VANCOUVER – MacDonald, Dettwiler and Associates Ltd., (TSX:MDA), a provider of space and information technology, had nearly $ 40 million of net income in the third quarter — about level with the same time last year.
Growth at MDA’s continuing operations offset the impact of selling the company’s property information business, the Vancouver-area company reported Friday.
Revenue was $ 181.5 million, up from $ 166.5 million in the year-earlier period.
Total net income was $ 39.3 million, with a $ 1.2-million loss from the sale of discontinued operations and $ 40.5 million of profit from continuing operations.
A year earlier, MDA’s net income was $ 40.6 million but only $ 22 million was from continuing operations. The remaining $ 18.6 million was from the now-discontinued operations.
Net income per share in this year’s third quarter was 95 cents, including a three-cent loss from the sale of the property information business. A year earlier the profit was 99 cents, including 45 cents from the discontinued operations.
One of MDA’s most high-profile products is the robotic system used by the International Space System, a successor to the Canadarm used aboard the now-retired U.S. space shuttles. It also collects data gathered by satellites orbiting Earth and sells related information services to its customers.
The company had diversified into the property information business but sold it in a deal that closed early this year. MDA received US$ 815 million cash, plus up to US$ 30 million if the assets reach specific performance targets through 2014.
Local news from metronews.ca/vancouver
About The Reporter
