MDA reports full year and fourth quarter 2010 results

Published in Stocks and Investing on Monday, February 28th 2011 at 13:40 GMT by Market Wire
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 ------------------------------------------------------------------------- ($ millions, except earnings per diluted common share amounts) Q4-2010 Q4-2009 Year-2010 Year-2009 ------------------------------------------------------------------------- Total ----- (from continuing and discontinued operations) Revenues 299.3 237.5 1,066.6 1,000.9 Operating earnings(1) 44.9 26.9 147.6 107.1 Operating earnings per share(1), diluted 1.09 0.66 3.61 2.64 Net earnings (loss) (54.2) 30.2 40.7 108.4 Net earnings (loss) per share, diluted (1.32) 0.74 0.99 2.67 From continuing operations -------------------------- Revenues 209.2 129.1 689.0 518.4 Operating earnings(1) 31.2 19.1 97.0 67.2 Operating earnings per share(1), diluted 0.76 0.47 2.37 1.65 Net earnings 5.9 21.5 63.0 69.9 Net earnings per share, diluted 0.14 0.53 1.54 1.72 From discontinued operations ---------------------------- Revenues 90.1 108.4 377.6 482.5 Operating earnings(1) 13.7 7.8 50.6 39.9 Operating earnings per share(1), diluted 0.33 0.19 1.24 0.98 Net earnings (loss) (60.1) 8.6 (22.3) 38.5 Net earnings (loss) per share, diluted (1.46) 0.21 (0.54) 0.95 Weighted average number of common shares outstanding: (millions) Basic 41.0 40.5 40.8 40.5 Diluted 41.1 40.8 40.9 40.7 ------------------------------------------------------------------------- (1) See section "Non-GAAP Financial Measures" in this earnings release.

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 ------------------------------------------------------------------------- ($ millions) Q4-2010 Q4-2009 Year-2010 Year-2009 ------------------------------------------------------------------------- Operating earnings from continuing operations 31.2 19.1 97.0 67.2 Items affecting comparability: Stock-based compensation (16.9) (11.6) (28.1) (19.3) Fair value adjustments on equity forward contracts 5.9 14.7 8.9 23.3 Fair value adjustments on foreign exchange forward contracts tied to certain projects not subject to hedge accounting (6.4) - (9.9) - Fair value adjustments on interest rate swap contracts not subject to hedge accounting - 0.1 - 0.1 Tax on items affecting comparability 5.1 (0.8) 8.1 (1.4) Foregone tax deductions on stock-based compensation (13.0) - (13.0) - ------------------------------------------------------------------------- Net earnings from continuing operations 5.9 21.5 63.0 69.9 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ($ millions) Q4-2010 Q4-2009 Year-2010 Year-2009 ------------------------------------------------------------------------- Operating earnings from discontinued operations 13.7 7.8 50.6 39.9 Items affecting comparability: Stock-based compensation (3.2) (2.9) (5.8) (5.0) Fair value adjustments on equity forward contracts 1.1 3.8 1.9 6.2 Impairment of goodwill and intangible assets (123.8) - (123.8) - Foreign exchange gain (loss) on translation of intercompany balances (0.9) - 6.5 - Restructuring expense - - (2.9) (3.5) Fair value adjustments on interest rate swap contracts not subject to hedge accounting - 0.2 - 0.2 Tax on items affecting comparability 37.4 (0.3) 35.6 0.7 Non-recurring tax adjustment related to disposition 15.6 - 15.6 - ------------------------------------------------------------------------- Net earnings (loss) from discontinued operations (60.1) 8.6 (22.3) 38.5 -------------------------------------------------------------------------

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MDA reports full year and fourth quarter 2010 results