Highlights of the first quarter ended June 30, 2011:
Increase in revenues of 12%, or $1.4 million, reaching $12.6 million;
Acquisition of InterTrade Systems Inc., completed in December 2010,
contributes positively to the improvement of the results of the
Increase of 9% in EBITDA reaching $4.0 million and of 8% in operating
profit reaching $3.2 million;
Net earnings reached $2.2 million, at the same level compared to the
first quarter of 2011;
Cash level reached $29.7 million as at June 30, 2011, compared to
$30.0 million as at March 31, 2011;
Declaration by the Board of Directors of a cash dividend of $0,08 per
share, payable on October 17, 2011 to shareholders of record at the
close of business on October 3, 2011.
LONGUEUIL, QC, Sept. 7, 2011 /CNW Telbec/ - Mediagrif Interactive
Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce
solutions, today announced its financial results for the first quarter
ended June 30, 2011. Unless indicated otherwise, all amounts are in
(in thousands of Canadian dollars, except for numbers related to shares)
Three months ended June 30
Earnings per share
Weighted average number of share outstanding (in thousands)
FIRST QUARTER RESULTS
The earnings analysis takes into consideration the impact of the
acquisition of InterTrade Systems Inc. ("InterTrade") completed in
For the first quarter of 2012, revenues increased by $1.4 million,
compared to the first quarter of 2011, reaching $12.6 million. This
increase is mainly due to the revenues of InterTrade which amounted to
$1.4 million during the first quarter of 2012.
Furthermore, revenues in original currencies increased by $0.3 million
for the first quarter of 2012, compared to the first quarter of 2011.
However, the changes in the value of the Canadian dollar compared to
the U.S. dollar, combined with hedge coverage, generated a negative
impact on revenues of $0.3 million, thus cancelling the increase of
revenues in original currencies.
Operating expenses of the first quarter of 2012 reached $6.8 million,
compared to $5.7 million for the first quarter of 2011. The increase in
operating expenses is mainly due to the addition of InterTrade expenses
as well as a decrease of tax credits and a penalty reversal during the
first quarter of 2011, related to a tax assessment.
EBITDA reached $4.0 million or 31.6% of revenues for the first quarter
of 2012 compared to $3.7 million or 32.6% of revenues for the first
quarter of 2011.
Net earnings reached $2.2 million for the first quarter of 2012,
compared to $2.3 million for the first quarter of 2011.
CASH FLOW AND FINANCIAL POSITION
As at June 30, 2011, cash and cash equivalents amounted to $29.7
million, compared to $30.0 million as at March 31, 2011.
Free cash flow, defined as cash flows from operating activities less the
acquisition of fixed assets and intangible assets and less dividends
paid, reached a negative $1.0 million during the first quarter of 2012,
compared to generating $0.3 million during the first quarter of 2011.
This decrease is mainly due to the payment of a cash dividend of
$1.0 million during the first quarter of 2012 while there were none
during the first quarter of 2011. The Company has modified, in February
2011, its dividend payment policy, from a semi-annual to a quarterly
dividend distribution policy.
TRANSITION TO IFRS
Mediagrif's unaudited condensed consolidated interim financial
statements for the quarter ended June 30, 2011 have been prepared using
IFRS. Amounts relating to the year ended March 31, 2011 have been
restated to reflect the adoption of IFRS. Details of the accounting
differences can be found in the notes to the interim financial
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since
1996. Its web platforms enable clients to find, purchase and sell
products, exchange information, gain access to business opportunities
and manage supply chain collaboration with greater speed and
efficiency. The Company provides e-commerce solutions in the fields of
electronic components, computer equipment and telecommunications,
medical equipment, automotive aftermarket, wine & spirits, diamonds and
jewelry, retail markets and government opportunities. Mediagrif has its
headquarters in Longueuil and has offices in North America and Asia.
For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.
In addition to providing an earnings measure in accordance with IFRS,
the Company shows operating profit and earnings before interest, taxes,
depreciation and amortization ("EBITDA") as supplementary earnings
measures. The Company sometimes refers to the free cash flow measure in
its documents. Free cash flow is defined as cash flows from operating
activities less the acquisition of fixed assets and intangible assets
presented in investing activities and less dividends paid that are
presented in financing activities. Operating profit, EBITDA and free
cash flow are not intended to be measures that should be regarded as an
alternative to other financial operating performance measures prepared
in accordance with IFRS. Those measures do not have a standardized
meaning prescribed by IFRS and may not be comparable to similar
measures presented by other companies.
This press release contains certain forward-looking statements with
respect to the Company. These forward-looking statements, by their
nature, necessarily involve risks and uncertainties that could cause
actual results to differ materially from those contemplated by these
forward-looking statements. We consider the assumptions on which these
forward-looking statements are based to be reasonable, but caution the
reader that these assumptions regarding future events, many of which
are beyond our control, may ultimately prove to be incorrect since they
are subject to risks and uncertainties that affect us. We disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by applicable securities legislation. All
amounts are in Canadian dollars.
Unaudited condensed interim financial statements, accompanying notes and
MD&A are available on www.mediagrif.com and have been filed with SEDAR at the following address: www.sedar.com.
SOURCE Mediagrif Interactive Technologies Inc.
For further information:
Mediagrif Interactive Technologies Inc.
Chief Executive Officer
Tel.: 450-449-0102 ext. 2004
Toll Free: 1 877 677-9088 ext. 2004
Chief Financial Officer
Tel.: 450-449-0102, ext: 2135
Toll Free: 1 877 677-9088 ext. 2135