MONTREAL, QUEBEC, Nov 11 (MARKET WIRE) --
CAE Inc. (TSX: CAE)(NYSE: CAE)
- Net earnings of C$39.1 million or C$0.15 per share
- Net cash provided by continuing operating activities of C$116.4 million
- Net debt at C$257.8 million
- Restructuring program on track
CAE today reported financial results for the second quarter ended
September 30, 2009. Net earnings were $39.1 million ($0.15 per share),
compared to $49.0 million ($0.19 per share) in the second quarter of last
year. Excluding a restructuring charge of $1.1 million recorded during
the quarter, net earnings were $39.9 million ($0.16 per share). All
financial information is in Canadian dollars.
Summary of consolidated results
(amounts in millions,
except operating
margins and per share
amounts) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009
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Revenue $ 364.5 383.0 438.8 424.6 406.7
Total segment
operating income $ 62.3 72.3 79.6 77.6 76.0
Restructuring
charge $ (1.1) (27.2) - - -
Earnings before
interest and
income taxes
(EBIT) $ 61.2 45.1 79.6 77.6 76.0
As a % of
Revenue % 16.8 11.8 18.1 18.3 18.7
Earnings from
Continuing
Operations $ 39.1 27.2 52.7 52.1 49.2
Results from
discontinued
operations $ - - - - (0.2)
Net earnings $ 39.1 27.2 52.7 52.1 49.0
Diluted EPS from
continuing
operations $ 0.15 0.11 0.21 0.20 0.19
Backlog $ 3,034.8 3,278.2 3,181.8 2,942.8 2,741.8
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Comparative periods of fiscal 2009 have been restated to reflect a change
in the accounting treatment for pre-operating costs.
Consolidated revenue this quarter was $364.5 million compared to
$406.7 million last year.
Second-quarter consolidated earnings before interest and taxes(1) (EBIT)
were $61.2 million, or 16.8% of revenue. EBIT before the restructuring
charge was $62.3 million, or 17.1% of revenue.
"The civil aerospace sector remains a challenge, but our healthy
financial position and our diversification among products and services,
military and civil markets and our presence on all continents around the
world is helping to mitigate its effects," said Marc Parent, CAE's
President and Chief Executive Officer. "We are continuing to adjust our
business in terms of structure and people to reduce costs and to be able
to generate cash and profits through the aerospace downturn. We expect
continued strong growth in military and the eventual recovery in our
civil segments will build on this solid base."
Business highlights
In our military segments we won orders of $178.4 million during the
quarter including major upgrade work for two German CH-53 full-mission
simulators and a range of A330 Multi-Role Tanker Transport trainers for
the United Arab Emirates and the Royal Saudi Air Force.
In our civil segments we secured training and services contracts with an
expected value of $82.9 million and we were awarded $26.8 million in
contracts including two full-flight simulators (FFSs) from Kenya Airways
and Korean Air. Following the end of the quarter, we signed an additional
two full flight simulator orders. Year-to-date we have announced 10 FFS
orders and we continue to expect a total of 20 this fiscal year.
Civil segments
Training & Services/Civil (TS/C)
Financial results
(amounts in millions,
except operating
margins and RSEUs) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009
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Revenue $ 102.8 114.7 121.4 120.9 108.0
Segment operating
income $ 15.9 20.8 25.1 20.4 19.5
Operating margins % 15.5 18.1 20.7 16.9 18.1
Backlog $ 792.3 906.9 1,006.4 1,036.0 907.6
RSEUs 128 130 123 118 118
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Comparative periods of fiscal 2009 have been restated to reflect a change
in the accounting treatment for pre-operating costs.
Second quarter revenue in the TS/C segment decreased 5% compared to
last year due to softer market conditions in North America and Europe.
Since last year we deployed 10 additional Revenue Simulator Equivalent
Units (RSEUs) to our network and we grew our revenue base in the emerging
markets. These factors helped to offset some pressures we experienced in
the legacy markets.
Compared to last quarter, revenue decreased 10% mainly due to seasonality
and market weakness.
Segment operating income was $15.9 million (15.5% of revenue) in the
second quarter, compared to $20.8 million (18.1% of revenue) last quarter
and $19.5 million (18.1% of revenue) in the second quarter last year.
Last quarter we realized a gain on the disposal of two simulators,
compared to one this quarter. Softness in Europe was partially offset by
our cost containment measures, which have begun to take hold.
Markets in North America and Europe slowed and we were impacted this
quarter by unfavourable foreign exchange translation on our working
capital accounts. These negatives were partially offset by the addition
of more RSEUs and higher activity in the emerging markets.
Foreign exchange movements were favourable in the comparison of year over
year results but unfavourable between the first and second quarters of
this fiscal year.
New orders for the quarter totalled $82.9 million, and segment backlog
was $792.3 million. The book-to-sales ratio was 0.81x in the quarter and
0.95x for the last 12 months.
Simulation Products/Civil (SP/C)
Financial results
(amounts in millions,
except operating
margins) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009
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Revenue $ 63.9 83.1 107.3 119.3 114.3
Segment operating
income $ 12.4 16.7 18.5 22.8 23.4
Operating margins % 19.4 20.1 17.2 19.1 20.5
Backlog $ 254.5 293.6 288.2 359.5 343.4
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Revenue in the SP/C segment was $63.9 million during the second
quarter, down 44% from last year mainly because of an extended facility
shutdown of three weeks in July and furlough days, which occurred during
the quarter. As well, volume was affected by lower orders this year and
the recognition of revenue last year on some simulators that were
partially built when sales contracts were signed.
Segment operating income was $12.4 million (19.4% of revenue) in the
second quarter, down 47% from last year because of lower volume and the
emergence of pricing pressure. The impact of the challenging market
conditions was partially offset by favourable foreign exchange hedging.
Contracts subsequently added to backlog have been affected by more
pronounced pricing pressure and the continued strength of the Canadian
dollar relative to our other main operating currencies. We continue to
take action to deal with the difficult market situation in this segment
as we believe these conditions will prevail for a while.
During the quarter, we received orders for two civil FFSs. SP/C orders
for the quarter totalled $26.8 million, and segment backlog was $254.5
million. This quarter's book-to-sales ratio was 0.42x. The ratio for the
last 12 months was 0.77x.
Military segments
Revenue in the second quarter for our combined Military business was
$197.8 million and operating income was $34.0 million, resulting in an
operating margin of 17.2%.
Combined new orders this quarter totalled $178.4 million for a
book-to-sales ratio of 0.90x. The ratio was 1.41x for the last 12 months.
Simulation Products/Military (SP/M)
Financial results
(amounts in millions,
except operating
margins) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009
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Revenue $ 137.4 118.5 143.6 125.5 126.0
Segment operating
income $ 24.3 22.2 26.8 25.7 21.6
Operating margins % 17.7 18.7 18.7 20.5 17.1
Backlog $ 889.8 1,072.5 893.0 714.0 705.6
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Revenue in the SP/M segment was $137.4 million in the second quarter,
up 9% year over year mainly because of higher activity on various NH90
helicopter programs and the integration into our results of DSA, which we
acquired in May 2009.
Segment operating income this quarter was $24.3 million (17.7% of
revenue), up 13% year over year mainly because of the higher program
activity and more investment tax credits.
New orders for the quarter totalled $113.5 million and segment backlog
reached $889.8 million at the end of the quarter. This quarter's
book-to-sales ratio was 0.83x. The ratio for the last 12 months was 1.24x.
Training & Services /Military (TS/M)
Financial results
(amounts in millions,
except operating
margins) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009
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Revenue $ 60.4 66.7 66.5 58.9 58.4
Segment operating
income $ 9.7 12.6 9.2 8.7 11.5
Operating margins % 16.1 18.9 13.8 14.8 19.7
Backlog $ 1,098.2 1,005.2 994.2 833.3 785.2
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Comparative periods of fiscal 2009 have been restated to reflect a change
in the accounting treatment for pre-operating costs.
Revenue in the TS/M segment was $60.4 million in the second quarter,
up 3% year over year mainly because of more work on maintenance service
contracts in Canada and Germany and increased NH90 helicopter training
activity in Germany.
Segment operating income was $9.7 million this quarter, down 16% from the
same period last year. The decrease is the result of a larger dividend
from a U.K.-based investment last year compared to this year and higher
bid and proposal costs this year related to the current high level of
marketing activity.
New orders this quarter totalled $64.9 million and segment backlog
reached $1.098 billion at the end of the quarter. The book-to-sales ratio
was 1.07x for the quarter and 1.77x for the last 12 months.
Cash flow and financial position
CAE's free cash flow(2) was $93.5 million at the end of the second
quarter, up $123.2 million from last quarter and up $51.0 million year
over year. Since last quarter we decreased our investment in non-cash
working capital and cash provided by continuing operating activities
increased by $24.6 million.
Growth capital expenditures were $13.5 million this quarter and
maintenance capital expenditures were $12.8 million.
Net debt(3) was $257.8 million at September 30, 2009, down $82.9 million
from last quarter mainly from increased cash before proceeds and
repayment of long-term debt and by the strengthening of the Canadian
dollar against our foreign denominated debt.
CAE will pay a dividend of $0.03 per share on December 31, 2009 to
shareholders of record at the close of business on December 15, 2009.
Additional consolidated financial results
Restructuring
A restructuring charge of $1.1 million was incurred during the second
quarter as part of a restructuring plan we announced in May 2009. We
continue to expect to incur a total charge of $32 million for the
restructuring program and we expect to complete this by the end of the
fiscal year.
Orders and backlog
Our consolidated backlog was $3.035 billion at the end of the quarter,
compared to $3.278 billion last quarter. New orders of $288.1 million
were added to backlog, offset by $364.5 million in revenue generated from
backlog. As well, our backlog decreased by $167.0 million of which $128.4
million is mainly the result of foreign exchange adjustments and $38.6
million is due to the reassessment of TS/C backlog.
Income taxes
Income taxes were $14.7 million this quarter, representing an effective
tax rate of 27%. The tax rate was lower this quarter and year to date
because of changes in the mix of income in various jurisdictions for tax
purposes. We now expect the average effective tax rate for the year to be
approximately 29%.
You will find a more detailed discussion of our results by segment in the
Management's Discussion and Analysis (MD&A) as well as in our
consolidated financial statements which are posted on our website at
www.cae.com/Q2FY10.
CAE's audited annual financial statements and management's discussion and
analysis for the year ended March 31, 2009 have been filed with the
Canadian securities commissions and are available on our website
(www.cae.com) and on SEDAR (www.sedar.com). They have also been filed
with the U.S. Securities and Exchange Commission and are available on
their website (www.sec.gov).
Conference call Q2 FY2010
CAE will host a conference call focusing on fiscal year 2010 second
quarter financial results today at 1:00 p.m. ET. The call is intended for
analysts, institutional investors and the media. North American
participants can listen to the conference by dialling +1-866-540-8136 or
+1-514-868-1042. Overseas participants can dial +800-9559-6849 or
+1-514-868-1042. The conference call will also be audio webcast live for
the public at www.cae.com.
CAE is a world leader in providing simulation and modelling technologies
and integrated training solutions for the civil aviation industry and
defence forces around the globe. With annual revenues exceeding C$1.6
billion, CAE employs more than 6,500 people at more than 90 sites and
training locations in 20 countries. We have the largest installed base of
civil and military full-flight simulators and training devices. Through
our global network of 29 civil aviation and military training centres, we
train more than 75,000 crewmembers yearly. We also offer modelling and
simulation software to various market segments, and through CAE's
professional services division, we assist customers with a wide range of
simulation-based needs.
Certain statements made in this news release, including, but not limited
to, statements that are not historical facts, are forward-looking and are
subject to important risks, uncertainties and assumptions. The results or
events predicted in these forward-looking statements may differ
materially from actual results or events. These statements do not reflect
the potential impact of any non-recurring or other special items or
events that are announced or completed after the date of this news
release, including mergers, acquisitions, or other business combinations
and divestitures.
You will find more information about the risks and uncertainties
associated with our business in the MD&A section of our annual report and
annual information form for the year ended March 31, 2009. These
documents have been filed with the Canadian securities commissions and
are available on our website (www.cae.com), on SEDAR (www.sedar.com) and
a free copy is available upon request to CAE. They have also been filed
with the U.S. Securities and Exchange Commission under Form 40-F and are
available on EDGAR (www.sec.gov). You will also find on our web site the
English MD&A for the fiscal 2010 second quarter. The forward-looking
statements contained in this news release represent our expectations as
of November 11, 2009 and, accordingly, are subject to change after this
date.
We do not update or revise forward-looking information even if new
information becomes available unless legislation requires us to do so.
You should not place undue reliance on forward-looking statements.
Notes
(1) Earnings before interest and taxes (EBIT) is a non-GAAP measure that
shows us how we have performed before the effects of certain financing
decisions and tax structures. We track EBIT because we believe it makes
it easier to compare our performance with previous periods, and with
companies and industries that do not have the same capital structure or
tax laws.
(2) Free cash flow is a non-GAAP measure that tells us how much cash we
have available to build the business, repay debt and meet ongoing
financial obligations. We use it as an indicator of our financial
strength and liquidity. We calculate it by taking the net cash generated
by our continuing operating activities, subtracting maintenance capital
expenditures, other assets and dividends paid and adding proceeds from
sale of property, plant and equipment.
(3) Net debt is a non-GAAP measure we use to monitor how much debt we
have after taking into account liquid assets such as cash and cash
equivalents. We use it as an indicator of our overall financial position,
and calculate it by taking our total long-term debt (debt that matures in
more than one year), including the current portion, and subtracting cash
and cash equivalents.
Consolidated Balance Sheets
(Unaudited) As at September 30 As at March 31
(amounts in millions of Canadian dollars) 2009 2009
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Restated
Assets
Current assets
Cash and cash equivalents $257.1 $195.2
Accounts receivable 284.9 322.4
Contracts in progress 231.6 215.3
Inventories 128.6 118.9
Prepaid expenses 29.8 31.3
Income taxes recoverable 10.6 11.5
Future income taxes 2.7 5.3
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$945.3 $899.9
Property, plant and equipment, net 1,202.5 1,302.4
Future income taxes 77.2 86.1
Intangible assets 109.9 99.5
Goodwill 150.4 159.1
Other assets 130.6 118.8
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$2,615.9
$2,665.8------------------------------------------------------------------------
-
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Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities $450.2 $540.4
Deposits on contracts 224.3 203.8
Current portion of long-term debt 60.0 125.6
Future income taxes 29.0 20.9
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$763.5 $890.7
Long-term debt 454.9 354.7
Deferred gains and other long-term liabilities 200.9 184.9
Future income taxes 32.7 37.7
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$1,452.0 $1,468.0
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Shareholders' equity
Capital stock $435.5 $430.2
Contributed surplus 10.4 10.1
Retained earnings 856.0 805.0
Accumulated other comprehensive loss (138.0) (47.5)
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$1,163.9 $1,197.8
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$2,615.9 $2,665.8
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Consolidated Statements of Earnings
(Unaudited) Three months ended Six months ended
(amounts in millions of Canadian September 30 September 30
dollars, except per share amounts) 2009 2008 2009 2008
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Restated Restated
Revenue $364.5 $406.7 $747.5 $798.8
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Earnings before restructuring,
interest and income taxes $62.3 $76.0 $134.6 $148.6
Restructuring charge 1.1 - 28.3 -
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Earnings before interest
and income taxes $61.2 $76.0 $106.3 $148.6
Interest expense, net 7.4 5.2 14.0 9.5
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Earnings before income taxes $53.8 $70.8 $92.3 $139.1
Income tax expense 14.7 21.6 26.0 41.7
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Earnings from continuing operations $39.1 $49.2 $66.3 $97.4
Results of discontinued operations - (0.2) - (1.1)
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Net earnings $39.1 $49.0 $66.3 $96.3
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Basic and diluted earnings per
share from continuing operations $0.15 $0.19 $0.26 $0.38
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Basic and diluted
earnings per share $0.15 $0.19 $0.26 $0.38
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Weighted average number of
shares outstanding (basic) 255.6 254.9 255.5 254.6
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Weighted average number of
shares outstanding (diluted)(1) 255.6 255.4 255.5 255.2
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(1) For the three and six months ended September 30, 2009, the effect of
stock options potentially exercisable was anti-dilutive; therefore, the
basic and diluted weighted average number of shares outstanding are the
same.
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
six months ended September 30, 2009
(amounts in millions of Canadian dollars, except number of shares)
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Accu-
mulated
Other Total
Common Shares Con- Compre- Share-
Number of Stated tributed Retained hensive holders'
Shares Value Surplus Earnings Loss Equity
--------------------------------------------------------------------------
Balances, beginning
of period 255,146,443 $430.2 $10.1 $813.3 $(48.5) $1,205.1
Adjustment for
change in
accounting policy - - - (8.3) 1.0 (7.3)
Stock options
exercised 632,670 3.4 - - - 3.4
Transfer upon
exercise of
stock options - 1.7 (1.7) - - -
Stock dividends 24,261 0.2 - (0.2) - -
Stock-based
compensation - - 2.0 - - 2.0
Net earnings - - - 66.3 - 66.3
Dividends - - - (15.1) - (15.1)
Other
comprehensive loss - - - - (90.5) (90.5)
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Balances,
end of period 255,803,374 $435.5 $10.4 $856.0 $(138.0) $1,163.9
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The total of Retained earnings and Accumulated other comprehensive loss for
the six months ended September 30, 2009 was $718.0 million ($568.2 million
as at September 30, 2008).
(Unaudited)
six months ended September 30, 2008
(amounts in millions of Canadian dollars, except number of shares)
--------------------------------------------------------------------------
Accu-
mulated
Other Total
Common Shares Con- Compre- Share-
Number of Stated tributed Retained hensive holders'
Shares Value Surplus Earnings Loss Equity
--------------------------------------------------------------------------
Balances, beginning
of period 253,969,836 $418.9 $8.3 $644.5 $(123.2) $948.5
Adjustment for
change in
accounting policy - - - (10.0) 0.8 (9.2)
Stock options
exercised 850,625 8.4 - - - 8.4
Transfer upon
exercise of
stock options - 0.6 (0.6) - - -
Stock dividends 65,945 0.7 - (0.7) - -
Stock-based
compensation - - 1.5 - - 1.5
Net earnings - - - 96.3 - 96.3
Dividends - - - (14.6) - (14.6)
Other
comprehensive loss - - - - (24.9) (24.9)
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Balances,
end of period 254,886,406 $428.6 $9.2 $715.5 $(147.3) $1,006.0
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Consolidated Statements of Comprehensive (Loss) Income
(Unaudited) Three months ended Six months ended
(amounts in millions of September 30 September 30
Canadian dollars) 2009 2008 2009 2008
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Restated Restated
Net earnings $39.1 $49.0 $66.3 $96.3
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Other comprehensive loss,
net of income taxes:
Foreign currency
translation adjustment
Net foreign exchange losses on
translation of financial
statements of self-sustaining
foreign operations $(83.2) $(13.7) $(137.4) $(26.6)
Net change in gains (losses)
on certain long-term
debt denominated in
foreign currency
and designated as
hedges on net
investments of
self-sustaining
foreign operations 12.5 (1.4) 10.6 (1.1)
Income tax adjustment (0.4) (0.1) 1.3 (0.1)
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$(71.1) $(15.2) $(125.5) $(27.8)
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Net changes in cash flow hedge
Net change in gains on
derivative items designated as hedges of cash flows $24.1
$3.7 $37.3 $11.8
Reclassifications
to income or to
the related non-financial
assets or liabilities (0.1) (4.5) 13.2 (7.6)
Income tax adjustment (7.5) 0.2 (15.5) (1.3)
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$16.5 $(0.6) $35.0 $2.9
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Total other comprehensive loss $(54.6) $(15.8) $(90.5) $(24.9)
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Comprehensive (loss) income $(15.5) $33.2 $(24.2) $71.4
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Consolidated Statement of Accumulated Other Comprehensive Loss
(Unaudited) Foreign Accumulated
as at September 30, 2009 Currency Other
(amounts in millions of Translation Cash Flow Comprehensive
Canadian dollars) Adjustment Hedge Loss
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Balance in accumulated other
comprehensive loss at
beginning of the period $(20.4) $(28.1) $(48.5)
Adjustment for change in
accounting policy 1.0 - 1.0
Details of other
comprehensive loss:
Net change in (losses) gains (126.8) 37.3 (89.5)
Reclassification to income
or to the related
non-financial assets
or liabilities - 13.2 13.2
Income tax adjustment 1.3 (15.5) (14.2)
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Total other comprehensive loss $(125.5) $35.0 $(90.5)
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Balance in accumulated other
comprehensive loss at
end of period $(144.9) $6.9 $(138.0)
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Consolidated Statements of Cash Flows
(Unaudited) Three months ended Six months ended
(amounts in millions of September 30 September 30
Canadian dollars) 2009 2008 2009 2008
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Restated Restated
Operating activities
Net earnings $39.1 $49.0 $66.3 $96.3
Results of
discontinued operations - 0.2 - 1.1
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Earnings from
continuing operations $39.1 $49.2 $66.3 $97.4
Adjustments to reconcile
earnings to cash flows
from operating activities:
Depreciation 18.2 17.3 37.5 33.0
Financing cost amortization 0.2 0.2 0.4 0.4
Amortization and write down
of intangible and other assets 5.0 3.4 9.0 7.1
Future income taxes (5.2) 7.6 1.8 13.4
Investment tax credits 4.2 5.9 2.5 9.3
Stock-based compensation plans 7.6 (2.4) 8.4 (6.6)
Employee future benefits - net 0.1 0.2 (0.6) 0.4
Amortization of other
long-term liabilities (1.9) (2.4) (3.7) (5.0)
Other 5.4 (0.1) (0.8) -
Changes in non-cash
working capital 43.7 (19.9) (24.3) (119.0)
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Net cash provided by
operating activities $116.4 $59.0 $96.5 $30.4
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Investing activities
Business acquisitions,
net of cash and cash
equivalents acquired $(5.2) $0.1 $(22.9) $(38.7)
Capital expenditures (26.3) (50.6) (58.3) (89.0)
Proceeds from disposal
of property, plant and equipment 0.9 - 8.5 -
Deferred development costs (3.0) (2.2) (6.1) (4.1)
Other (3.5) (1.2) (5.0) (2.6)
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Net cash used in
investing activities $(37.1) $(53.9) $(83.8) $(134.4)
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--------------------------------------------------------------------------
Financing activities
Proceeds from long-term debt,
net of transaction costs
and hedge accounting adjustment $9.5 $13.9 $154.7 $22.5
Repayment of long-term debt (8.6) (8.6) (93.5) (14.1)
Proceeds from capital lease - - 16.9 -
Dividends paid (7.5) (7.5) (15.1) (14.6)
Common stock issuance 1.3 - 3.4 8.4
Other - (0.3) (1.4) (1.3)
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Net cash (used in) provided
by financing activities $(5.3) $(2.5) $65.0 $0.9
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Effect of foreign exchange
rate changes on cash
and cash equivalents $(9.9) $(0.5) $(15.8) $(2.8)
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Net increase (decrease)
in cash and cash equivalents $64.1 $2.1 $61.9 $(105.9)
Cash and cash equivalents
at beginning of period 193.0 147.7 195.2 255.7
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Cash and cash equivalents
at end of period $257.1 $149.8 $257.1 $149.8
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Contacts:
Media contact:
Nathalie Bourque, Vice President,
Public Affairs and Global Communications
514-734-5788
nathalie.bourque@cae.com
Investor relations:
Andrew Arnovitz, Vice President,
Investor Relations and Strategy
514-734-5760
andrew.arnovitz@cae.com
Copyright 2009, Market Wire, All rights reserved.
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