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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

Maritime Security

Watson Named VP of Meridian Global Consulting

William H. Watson has been appointed as Vice President of Meridian Global Consulting, LLC, a Mobile, Alabama-based scalable risk mitigation specialist consultancy.

Second Tanker Waits to Load Oil at Libya's Reopened Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal

Signet Tows Aircraft Carrier on Final Voyage

The final voyage of aircraft carrier USS Saratoga begins today. From the Eastern Hemisphere to the Western Hemisphere, the USS Saratoga has made her mark around the globe,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2819 sec (4 req/sec)