MDA reports first quarter 2017 results

Investor/Analyst Conference Call

MDA President and CEO Howard Lance and Executive Vice President and CFO Anil Wirasekara will host a Conference Call today, May 2, 2017 at 2:30 p.m. Pacific (5:30 p.m. Eastern) to discuss the financial results and to answer questions.

To participate, dial toll free North America:  1-888-390-0546
Toronto:  1-416-764-8688
Vancouver:  1-778-383-7413

The Conference Call will also be Webcast live at:
http://mdacorporation.com/corporate/investor/events

Telephone replay will be available from May 2, 2017, 5:00 p.m. Pacific (8:00 p.m. Eastern) to
May 16, 2017, 8:59 p.m. Pacific (11:59 p.m. Eastern) at the following numbers:

Toll free North America:  1-888-390-0541
Toronto:  1-416-764-8677
Passcode:  121876#

Related Websites:
www.mdacorporation.com

Non-IFRS Financial Measures

In addition to results reported in accordance with IFRS, the Company discloses operating earnings, operating earnings per share and operating EBITDA as supplemental indicators of its financial and operating performance.

The Company defines operating earnings as net earnings excluding the impact of specified items affecting comparability, including, where applicable, non-operational income and expenses, amortization of acquisition related intangible assets, share-based compensation, and other gains or losses. The use of the term "non-operational income and expenses" is defined by the Company as those items or income and expense that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal management reports. Income tax expense on operating earnings is computed using the substantively enacted income tax rate, adjusted to account for the specified items affecting comparability. Operating earnings per share is calculated using diluted weighted average shares outstanding and does not represent actual earnings per share attributable to shareholders. The Company believes that the disclosure of operating earnings and operating earnings per share allows investors to evaluate the operational and financial performance of the Company's ongoing business using the same evaluation measures that its management uses, and is therefore a useful indicator of the Company's performance or expected performance of recurring operations.

The Company defines operating EBITDA as earnings before interest, taxes, depreciation and amortization, and adjusted for certain corporate expenses and items affecting comparability as specified in the calculation of operating earnings. Operating EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses operating EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance.

Operating earnings, operating earnings per share and operating EBITDA do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. The Company cautions readers to consider these non-IFRS financial measures in addition to, and not as an alternative for, measures calculated in accordance with IFRS.





Three months ended

March 31, 2017

Three months ended

March 31, 2016

($ millions)



Operating EBITDA

89.2

97.2

Corporate expense

(5.3)

(4.2)

Net finance expense

(14.0)

(12.9)

Depreciation and amortization1

(14.6)

(15.1)

Income tax expense on operating earnings

(10.4)

(9.1)

Operating earnings

44.9

55.9

Items affecting comparability:



Share-based compensation expense

(6.5)

(3.9)

Amortization of acquisition related intangible assets

(10.6)

(11.0)

Restructuring costs

(14.3)

-

Acquisition related expense

(10.7)

-

Enterprise improvement costs

-

(4.8)

Foreign exchange differences

0.2

3.8

Income tax expense adjustment

2.9

0.7

Net earnings

5.9

40.7

1

Excludes amortization of acquisition related intangible assets.

 

The Company's MD&A for the three months ended March 31, 2017 provides additional information regarding these financial metrics and the specified items affecting the comparability of net earnings.

Forward-Looking Statements

This earnings release and the associated conference call and webcast, which includes a business update, discussion of financial results for the first quarter of 2017, and question and answer session, may contain certain forward-looking statements and information, which reflect the current view of MacDonald , Dettwiler and Associates Ltd. ("MDA" or the "Company") with respect to future events and financial performance. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "would", "could", "should", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe" or "continue" or the negatives of such terms or variations of them or similar terminology. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management's best judgment based on facts and assumptions that management considers reasonable.




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