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Just raised their quarterly dividend to .08--Calian Technology Reports Fourth Quarter Results: Earnings for the Year More Than Double the Prior Year

KANATA, ONTARIO, Nov 4, 2004 (CCNMatthews via COMTEX) --
Calian Technology Ltd. (TSX.CTY) today released unaudited results for the fourth quarter ended September 30, 2004. Revenues for the quarter were $37.7 million, an increase of over 10% from the $34.2 million reported in the same quarter of the previous year. Net earnings were $2.1 million or $0.25 per share basic and diluted, compared to $1.4 million or $0.17 per share basic and $0.16 per share diluted in the same quarter last year.

"In addition to finishing the year on a strong note, we were able to increase the Company's cash balance to $31 million, an increase of $6 million over the prior quarter," stated Ray Basler, President and Chief Operating Officer. This increase was achieved even after paying for the initial $4.3 million for the Titan acquisition and repurchasing 1.5% of the Company's shares for $1.2 million."

"During the year Calian repurchased 214,900 shares representing 2.5% of our outstanding shares for a total of $2.5 million. We believe this is a good investment on behalf of the shareholders of Calian", stated Larry O'Brien, Chief Executive Officer. "As a result of our strong cash position, the Board of Directors approved a 33% increase to the quarterly dividend from $0.06 to $0.08 effective with the next dividend payment."

Summary of 2004 Results: (in millions of dollars, except per share data) 2004 2003 % Change------------------------------------------------------------------Revenues $170 $141 20%EPS Continuing Operations $1.33 $0.66 102%Net EPS $1.24 $0.60 107%Cash Balance $31 $25 23%Backlog $257 $189 36%
"After securing a significant portion of our existing long-term business in 2004, we begin 2005 with a healthy backlog of $257 million. With this backlog in hand and adding the recent acquisition of Titan, we are well positioned to take advantage of future opportunities to contribute to revenues and profitability," continued Basler. "Although we believe the surveillance and security market will continue to be strong in the near term and that systems such as MSTAR will continue to be in demand, we presently do not have visibility into the timing, magnitude and duration of potential new contracts in this area. Therefore, based on the assumption that revenues in the security and surveillance area will return to more traditional levels, we expect 2005 revenues to be in the range of $160 million to $170 million and net earnings per share in the range of $0.75 to $0.90."

Posts: 443 | From: Valemount | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator

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