May 6, 2009 / 11:34 AM / 9 years ago

UPDATE 1-Miranda posts lower Q1 profit

* Q1 EPS C$0.05 shr vs C$0.14 a year ago

* Q1 sales up 30 pct to C$33.2 mln

* Says cautious about growth expectations in coming quarters

May 6 (Reuters) - Canada’s Miranda Technologies Inc MT.TO reported a 69 percent drop in quarterly profit, partly hurt by higher expenses.

The broadcast equipment maker reported net income of C$1.1 million, or 5 Canadian cents a share, down from C$3.5 million, or 14 Canadian cents a share, a year ago.

Sales rose 30 percent to C$33.2 million, helped by the acquisition of NVISION, a maker of routing systems for the broadcast industry, in December.

Excluding charges related to the NVISION acquisition, the company earned 8 cents per share.

Analysts on an average expected earnings of 9 Canadian cents a share, excluding items, on revenue of C$33.0 million, according to Reuters Estimates.

Selling, general and administrative expenses were up 51 percent at C$12.4 million for the quarter.

“Although interest in our products remains high, order intake remains affected by weak economic conditions, which leads us to be cautious about growth expectations in the coming quarters,” the company said in a statement.

Shares of the Montreal, Quebec-based company closed at C$6.53 Tuesday on the Toronto Stock Exchange.

$1=1.175 Canadian Dollar Reporting by Ashutosh Joshi in Bangalore; Editing by Anne Pallivathuckal

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