Calian Technologies posted the highest first-quarter revenue in the 33-year history of the company, CEO Kevin Ford said Wednesday.
“Despite challenging market conditions I am very proud of the team’s efforts to continue the momentum coming out of last fiscal year,” Mr. Ford said in a statement.
At $64.5 million, first-quarter revenue was up 15 per cent from the same quarter last year. The company’s EBITDA was $5.2 million, an increase of 19 per cent from the first quarter of fiscal 2015. Calian’s net profit for the quarter jumped 24 per cent to $3.1 million or 42 cents per share.
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CFO Jacqueline Gauthier said the increasing revenue reflects growth in both the company’s systems engineering division, which was up 32 per cent, and its business and technology services division, which grew nine per cent.
“We experienced organic growth in most of our service lines this quarter and cash earnings continue to improve with an increase in EBITDA compared to the prior year,” Ms. Gauthier said in a statement.
Calian (TSX: CTY) also added $50 million in new contracts in the quarter. Mr. Ford said the company’s sales and marketing teams are performing well as the firm continues to diversify its business by expanding into health care and training.
With that diversification in mind, shareholders will be asked Friday to approve a name change from Calian Technologies to Calian Group.
Looking forward, Calian is projecting 2016 revenue of between $250 million and $280 million and net profit per share between $1.40 and $1.70.
In mid-afternoon trading on the Toronto Stock Exchange, Calian’s shares were up more than 11 per cent to $17.97.
