This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SMART Reports Second Quarter 2014 Financial Results

Stocks in this article: SMA SMT

  • Revenue of $151.1 million
  • Gross margin of 42%
  • Adjusted EBITDA of $24.5 million
  • Adjusted Net Income of $7.6 million

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

"Our second quarter performance was highlighted by continued profitability, cash flow generation and a significantly improved capital structure," stated Neil Gaydon, President and CEO of SMART. "We are pleased with the progress we have made aligning the company's structure, strategy and culture which is beginning to deliver results."

Gaydon continued, "We are in the early stages of our turnaround, carefully managing our expenses and cash while focusing on improved delivery and investment in key growth areas. In Education, we introduced new products and have begun to execute on our long-term software strategy and in Enterprise, we launched our SMART Room System for Microsoft Lync. While the education market remains challenging, we remain a leader in interactive display technologies and are poised for growth in the enterprise space and therefore are pleased with our overall performance".

 
GAAP Results
  Three months ended September 30, Six months ended September 30,
($ millions) 2013 2012 2013 2012
Revenue $151.1 $170.8 $307.0 $345.3
Net Income $10.8 $13.6 $20.0 $15.1
 
Non-GAAP Results
  Three months ended September 30, Six months ended September 30,
($ millions) 2013 2012 2013 2012
Adjusted EBITDA $24.5 $26.7 $52.0 $51.8
Adjusted Net Income $7.6 $13.0 $24.4 $25.6

Total revenue for the second quarter of fiscal 2014 was $151.1 million, a decrease of 12% compared to $170.8 million in the prior-year period. Revenue for the quarter decreased in North America by 16% and in EMEA by 19%, and revenue in Rest of World grew by 44% year over year. In terms of unit sales, 93,251 interactive displays were sold in the quarter, compared to 111,741 units sold in the prior-year period. Average selling price for the second quarter was $1,366, compared to $1,234 in the prior-year period.

1 of 4

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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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