MDA reports first quarter 2009 results



    RICHMOND, BC, May 5 /CNW/ - MacDonald, Dettwiler and Associates Ltd.
(TSX:MDA), a provider of essential information solutions, today reported
financial results for the first quarter ended March 31, 2009.
    Diluted EPS for the first quarter of 2009 was 60 cents compared to 22
cents for the fourth quarter of 2008 and 64 cents for the first quarter of
2008. Adjusted for items affecting comparability, diluted EPS was 58 cents
compared to 52 cents for the fourth quarter of 2008 and 61 cents for the first
quarter a year ago. The Company's solid results were driven by the steady
performance of its Information Systems group and businesses in the property
insurance and geospatial service markets.
    Consolidated revenues for the first quarter of 2009 were $272 million
compared to $290 million for the same period of 2008. Revenues from
Information Systems were $118 million, up from $96 million for the same period
a year ago. Revenues from Information Products were $154 million compared to
$174 million for the preceding quarter and $194 million for the first quarter
of 2008 as sales to the lending and conveyancing markets continued to be
impacted by low market activity.

    
    Results of Operations

    -------------------------------------------------------------------------
                                                 Three months   Three months
                                                        ended          ended
                                                     March 31,      March 31,
                                                         2009           2008
    -------------------------------------------------------------------------
    ($ thousands, except per common share
     amounts)

    Consolidated revenues                           $ 271,970      $ 290,437

    Adjusted net earnings(1)                           23,593         25,185
    Adjusted net earnings per common share(1):
      Basic                                              0.58           0.62
      Diluted                                            0.58           0.61

    Net earnings                                       24,422         26,086
    Net earnings per common share:
      Basic                                              0.60           0.65
      Diluted                                            0.60           0.64

    Weighted average number of common shares
     outstanding:
    (thousands)
      Basic                                            40,416         40,300
      Diluted                                          40,494         40,974

    Average exchange rates:
      1 US dollar to Canadian dollar                    1.245          1.004
      1 British pound to Canadian dollar                1.786          1.986
    -------------------------------------------------------------------------
    (1)Adjusted net earnings and adjusted net earnings per common share are
       non-GAAP financial measures.



    Reconciliation of net earnings to adjusted net earnings

    -------------------------------------------------------------------------
                                                 Three months   Three months
                                                        ended          ended
                                                     March 31,      March 31,
                                                         2009           2008
    -------------------------------------------------------------------------
    ($ thousands)
    Net earnings                                    $  24,422      $  26,086

    Items affecting comparability:
    Stock-based compensation expense                    3,146          5,598
    Fair value gain on equity forward contracts        (5,915)        (7,067)
    Restructuring expense                               1,133              -
    Tax on items affecting comparability                  807            568
    -------------------------------------------------------------------------
    Adjusted net earnings                              23,593         25,185
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    MDA's unaudited consolidated financial statements and management's
discussion and analysis for the three months ended March 31, 2009 are
available at:
    http://www.mdacorporation.com/corporate/investor/financial_reports.cfm.

    About MDA

    MDA provides advanced information solutions that capture and process vast
amounts of data, produce essential information, and improve the decision
making and operational performance of business and government organizations
worldwide.
    Focused on markets and customers with strong repeat business potential,
MDA delivers a broad spectrum of information solutions, ranging from complex
operational systems, to tailored information services, to electronic
information products.
    MDA employs more than 3,200 people in locations across the United States,
the United Kingdom, and Canada. The Company's common shares trade on the
Toronto Stock Exchange under the symbol TSX:MDA.

    Investor/Analyst Conference Call Today

    MDA President and CEO Daniel Friedmann and Executive Vice President and
CFO Anil Wirasekara will be available on a Conference Call today, May 5, 2009
at 2:00 p.m. Eastern (11:00 a.m. Pacific) to explain the financial results of
the Company and to answer questions.

    
    To participate, dial 1-888-789-9572 in Canada or the United States
    In Toronto and international, dial 416-695-7806
    Pass code: 2560715

    The Conference Call will also be Webcast live and archived at:
    http://www.mdacorporation.com/investor/events.cfm

    Telephone replay will be available until May 12, 2009 at the following
numbers:

    Toll free, International, dial 1-800-408-3053
    In Toronto, dial 416-695-5800
    Pass code: 5643440

    Related Websites:
    www.mdacorporation.com
    

    Forward-Looking Statements

    This earnings release and the associated presentation and conference
call, which includes a business update, first quarter 2009 financial review
and question and answer session, contains certain forward-looking statements
and information, which reflect the current view of MacDonald, Dettwiler and
Associates Ltd. ("MDA") with respect to future events and financial
performance. Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "will", "expect", "intend",
"anticipate", "plan", "foresee" or "believe" or the negatives of such terms or
variations of them or similar terminology. Any such forward-looking statements
are based on MDA's current expectations, estimates, projections and
assumptions made in light of its experience and its perception of historical
trends. Any such forward-looking statements are subject to risks and
uncertainties and MDA's actual results of operations could differ materially
from historical results or current expectations. You are referred to the risk
factors described in MDA's most recent annual Management's Discussion and
Analysis, Annual Information Form and other documents on file with the
Canadian securities regulatory authorities, available online at www.sedar.com
or www.mdacorporation.com. The forward-looking statements and information
contained in this earnings release and the associated presentation and
conference call represent MDA's views only as of today's date. MDA disclaims
any intention or obligation to update or review any forward-looking
statements, whether as a result of new information, future events or
otherwise, other than as required by law, rule or regulation. You should not
place undue reliance on forward-looking statements.

    
    The Toronto Stock Exchange has neither approved nor disapproved the form
    or content of this release.
    

    %SEDAR: 00014148E




For further information:

For further information: Wendy Keyzer, MDA External Relations, (604)
231-2743, wendy@mdacorporation.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890