Revenues down 8% in Q3 2017 for Calian
Calian Group Ltd. has released unaudited results for the third quarter ended 30th June 2017.
The company reported revenues for the quarter of $67.3m, an 8% decrease from the $73.2m reported in the same quarter of the previous year. For the nine-month period ended 30th June 2017 the company reported revenues of $203.1m, a 1% decrease compared to revenues of $205.8m in the prior year.
EBITDA for the third quarter was $5.5m, a 10% decrease compared to $6.1m in the same quarter of the previous year and for the nine-month period ended 30th June 2017, EBITDA was $16.9m, a 1% increase compared to $16.7m in the prior year.
Net profit for the third quarter was $3.5m or $0.46 per share basic and $0.45 per share diluted, a 10% decrease compared to $3.9m or $0.52 per share basic and diluted in the same quarter of the previous year. On a year-to-date basis, net profit was $11.1m or $1.46 per share basic and $1.45 per share diluted, an increase of 8% compared to net profit of $10.2m or $1.38 per share basic and diluted in the previous nine-month period. Adjusted Net Profit for the third quarter was $3.5m or $0.46 per share basic and $0.45 per share diluted, compared to $4.0m or $0.54 per share basic and diluted in the same quarter of the previous year. On a year-to-date basis, adjusted net profit was $11.1m or $1.46 per share basic and $1.45 per share diluted compared to $10.9m or $1.47 per share basic and diluted in the previous nine-month period.
"Once again the team delivered solid results for the quarter", stated Jacqueline Gauthier, CFO. "Although we've seen a decrease in revenues this quarter compared to the third quarter of fiscal 2016, the current revenue levels are in line with this past Q2 2017. Third quarter 2016 revenue levels benefited from significant levels of through-put related to a large SED contract in full production. However we continue to track ahead of EBITDA and Net profit for the nine-month period compared to fiscal 2016".
Kevin Ford, CEO, added, "I support Jacqueline's comments, another great quarter with solid project execution for the company despite dealing with the gap in the wind down and ramp up of few major projects.
"Although at the consolidated level this quarter does not show growth year over year, we are achieving double digit growth in many of our service offerings specifically in our health, manufacturing, communication gateways and planning systems services as we continue to make progress on our long term growth objectives.
"We continue to invest in innovation, and specifically in next generation satellite and cable sector technologies. At my recent visit to the SED division, I was happy to see the progress being made on projects aimed at developing our capabilities to respond and be a market leader for the next wave of industry requirements and I am excited about the potential of these innovations to support our growth objectives".
"Last quarter we submitted our proposal for the DND health services contract. Our current contract will run to March 31, 2018 and we have no schedule from the government on when results of this competition will be released. We believe we have submitted an excellent competitive proposal, and are hopeful we can continue to be DND's healthcare program delivery partner for years to come.
"We were happy to win this quarter an interim contract to support DND Cadets nationally for this summer's training period with an option for next summer as well.
“Our recent acquisition of International Safety Research Inc. ("ISR") is going well and the teams are currently working through the integration process. To support our growth objectives, we continue to search proactively for M&A opportunities and in line with this growth strategy; we have increased our available credit facility to $40 million. This increase combined with our strong balance sheet provides us with the available capital resources to facilitate future organic and acquisition-related growth.”
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