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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Maritime Security

Protecting Sensitive Sea Areas in South-East Asia

Further progress towards identifying and designating Particularly Sensitive Sea Areas (PSSAs) in south-east Asia has been made during a regional meeting in Lombok, Indonesia (27-28 July).

Libyan Oil Exports to Resume from Closed Ports

Libyan oil exports from closed ports should resume in no more than one to two weeks after a deal was signed between the government and an armed brigade controlling the terminals,

SNMCMG2 Completes Third Black Sea Deployment

Standing NATO Mine Countermeasures Group 2 (SNMCMG2) has completed its third deployment into the Black Sea under the command of Captain Ramazan Kesgin, Turkish Navy.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Winch
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: 0.0616 sec (16 req/sec)