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Richmond’s Macdonald, Dettwiler and Associates Ltd. (TSX:MDA) reported an almost 9% increase in second quarter profit due to stronger performance in its information systems division, which includes its space, satellite and surveillance businesses.
Information systems revenue rose 39% to $141 million, up from $101.4 million in the second quarter of 2009. Involvement in the Royal Australian Air Force’s unmanned aerial surveillance services as well as work with the Russian Radio Research and Development Institute both contributed to the division’s stronger performance. Those gains were offset by an 18.7% revenue decline in its information products division, which includes a broad range of systems for conveyancing of commercial and residential properties in the U.K. and North America. Information products revenue fell to $117.4 million from $144.4 million due to effects of a stronger Canadian dollar and certain accounting changes to revenue recognition. Much of the decline came from its European operations, with property information revenue falling 21.7% to $27.1 million from $34.7 million. Excluding the impact of accounting changes, year-to-date revenue was down 10% year-over-year, primarily due to foreign exchange fluctuations. MDA’s share price range during the past week: between $44.60 and $45.50; 52-week high: $47.09: 52-week low: $28.51.
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