Tech Vendor Earnings Reports: Intelsat, Orad, Miranda

Global satellite operator Intelsat reported its full year and Q4 numbers March 1st, saying that its government-based business had seen a 7% growth during the year, and media-related broadcasting (largely DTH) generate revenue growth of 4% during the year.

However, revenues overall only grew 2%, not helped by the problems last May on its Intelsat/New Dawn craft over Africa “which limited revenue growth in our network services business,” according to CEO Dave McGlade. Intelsat received an insurance pay-out of $118 million, representing the partial loss of the New Dawn satellite.

Intelsat’s 3-month numbers saw revenues of $652.9 million ($643.9 same period a year ago) and a net loss of $3.5 million for the quarter to December 31, 2011. Intelsat’s full year revenues were $2.6 billion and a net loss of $432.9 million.

Graphics and media asset management (MAM) provider Orad reported that its revenue for 2011 was $35.3m, up 21% versus the full year 2010. The company attributed its growth to sales of new products and improved performance in Europe and North America. Net profit for the year was $3.4m, up 24% versus 2010. Gross margins for the year were 69%, down from 70% in 2010. The results include six months contribution from IBIS, a MAM vendor that was acquired by Orad in August of 2011. On a pro-forma basis, assuming a full year’s contribution from IBIS, Orad reported a profit of $2.96m on revenue of $36.7m.

Orad’s revenue for the fourth quarter of 2011 was $9.6m, up 18% versus the same period a year ago, and up 7% versus the previous quarter. Net profit for the fourth quarter was $1.1m compared to $0.7 million last year. Gross margins for the fourth quarter were 65% versus 58% last year.

Orad president & CEO Avi Sharir was upbeat about the results saying “Revenue growth in 2011 was due to the launch of new products and a double-digit growth in sales in Europe and North America. We increased orders, particularly in the second half of the year and we anticipate continued growth in 2012 mainly from large sporting events like Euro 2012 and London Olympics, and due to the U.S. Presidential elections.”

Miranda Technologies reported that its revenue for the fourth quarter of 2011 was C$50.1m, an increase of 12% versus the same period last year, and up 3% versus the previous quarter. The company said that one customer accounted for at least 10% of revenue in the quarter. Net profit for the quarter was C$3.5m (16 cents per share), down from C$3.8m last year, and down 73% versus the previous quarter. The company said that its profit in the quarter was negatively impacted by a C$2.2m foreign exchange loss and a C$1.5m increase in share-based compensation. The results were below the expectations of equity analysts who on average were looking for revenue of C$51.9m with a net profit of 31 cents per share.

Revenue for the full year 2011 was C$181.9m, an increase of 27% versus 2010. FY 2011 revenue includes a full year of contribution from OmniBus, which was acquired in September of 2010 and contributed C$6m to 2010 revenue.

The company said its Q4 2011 results were driven by stronger sales in both the USA and United Kingdom, which increased 28% and 45% respectively, but cautioned that many of the sales recorded in the UK end up in other parts of Europe or the Middle East, because it is a distribution point for the company. Sales in Canada and Other Countries were down 3% and 5% respectively.
Gross margins for the quarter were 61%, at the high end of the company’s target range of 57% – 61%. The company said is gross margins in the quarter were positively impacted by operational efficiencies, along with pricing, product and customer mix.

For the full year 2011, the company posted net profit of C$22.6m (up 100% versus 2010) on record revenue of 181.9m (up 27% versus 2010). Full Year Gross Margins were 61% up from 60% in 2010, at the high end of the company’s targeted range.

“We had another strong quarter, capping off a very successful year,” commented Strath Goodship, Miranda’s President and Chief Executive Officer. “Revenues and profitability were at record levels for 2011, reflecting our success at offering innovative solutions that deliver real value to broadcasters and television service providers. The growth strategies we have undertaken in recent years delivered the strong operational and financial performance we have seen over the last eight quarters. We plan to build on this positive momentum and deliver sustained long-term shareholder and customer value.”

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