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SMART Reports First Quarter 2014 Financial Results

Stocks in this article: SMA SMT

  • Revenue of $155.9 million
  • Gross margin of 43.4%
  • Adjusted EBITDA of $27.5 million
  • Adjusted Net Income of $16.8 million

CALGARY, Alberta, Aug. 7, 2013 (GLOBE NEWSWIRE) -- SMART Technologies Inc. (Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions, today announced financial results for its first quarter ended June 30, 2013.

"We are pleased with our execution during the first quarter, which resulted in a year-over-year increase in adjusted EBITDA," stated Neil Gaydon, President and CEO of SMART. "While we remain focused on driving top line growth long-term, we are committed to operational discipline as we implement our strategy."

"We are pleased with the progress that has been made since the completion of our restructuring. We have brought in new talent to our executive team, launched our strategy, carefully managed our operating expenses, put a new capital structure in place and we continue to embed our new culture of customer centricity, accountability and execution."

GAAP Results
  Three months ended June 30,
($ millions) 2013 2012
Revenue $155.9 $174.5
Net Income $9.2 $1.5
Non-GAAP Results
  Three months ended June 30,
($ millions) 2013 2012
Adjusted EBITDA $27.5 $25.1
Adjusted Net Income $16.8 $12.6

Total revenue for the first quarter of fiscal 2014 was $155.9 million, a decrease of 11% compared to $174.5 million in the prior-year period. Revenue for the quarter declined by 21% in North America, by 16% in EMEA and increased by 92% in Rest of World. Growth in Rest of World was driven by exceptionally strong sales of our components products.

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