Evertz Technologies Limited Exceeds Half Billion in Annual Revenue in Fiscal 2024
Evertz Technologies (TSX: ET) reported record financial results for the year ending April 30, 2024, with total revenue of $514.6 million, marking a 13% increase from the previous year. Net earnings reached $71.0 million, a 10% rise year-over-year, and fully diluted earnings per share were $0.91. Notably, the company saw significant growth in reoccurring software and international revenue. Fourth-quarter revenue, however, was down to $122.8 million from the previous year's $128.9 million. Gross margin for the year was $302.4 million, up from $268.3 million. Cash and cash equivalents surged to $86.3 million from $12.5 million. The Board declared a quarterly dividend of $0.195 per share.
- Record annual revenue of $514.6 million, up by 13%.
- International revenue increased by 50%, reaching $176.6 million.
- Net earnings for the year rose to $71.0 million, a 10% increase.
- Cash and cash equivalents increased to $86.3 million from $12.5 million.
- Gross margin for the year improved to $302.4 million from $268.3 million.
- Dividends declared at $0.195 per share.
- Fourth-quarter revenue decreased to $122.8 million from $128.9 million.
- Fourth-quarter net earnings dropped to $13.9 million from $18.6 million.
- Selling and administrative expenses increased to $72.3 million from $61.5 million annually.
- Research and development expenses rose to $134.8 million from $117.1 million.
Burlington, Ontario--(Newsfile Corp. - June 19, 2024) - Evertz Technologies Limited (TSX: ET), the leader in Software Defined Video Network ("SDVN") technology, today reported its results for the fourth quarter and year ended April 30, 2024.
Fiscal 2024 Highlights
- Record revenue of
$514.6 million an increase of13% or$60.0 million from the prior year - Reoccurring software, services and other software of
$188.9 million , representing37% of total revenue - International revenue of
$176.6 million , an increase of50% or$59.1 million from the prior year - Earnings from operations of
$100.4 million - Net earnings of
$71.0 million for the year, an increase of10% from the prior year - Fully diluted earnings per share of
$0.91 for the year
Fourth Quarter 2024 Highlights
- Quarterly revenue of
$122.8 million - Earnings from operations of
$19.6 million - Net earnings of
$13.9 million for the quarter - Fully diluted earnings per share of
$0.18 for the quarter - Cash and cash equivalents of
$86.3 million
Selected Financial Information
Consolidated Statement of Earnings Data
(in thousands of dollars, except earnings per share and share data)
| Q4'24 | Q4'23 | YE'24 | YE'23 | |||||||||
| Revenue | $ | 122,770 | $ | 128,919 | $ | 514,616 | $ | 454,578 | ||||
| Gross margin | 72,655 | 76,646 | 302,443 | 268,258 | ||||||||
| Earnings from operations | 19,541 | 30,467 | 100,396 | 95,628 | ||||||||
| Net earnings | 13,861 | 18,551 | 71,027 | 64,555 | ||||||||
| Fully-diluted earnings per share | $ | 0.18 | $ | 0.24 | $ | 0.91 | $ | 0.84 | ||||
| Fully-diluted shares | 77,310,309 | 76,164,716 | 77,044,858 | 76,200,428 |
Selected Financial Information
Consolidated Balance Sheet Data
(in thousands of dollars)
| YE ' 24 | YE ' 23 | |||||
| Cash and cash equivalents | $ | 86,325 | $ | 12,468 | ||
| Working capital | 201,437 | 171,428 | ||||
| Total assets | 484,722 | 436,652 | ||||
| Shareholders' equity | 263,267 | 243,099 |
Revenue
For the quarter ended April 30, 2024, revenues were
For the year ended, April 30, 2024, sales were
Gross Margin
For the quarter ended April 30, 2024, gross margin was
For the year ended April 30, 2024, gross margin was
Earnings
For the quarter ended April 30, 2024, net earnings were
For the year ended April 30, 2024, net earnings were
For the quarter ended April 30, 2024, earnings per share on a fully-diluted basis were
For the year ended April 30, 2024, earnings per share on a fully-diluted basis were
Operating Expenses
For the quarter ended April 30, 2024, selling and administrative expenses were
For the year ended April 30, 2024, selling and administrative expenses were
For the quarter ended April 30, 2024, gross research and development expenses were
For the year ended April 30, 2024, gross research and development expenses were
Liquidity and Capital Resources
The Company's working capital as at April 30, 2024 was
Cash was
Cash generated from operations was
Cash generated by operations was
For the quarter, the Company used
For the year, the Company used
For the quarter ended, the Company used cash in financing activities of
For the year ended April 30, 2024, the Company used cash in financing activities of
Shipments and Backlog
At the end of May 2024, purchase order backlog was in excess of
Dividend Declared
Evertz Board of Directors declared a regular quarterly dividend on June 19, 2024 of
The dividend is payable to shareholders of record on July 2, 2024 and will be paid on or about July 10, 2024.
Selected Consolidated Financial Information
(in thousands of dollars, except earnings per share and percentages)
| Three month period ended | Twelve month period ended | |||||||||||
| April 30, | April 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue | $ | 122,770 | $ | 128,919 | $ | 514,616 | $ | 454,578 | ||||
| Cost of goods sold | 50,115 | 52,273 | 212,173 | 186,320 | ||||||||
| Gross margin | 72,655 | 76,646 | 302,443 | 268,258 | ||||||||
| | ||||||||||||
| Expenses | ||||||||||||
| Selling and administrative | 20,114 | 17,521 | 72,274 | 61,518 | ||||||||
| General | 1,284 | 1,323 | 4,672 | 4,704 | ||||||||
| Research and development | 36,719 | 29,867 | 134,843 | 117,127 | ||||||||
| Investment tax credits | (4,114 | ) | (3,503 | ) | (14,708 | ) | (13,415 | ) | ||||
| Share based compensation | 1,244 | 1,223 | 5,120 | 4,662 | ||||||||
| Foreign exchange gain | (2,133 | ) | (252 | ) | (154 | ) | (1,966 | ) | ||||
| 53,114 | 46,179 | 202,047 | 172,630 | |||||||||
| Earnings before undernoted | 19,541 | 30,467 | 100,396 | 95,628 | ||||||||
| Finance income | 577 | 91 | 1,661 | 376 | ||||||||
| Finance costs | (311 | ) | (2,290 | ) | (1,353 | ) | (3,718 | ) | ||||
| Net loss on investments through profit and loss | - | (3,277 | ) | (2,704 | ) | (5,364 | ) | |||||
| Other income and expenses | (238 | ) | 930 | (642 | ) | 888 | ||||||
| Earnings before income taxes | 19,569 | 25,921 | 97,358 | 87,810 | ||||||||
| Provision for (recovery of) income taxes | ||||||||||||
| Current | 5,563 | 8,521 | 26,044 | 25,066 | ||||||||
| Deferred | 145 | (1,151 | ) | 287 | (1,811 | ) | ||||||
| 5,708 | 7,370 | 26,331 | 23,255 | |||||||||
| Net earnings for the period | $ | 13,861 | $ | 18,551 | $ | 71,027 | $ | 64,555 | ||||
| Net earnings attributable to non-controlling interest | 97 | 128 | 857 | 523 | ||||||||
| Net earnings attributable to shareholders | 13,764 | 18,423 | 70,170 | 64,032 | ||||||||
| Net earnings for the period | $ | 13,861 | $ | 18,551 | $ | 71,027 | $ | 64,555 | | |||
| | | |||||||||||
| Earnings per share | | | ||||||||||
| Basic | $ | 0.18 | $ | 0.24 | $ | 0.92 | $ | 0.84 | | |||
| Diluted | $ | 0.18 | $ | 0.24 | $ | 0.91 | $ | 0.84 | | |||
| April 30, | April 30, | April 30, | | ||||||
| 2024 | 2023 | 2022 | |||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 86,325 | $ | 12,468 | $ | 33,902 | |||
| Trade and other receivables | 84,350 | 106,871 | 100,020 | ||||||
| Contract assets | 12,554 | 11,032 | 6,398 | ||||||
| Prepaid expenses | 11,179 | 10,319 | 5,930 | ||||||
| Inventories | 206,154 | 202,479 | 177,268 | ||||||
| 400,562 | 343,169 | 323,518 | |||||||
| Property, plant and equipment | 34,384 | 34,730 | 37,877 | ||||||
| Right-of-use assets | 20,432 | 20,396 | 24,637 | ||||||
| Goodwill | 21,352 | 21,333 | 21,033 | ||||||
| Intangible assets | 1,098 | 2,125 | 3,317 | ||||||
| Investments | - | 8,160 | 5,474 | ||||||
| Deferred income taxes | 6,894 | 6,739 | 5,123 | ||||||
| $ |
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FAQ
What was the revenue for Evertz Technologies (EVTZF) in Fiscal 2024?
Evertz Technologies reported record revenue of $514.6 million in Fiscal 2024.
How much did Evertz Technologies 's international revenue grow in 2024?
International revenue for Evertz Technologies grew by 50%, reaching $176.6 million in 2024.
What were the net earnings for Evertz Technologies (EVTZF) in 2024?
Net earnings for Evertz Technologies were $71.0 million in 2024, a 10% increase from the previous year.
What was the fourth-quarter revenue for Evertz Technologies (EVTZF) in Fiscal 2024?
The fourth-quarter revenue for Evertz Technologies was $122.8 million in Fiscal 2024.
What were the cash and cash equivalents for Evertz Technologies (EVTZF) in 2024?
Cash and cash equivalents for Evertz Technologies increased to $86.3 million in 2024.
What dividend did Evertz Technologies (EVTZF) declare on June 19, 2024?
Evertz Technologies declared a quarterly dividend of $0.195 per share on June 19, 2024.
EVERTZ TECHNOLOGIES LTD
OTC:EVTZFEVTZF RankingsEVTZF Latest NewsEVTZF Stock Data
660.67M
26.98M
64.48%
7.03%
Communication Equipment
Technology
United States of America
Burlington
|