TORONTO – Broadcast gear maker Leitch Technology Corporation announced today that fourth quarter revenue was $57.2 million, representing a 37% increase over the same period last year.
Approximately 70% of the increase is due to the acquisitions of Inscriber and Videotek during fiscal 2005, said the company. Revenue for the year, ended April 30, 2005, was $217.9 million (including $3.9 million of third-party equipment), increasing $63.3 million, or 41%, from $154.6 million during the prior year.
Approximately $36 million, or 57% of the year over year increase, was due to the acquisitions of Videotek and Inscriber. Revenue in the current year was negatively impacted by $7 million, or 4%, compared to the prior year, due to currency fluctuations, primarily as a result of the weakening U.S. dollar in relation to the Canadian dollar. Revenue increased organically year over year by approximately 20% after removing the effects of acquisitions, foreign exchange and third-party equipment.
Earnings before amortization, equity interests adjusted for income
taxes and restructuring charges for the quarter were $2.9 million, or $0.07 per share, compared to a loss of $2.5 million, or $(0.07) per share during the same period last year.
Net earnings for the fourth quarter were $2 million, or $0.05 per share, compared to a net loss of $21.7 million, or $(0.63) per share during the same period last year. For the year ended April 30, 2005, the Net Operating Income was $9.6 million, or $0.26 per share, compared to a loss of $15.2 million, or $(0.46) per share during the previous year. Net earnings for fiscal 2005 were $2.5 million, or $0.07 per share, compared to a net loss of $37.3 million, or $(1.13) per share during fiscal 2004.
"This has been a solid year for Leitch," said Tim Thorsteinson, president and CEO. "The growth in revenue of over $60 million is the largest year over year increase in the company’s history. We improved profitability by over $25 million in one year. We improved gross margins to 53% in the fourth quarter. We continued to introduce new HD products, such as the X75(TM)HD and the NEXIO(TM) HD, our high-definition server, and finished the year with one of the broadest HD portfolios in the industry. Most importantly we shipped more digital solutions to more customers than any time in our history."
