sales grew by $4.7 million or 20 percent for the quarter. Gross margin was around 62 percent compared to 61 percent a year ago.
Operating expenses increased by $4.4 million 4Q09 compared to 4Q08, and represented 15 percent of sales. Research and development expense rose 21 percent to $7 million, accounting for 9 percent of sales.
Working capital as of April 30, 2009 was $216.5 million compared to $164.1 million a year earlier. Cash and short-term investments were $114 million compared to $95.5 million a year ago.
Purchase-order backlog at the end of May 2009 was more than $33 million and shipments during May exceeded $21 million.
For the full year, Evertz logged net income of $100.7 million compared to $87.3 million a year earlier, on sales revenue of $315.9 million, up 16 percent from 2008.
The Evertz board of directors declared a dividend 8 cents a share payable to shareholders of record as of July 15, to be paid on or about July 24. -- Deborah D. McAdams
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