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UPDATE 2-Miranda Tech profit misses Wall St as costs rise
February 29, 2012 / 12:52 PM / 6 years ago

UPDATE 2-Miranda Tech profit misses Wall St as costs rise

* Q4 EPS C$0.16 vs est C$0.31

* Q4 rev up 12 pct at C$50.1 mln vs est C$51.9 mln

* Shares down as much as 11 pct

Feb 29 (Reuters) - Miranda Technologies Inc reported quarterly results below analysts’ estimates as costs soared, sending the Canadian broadcast infrastructure provider’s shares down as much as 11 percent.

Fourth-quarter profit was 16 Canadian cents per share, while analysts on average had expected 31 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 12 percent to C$50.1 million ($50.9 million), below the C$51.9 million analysts were expecting.

The profit was mainly hurt by an increase in net finance expenses -- up nearly three-fold -- as currency fluctuations and a rise in share-based compensation offset the jump in revenue.

The company recorded a loss of C$2.2 million, or 10 Canadian cents per share, in foreign exchange and C$1.5 million in compensation.

On a conference call, Miranda said it expects industry growth to slow to single digits in 2013, after a potentially strong 2012, which will be helped by the U.S. presidential election and the London Olympics.

However, Canaccord Genuity analyst Robert Young said the company is well positioned to grow faster than the market when it slows down next year.

Shares of Miranda, whose rivals include Harris Corp and Belgium’s EVS Broadcast Equipment SA, were down 9 percent at C$10.06 in late-morning trade on the Toronto Stock Exchange. They touched a one-month low of C$9.80 earlier in the day.

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