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SMART Reports Third Quarter 2013 Financial Results

Stocks in this article: SMA SMT

  • 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.

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