MONTREAL, March 27 /CNW Telbec/ - Miranda Technologies Inc (TSX: MT)
announced today that the Company expects its revenue and earnings results will
fall short of analysts' consensus estimates for the first quarter ending
March 31, 2007. Based on management's review of preliminary unaudited results
to date, the Company's first quarter revenue is anticipated to be between
$20 M to $22 M compared to a consensus estimate of $26.5 M, and is expected to
result in an impact on the quarter's earnings. In 2006, the Company had posted
revenue of $24.1 M for the first quarter.
Strath Goodship, Miranda's Chief Executive Officer stated:
"We are disappointed with our anticipated first quarter results. We
believe there are two reasons for the shortfall in 2007 first quarter revenue
compared to the same period last year. First the introduction of our new
multi-viewer, the Kaleido-X, has negatively affected sales of the incumbent
product and second, some markets outside of the U.S. have been softer than
last year, in particular Western Europe, limiting our revenue growth in these
We continue to be pleased with the market acceptance of the new Kaleido-X
multi-viewer that we started shipping at the end of last year. It is a robust
platform with a number of unique features and ample scope for development, so
we are confident in the product's success. However, it has adversely impacted
sales of the Kaleido K2 multi-viewer more than anticipated in certain markets,
such as Japan. Due to the more complex nature of the Kaleido-X, it has also
taken longer to ramp up manufacturing of the new product than expected.
Management's efforts are directed at growing the Company's business. We
expect that new product introductions and the continued ramp up of the
Kaleido-X to have full impact in the second half of the year. We are
allocating resources to speed up introduction of new products and features,
some of which will be presented at the National Association of Broadcasters
exhibition in April."
Miranda expects to announce its full 2007 first quarter results on
May 2nd 2007.
This press release contains forward-looking statements reflecting
Miranda's objectives, estimates and expectations. Such statements may be
marked by the use of verbs such as 'believe', 'expect' 'anticipate',
'estimate' and 'looking ahead', as well as the use of the conditional and
future tenses. By their very nature, such statements involve risks and
uncertainty. Consequently, actual results could differ materially from the
Company's expectations. Our Annual Information Form under "Risk Factors"
-available on SEDAR at the address www.sedar.com- describes the risks that
could cause significant spreads between current results and Miranda forecasts
(see more specifically "Penetration of Markets and Continued Growth", "Sales
of Large Orders", "Unpredictable Quarterly Revenues and Operating Results",
"Long Sales and Implementations Cycles for our Products", "International
Operation", "Global Economic Uncertainties" and "Business Cycle"). The
forward-looking statements contained in this press release represent our
current expectations and, accordingly, are subject to change. However, we
disclaim any intention and assume no obligation for updating or revising any
forward-looking statements, whether as a result of new information, events or
otherwise, unless required by applicable securities legislation.
Miranda Technologies Inc. (TSX: MT) develops, manufactures and markets
high-performance material and software for the television broadcast industry.
Its products are purchased by content creators, broadcasters, specialty
channels and television service providers to enable and enhance the transition
to a complex, multi-channel digital and HDTV broadcast environment. This
equipment allows clients to generate additional revenue while reducing costs
through the more efficient distribution and more effective management of
content, as well as by automation of previously manual processes. The
Corporation has approximately 400 employees at its Head Office in Montreal,
and in its offices in Wallingford (United Kingdom), Springfield (United
States), Paris (France), Tokyo (Japan), Beijing (China) and Hong Kong. Miranda
became a public company in December of 2005 and is listed on the Toronto Stock
Exchange. For more information, please consult www.miranda.com.
For further information:
For further information: Investors: René Vachon, Executive Vice
President & CFO, Miranda Technologies Inc., (514) 333-1772; Media:
Simon-Pierre Pouliot, Director of Communications, Miranda Technologies Inc.,
(514) 333-1772; Source: Miranda Technologies Inc.