Thursday, November 12th, 2009
Calian Technologies riding high, issues special dividend
OTTAWA - Calian Technologies Ltd. (TSX:CTY) says it will pay shareholders a special dividend of $1 a share on top of its regular quarterly dividend, following a strong quarter and financial year ended Sept. 30.
"Fiscal 2009 was truly an exceptional year with record performance in terms of revenues, earnings and cash flow generation," said Ray Basler, Calian's president and chief executive.
"In recognition of these results and the fact that certain contributing factors are considered non-recurring, we are pleased to reward our shareholders with a special dividend in addition to our regular dividend."
The regular quarterly dividend is 17 cents per share.
Calian shares traded Thursday at $18.56, down 14 cents. At that price, the $1.17 in special and quarterly dividends to be paid next month would yield 6.3 per cent.
The dividends are payable Dec. 9, to shareholders of record as of Nov. 25.
Calian also confirmed Thursday that its contract to build a 35-metre deep-space antenna for the European Space Agency will be worth $39 million, in line with expectations announced in August.
The Canadian company's System Engineering Division will build the antenna in Argentina - to form the third leg of a system that spans the globe. The other two antennae are in Western Australia and Spain.
The ESA had previously authorized a $15-million order for the South American antenna but Calian predicted at the time that the total contract would be worth $39 million.
Calian provides a variety of technology services to industry and government in Canada and around the world.
Revenue for the fiscal fourth quarter rose to $54.4 million, up 11 per cent from $48.9 million a year earlier. Ne income was $3.5 million or 44 cents per dilutes share, up from $2.7 million or 33 cents per dilued share a year earlier.
"A strong fourth quarter was a fitting end to a sensational year," Basler said in a statement.
"Our SED division achieved a fourth-quarter increase in revenues over the fourth quarter of last year, but as expected, revenues declined from the previous quarter as large satellite engineering projects reached completion. Custom manufacturing activities remained relatively strong during the quarter and were a major contributor to SED's revenues.
For the full year, Calian reported revenues of $227.2 million and net earnings of $16.5 million $2.11 per diluted share, compared to revenues of $193.2 million and net earnings of $10.5 million or $1.27 per share in fiscal 2008.
However, Calian said it doesn't expect to repeat such strong numbers in the coming year.
The company said it expects 2010 revenue to be between $205 million and $225 million, with net income per share in the range of $1.45 to $1.75 per share.
Besides the system-engineering division, Calian's other main division supplies its customers - including the Canadian military - with skilled professionals with expertise in engineering, telecommunications and health care.
