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Richmond-based Macdonald, Dettwiler and Associates Ltd. (TSX:MDA) reported higher adjusted net income for its third quarter ending September 30. Adjusted net income, which takes into account stock-based compensation, values of equity forward contracts, taxes and restructuring costs, rose to $27.8 million from $20.1 million in the third quarter. For the period, the company reported a $4.8 million expense related to stock-based compensation, a $5.7 million gain on equity forward contracts and $217,000 in taxes. That compares with a recovery of $1.7 million related to stock-based compensation, a $29.1 million loss in equity forward contracts, a $1.3 million restructuring expense and $8.9 million in taxes during the third quarter of 2008. Non-adjusted net income rose to $28.5 million compared with net income of $242,000 in the third quarter of 2008. Revenue fell to $245.6 million from $278.3 million due primarily to a 27% decline in information products revenue as a result of a change in revenue recognition of its services provided to BC Online and softening of U.S. and U.K. housing markets. MDA provides products to the real estate and finance sectors in B.C., the U.S. and the U.K. Information product revenue declines, however, were offset by a 16.5% increase in revenue from its information systems division, which includes its space-based information systems and services. MDA's share price range during the past week: between $35.11 and $37.54; 52-week high: $39.21; 52-week low: $16.
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