I am currently not holding. Here are the results...
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Monday December 4, 11:20 pm Eastern Time
Press Release
SOURCE: COM DEV International Ltd.
COM DEV Announces Fourth Quarter and FY2000 Year-End Results
Record Revenue Levels Position the Company for Accelerating Growth in 2001
CAMBRIDGE, ON, Dec. 4 /CNW/ - COM DEV International Ltd. (TSE:CDV - news) today announced its fourth quarter results and results for the year ended October 31, 2000. Solid growth in both its wireless and space divisions set the stage for the Company to take full advantage of its unique position to access emerging new growth markets for both its divisions. COM DEV is a leading producer of wireless infrastructure systems and the largest Canadian-owned designer and manufacturer of space hardware subsystems.
Fourth Quarter Summary
Revenue for the fourth quarter ended October 31, 2000 increased 68% to $68.5 million compared with $40.6 million in the fourth quarter of 1999, and on a quarter-over-quarter basis increased by 36% compared with $50.5 million in the third quarter of 2000. The Company recorded net earnings for the fourth quarter of $0.1 million or $0.00 per share compared with a net loss of $5.2 million or $0.16 per share in the same period a year ago.
"I am very pleased with our solid growth, our continued profitability despite increased development and expansion costs and also with our accelerating top-line growth prospects for next year," said Keith Ainsworth, CEO of COM DEV. "The arrival of the third generation (3G) wireless infrastructure market and the ramp up of full wireless production in Suzhou, China are both about to drive substantial revenue growth in COM DEV Wireless next year. Our return to more traditional margins in COM DEV Space as a result of truly impressive efficiency improvements, coupled with a succession of new orders giving COM DEV Space the largest backlog in its history, demonstrates the across-the-board nature of our turn-around. We are now clearly back to keeping up with demand and building for the future."
Recent Highlights:
- COM DEV Wireless saw the size of existing orders for second generation
(2G) core products continue to escalate. In November, the division
announced a US$100 million order, the largest in its history, for the
delivery of new UMTS systems to Europe. Operationally, COM DEV
Wireless completed development of a new family of UMTS wireless
subsystems, relocated its international headquarters to Dallas, Texas
to be closer to its global customers, announced the M/ERGY(TM) high-
speed wireless Internet access system as a next generation product,
and signed two new strategic partnerships for marketing TDMA Base
Station products.
- COM DEV Space announced large orders for $25 million and $10 million
and closed another order for $31 million in November. For the year,
COM DEV Space had the best performance in its history, booking over
$168 million in new business and finishing the year with a backlog of
just under $114 million.
FY2000 Summary
Revenue for the year ended October 31, 2000 was ahead of forecast, up 27% to $205.9 million compared with revenue of $162.4 million in fiscal 1999. After expensing all research and development costs, including those associated with the M/ERGY(TM) project, the Company recorded a small loss for the year of $4.3 million or $0.11 per share, compared with a loss of $68.1 million or $2.12 per share in 1999.
About COM DEV
COM DEV International Ltd. based in Cambridge, Ontario, is a leading producer of wireless infrastructure, as well as a designer and manufacturer of space hardware subsystems. The company has two divisions: COM DEV Space and COM DEV Wireless that operate facilities in Canada, the United States, the United Kingdom and China.
This news release may contain certain forward-looking statements that
involve risks and uncertainties. Actual results may differ materially
from results indicated in any forward-looking statements. The company
cautions that, among other things, in view of the rapid changes in the
wireless communications markets and technologies, and other risks
including the cost and market acceptance of the company's new products,
the level of individual customer procurements and competitive product
offerings and pricing, and general economic circumstances, the company's
business prospects may be materially different from forward-looking
statements made by the company.
<<
COM DEV International
Q4 2000 Press Release, October 31, 2000
Consolidated Statements of Operations
(Unaudited)
(Canadian dollars in thousands,
except for per share figures)
For the three months ended
October 31 2000 1999
-------------------------------------------------------------------------
Revenue $ 68,475 $ 40,571
Cost of revenue 54,762 33,879
------------- -------------
Gross margin 13,713 6,692
Research and development 6,243 4,888
Selling and general expenses 7,279 6,252
------------- -------------
Income (loss) before the following: 191 (4,448)
Dilution gain 1,016 --
Financial (1,141) (779)
------------- -------------
Net income (loss) $ 66 $ (5,227)
------------- -------------
------------- -------------
Basic and fully diluted earnings
(loss) per share $ 0.00 $ (0.16)
Weighted average number of shares 40,496,889 32,213,439
Fully diluted weighted average
number of shares 48,148,035 36,561,264
For the year ended October 31 2000 1999
-------------------------------------------------------------------------
Revenue $ 205,882 $ 162,398
Cost of revenue 163,678 136,444
------------- -------------
Gross margin 42,204 25,954
Research and development 20,613 18,682
Selling and general expenses 25,904 25,485
------------- -------------
Loss before the following: (4,313) (18,213)
Dilution gain 3,140 --
Financial (3,086) (2,150)
Restructuring provision -- (13,960)
------------- -------------
Loss from continuing
operations (4,259) (34,323)
Loss from discontinued
operations -- (3,420)
Provision for discontinued
operations -- (30,394)
------------- -------------
------------- -------------
Net loss $ (4,259) $ (68,137)
------------- -------------
------------- -------------
Basic and fully diluted loss per
share from continuing operations $ (0.11) $ (1.07)
Basic and fully diluted loss per
share from discontinued operations 0.00 (1.05)
Basic and fully diluted loss per share (0.11) (2.12)
Weighted average number of
shares 37,375,227 32,188,576
Fully diluted weighted average
number of shares 45,025,373 36,626,630
COM DEV International
Q4 2000 Press Release
Consolidated Balance Sheets
(Unaudited)
(Canadian dollars in thousands)
As at October 31 2000 1999
-------------------------------------------------------------------------
Current assets
Cash and cash equivalents $ 17,992 $ 984
Accounts receivable 70,894 46,492
Inventory 59,429 40,070
Prepaids and other 3,978 1,865
Income taxes recoverable 1,471 4,211
------------- ------------
153,764 93,622
Acquired technology 8,843 --
Capital assets 64,156 70,439
Investments and loans 9,490 1,800
Goodwill 7,486 8,484
------------- ------------
Total assets $ 243,739 $ 174,345
------------- ------------
------------- ------------
Current liabilities
Bank indebtedness $ 17,790 $ 8,258
Accounts payable and accrued liabilities 57,845 39,533
Deferred revenue 19,580 10,502
Current portion of loans payable 4,034 31,693
------------- ------------
99,249 89,986
Long term liabilities
Loans payable 2,572 6,735
------------- ------------
Total liabilities 101,821 96,721
------------- ------------
Shareholders' equity
Share capital 206,165 163,762
Special Warrants 33,112 --
Deficit (90,910) (83,324)
Currency translation adjustment (6,449) (2,814)
------------- ------------
Total shareholders' equity 141,918 77,624
------------- ------------
Total liabilities and
shareholders' equity $ 243,739 $ 174,345
------------- ------------
------------- ------------
Number of shares outstanding 40,905,316 32,221,703
Fully diluted number of shares outstanding 48,555,462 36,659,757
COM DEV International
Q4 2000 Press Release
Consolidated Cash Flow Statements
(Unaudited)
(Canadian dollars in thousands)
For the year ended October 31 2000 1999
-------------------------------------------------------------------------
Cash flows from operating activities
Net loss from continuing operations $ (4,259) $ (34,323)
Items not requiring an outlay of cash
Amortization - capital assets 15,857 10,427
Amortization - goodwill 998 923
Dilution gain (3,140) --
Non-cash restructuring costs -- 6,889
------------- ------------
9,456 (16,084)
Net changes in non-cash working capital
items related to continuing operations (22,965) (1,748)
------------- ------------
Cash flows used in continuing
operating activities (13,509) (17,832)
------------- ------------
Cash flows from (used in)
continuing financing activities
Common shares issued 37,844 --
Special warrants issued 33,112 --
Issuance costs (3,327) --
Increase in loans payable -- 25,000
Decrease in loans payable (31,822) (4,022)
Increase in bank indebtedness 9,532 4,273
------------- ------------
Cash flows from continuing
financing activities 45,339 25,251
------------- ------------
Cash flows used in continuing
investing activities
Acquisition of technology (237) --
Acquisition of capital assets (8,010) (7,355)
Investments (4,550) (1,800)
------------- ------------
Cash flows used in continuing
investing activities (12,797) (9,155)
------------- ------------
Net cash provide by (applied to)
continuing operations 19,033 (1,736)
Net cash applied to discontinued operations (2,025) (5,420)
------------- ------------
Net increase (decrease) in cash
and cash equivalents 17,008 (7,156)
Cash and cash equivalents,
beginning of year 984 8,140
------------- ------------
Cash and cash equivalents, end of year $ 17,992 $ 984
------------- ------------
------------- ------------
Interest paid $ 2,734 $ 2,150
Income taxes recovered 2,732 3,000
>>
For further information
Investor and Media Contact: Ron Holdway, VP, Corporate Communications, Tel: (519) 622-5004, Fax: (519) 622-1691, investor.relations@comdev.ca
Analyst Contact: Tim Zahavich, Chief Financial Officer, Tel: (519) 622-2300 ext. 2288, Fax: (519) 622-2158, tim.zahavich@comdev.ca
Website: www.comdev.cc
To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw. |
