This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SMART Reports Third Quarter 2013 Financial Results

  • Revenue of $138.9 million
  • Gross margin of 42.3%
  • Adjusted EBITDA of $5.8 million
  • Adjusted Net Loss of $2.3 million

CALGARY, Alberta, Feb. 6, 2013 (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, 2012.

"During the third quarter, we started to refocus the company by restructuring SMART to make it more customer centric, improve speed to market for new technologies, and reduce costs in anticipation of ongoing challenges in our core markets," stated Neil Gaydon, President and CEO of SMART. "With a more efficient and focused organization that is in alignment with our target markets in education and enterprise, we now have a structure that will support the development of our strategy and provide the right cost base."

Gaydon continued, "In addition, we continue to innovate, recently announcing several new products including SMART Notebook™ Web, a web-based version of SMART's Notebook collaborative learning software, the SMART Table® 442i collaborative learning center and the SMART LightRaise™ 60wi interactive projector, both featuring SMART's world-leading Notebook software. Driving new solutions to market faster will strengthen SMART's position as we continue to deliver collaborative solutions for both education and enterprise."

 
GAAP Results
  Three months ended December 31, Nine months ended December 31,
($ millions) 2012 2011 2012 2011
Revenue  $ 138.9  $ 185.1  $ 484.2  $ 597.8
Net (Loss) Income  $ (50.9)  $ 10.7  $ (35.8)  $ 33.9
 
 Non-GAAP Results
  Three months ended December 31, Nine months ended December 31,
($ millions) 2012 2011 2012 2011
Adjusted EBITDA  $ 5.8  $ 29.1  $ 57.6  $ 125.8
Adjusted Net (Loss) Income  $ (2.3)  $ 16.7  $ 23.3  $ 75.7

Total revenue for the third quarter of fiscal 2013 was $138.9 million, a decrease of 25% compared to $185.1 million in the prior-year period. Revenue for the quarter declined by 18% in North America, 26% in EMEA, and 56% in Rest of World. In terms of unit sales, 71,938 interactive displays were sold in the quarter, compared to 100,898 units sold in the prior-year period. Average selling price for the third quarter was $1,535 compared to $1,400 in the prior-year period. Total revenue for the first nine months of fiscal 2013 was $484.2 million, a decrease of 19% over the prior-year period. Revenue in the first nine months of the year decreased by 23% in North America, 4% in EMEA, and 30% in Rest of World, year over year. Average selling price for the first nine months of fiscal 2013 was $1,373 compared to $1,453 in the prior-year period.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs