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Miranda Q3 Profits Jump 520%

Miranda Technologies saw a 19% rise in revenues for the third quarter to C$37.7 million ($37.4 million) and a 520% increase in profits to C$ 6.6 million ($6.5 million), thanks to the success of new product launches and improved conditions in the broadcast markets.

Revenues for the vendor of broadcast and multichannel technologies were also improved by the September, 2010 acquisition of OmniBus Systems, a developer of IT based playout solutions. Excluding OmniBus, revenues would have been up 13%.

"Our third quarter results reflect the success of new products and the steady improvements we are seeing in broadcast markets," noted Strath Goodship, Miranda President and CEO in a statement. "Sales grew in all regions."

Margins also improved, with gross margins as a percentage of sales hitting 58% for the quarter, up three percentage points from 2009 but selling, general and administrative expenses also increased, climbing 15% largely due to the OmniBus acquisition.

"Looking ahead we are encouraged by the steady improvement in U.S. broadcast markets and strong customer interest we are seeing across our product lines," added Goodship.