CAE Reports First Quarter Results

Wednesday, August 06, 2003
CAE has reported earnings from continuing operations for the first quarter ending June 30, 2003, of C$15.1 million or 7 cents per share compared to C$37.4 million (or 17 cents per share) in the first quarter of the prior fiscal year. Consolidated revenue for the first quarter decreased 12 percent to C$242.9 million from the C$275.8 million generated in the prior year, while the C$2.2 billion backlog was constant at June 30 compared to March 31. CAE's net debt, defined as long-term debt less cash and short-term investments, decreased by C$9.8 million during the first quarter. The reduction in net debt is attributable to foreign currency fluctuations and the receipt of C$28.5 million from the sale and leaseback of two simulators and C$23.1 million from discontinued operations, offset by increases in non-cash working capital of C$73.9 million and capital expenditures of C$25.2 million. Additional costs arising from the disposition of the discontinued Beyss operation caused a loss from discontinued operations of C$1.9 million during the quarter that lowered net earnings to C$13.2 million, compared to C$37.4 million in the prior year. Marine Controls ("Marine”) generated first-quarter operating earnings of C$4.9 million compared to C$6.4 million in the prior year, while revenues were stable at C$34.2 million. The reduction in operating earnings and margins and the absence of revenue growth are attributable to foreign exchange impacts. Recently, Marine was awarded three contracts to provide its integrated platform management system for the U.S. Navy’s next-generation DD(X) destroyers.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Former Petrobras Exec Sentenced to 5 Years Jail

A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday,

Rising from the Ashes

The federal government is now taking steps to reverse its 2010 decision to terminate the nation’s LORAN program. The LORAN program was initiated during World War II,

Training: Cutting Costs While Remaining Cutting Edge

Businesses are operating in tough economic times, with budgets being significantly cut during the current industry downturn. Unfortunately, when lowering costs is a key priority,

Maritime Security

Ailing Mariner Medevaced Near Alaska

A U.S. Coast Guard Air Station Sitka MH-60 Jayhawk helicopter crew medevaced an ailing mariner from Deep Bay, 25 miles north of Sitka, Sunday.   The Jayhawk crew

Threats to Global Navigation Satellite Systems

Originally developed to guide Allied convoys safely across the Atlantic, the use of synchronized low frequency radio signals as a navigational aid revolutionized

Iran, Oman Discuss Yemen War, Settle Maritime Borders

Iran's Foreign Minister Mohammad Javad Zarif discussed how to advance Yemeni peace efforts with his Omani counterpart on Tuesday, Iranian media reported, on a visit

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2477 sec (4 req/sec)