SMART Reports Second Quarter 2014 Financial Results

  • 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.

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