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SMART Reports Third Quarter 2011 Financial Results

  • Revenue of $180.9 million, up 16% year-over-year
  • Strong sales of attachment products, up 54% year-over-year
  • Gross margin of 48%
  • Adjusted EBITDA of $34.0 million
  • Net Income: $12.5 million GAAP; $15.9 million non-GAAP

CALGARY, Alberta, February 8, 2011 (GLOBE NEWSWIRE) -- SMART Technologies Inc. (Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions, today announced financial results for its third quarter ended December 31, 2010.

"We are pleased with our third-quarter results, as we continue to demonstrate the value of our full suite of collaboration solutions," stated Nancy Knowlton, President and CEO of SMART. "Our solid top-line growth, particularly in North America, was driven by increasing demand for attachment products, which grew 54% year-over-year. In addition, innovation remains a cornerstone of our strategy as we had several important product launches during the quarter, which we expect to strengthen our competitive position and enable us to drive demand in new sectors and geographies. During the quarter, we also focused on expanding our sales infrastructure, channel relationships, and research and development teams in order to support our growth and pursue additional revenue opportunities."

Knowlton continued, "We are pleased with our continued solid execution in a challenging market environment. Despite near-term headwinds in education spending, our portfolio of technology solutions and strong market leadership position in interactive whiteboards leaves us well positioned to execute our long-term growth strategy and leverage our full offering across multiple markets. In addition to focusing on our core interactive whiteboard segment, we remain committed to growing the overall business through expanding sales of our attachment products, further penetrating higher growth geographies and introducing our collaboration solutions to businesses worldwide."
GAAP Results
  Three months ended December 31, Nine months ended December 31,
($ millions) 2010 2009 2010 2009
Revenue $180.9 $156.1 $622.8 $492.4
Net Income $12.5 $19.9 $61.8 $131.5
Non-GAAP Results
  Three months ended December 31, Nine months ended December 31,
($ millions) 2010 2009 2010 2009
Adjusted EBITDA $34.0 $35.5 $169.4 $135.0
Adjusted Net Income $15.9 $12.6 $84.7 $53.8

Total revenue for the third quarter of fiscal 2011 was $180.9 million, an increase of 16% compared to $156.1 million in the prior-year period. Revenue growth for the quarter was particularly strong in North America, up 27% compared to the same quarter last year. In terms of unit sales, 89,705 SMART Board interactive whiteboards were sold in the quarter, compared to 93,958 units sold in the prior-year period. Total revenue for the first nine months of fiscal 2011 was $622.8 million, an increase of 26% over the prior-year period. Revenue growth in the first nine months of the year was strong in both North America and EMEA, up 27% and 23%, respectively. 

Gross profit for the third quarter of fiscal 2011 was $86.4 million, an increase of 13% compared to $76.6 million in the prior-year period. Gross margins for the third quarter were 48%, compared to 49% for the same period last year .

Adjusted EBITDA for the third quarter of fiscal 2011 was $34.0 million, representing an Adjusted EBITDA margin of 19% compared to $35.5 million in the prior-year period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue after adding back the net impact of deferred revenue.

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