SMART Reports Full Year And Fourth Quarter 2013 Financial Results

  • Full year revenue of $589.4 million
  • Annual gross margin of 44.4%
  • Full year Adjusted EBITDA of $48.8 million
  • Annual Adjusted Net Income of $11.8 million

CALGARY, Alberta, May 16, 2013 (GLOBE NEWSWIRE) -- SMART Technologies Inc. (Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions, today announced financial results for its full year and fourth quarter ended March 31, 2013.

"During the year we restructured the company to improve our efficiency and customer focus, and we have created a strategy that will leverage our competitive strengths and improve our ability to provide world-class collaboration solutions to our education and enterprise customers," stated Neil Gaydon, President and CEO of SMART. "Our strategy and structure will enable us to address the ongoing challenges we are facing in our core markets, which were reflected in our fiscal 2013 results."

Gaydon continued, "Looking ahead, we remain committed to delivering on our fiscal 2014 plan while carefully balancing our cost structure with investment in new product development driven by our three-year strategy."
         
GAAP Results        
  Three months ended March 31, Fiscal year ended March 31,
($ millions) 2013 2012 2013 2012
Revenue $ 105.2 $ 148.0 $ 589.4 $ 745.8
Net (Loss) Income $ (18.7) $ (2.9) $ (54.5) $ 31.0
         
Non-GAAP Results        
  Three months ended March 31, Fiscal year ended March 31,
($ millions) 2013 2012 2013 2012
Adjusted EBITDA $ (8.8) $ 1.7 $ 48.8 $ 127.5
Adjusted Net (Loss) Income $ (11.5) $ (5.1) $ 11.8 $ 70.6

Total revenue for the fourth quarter of fiscal 2013 was $105.2 million compared to $148.0 million in the prior-year period, a decrease of 29% over the prior year. In terms of unit sales, 60,444 interactive displays were sold in the quarter, compared to 81,716 units sold in the prior-year period. Average selling price for the fourth quarter was $1,360, compared to $1,322 in the prior-year period. Total revenue for fiscal 2013 was $589.4 million, a decrease of 21% over the prior year. Revenue during fiscal 2013 decreased in North America by 23%, EMEA by 10%, and Rest of World by 33% year over year. Average selling price for fiscal 2013 was $1,371 compared to $1,426 in the prior-year period.

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