October 28, 2009 / 9:02 PM / 9 years ago

UPDATE 1-MDA profit rises even as revenue drops

* Q3 EPS C$0.70 vs C$0.01

* Revenue C$245.6 mln

* Year-ago result included C$29.1 mln accounting loss

TORONTO, Oct 28 (Reuters) - MacDonald, Dettwiler & Associates MDA.TO, a real-estate data and space technology provider, on Wednesday said quarterly profit rose even as revenue dropped, helped by an accounting gain.

Profit rose to C$28.5 million, or 70 Canadian cents a share, in its third quarter from C$242,000, or 1 Canadian cent, a year earlier.

The company booked a C$5.7 million fair value gain on equity forward contracts in the quarter. A year ago, it booked a C$29.1 million loss on the same.

Adjusted earnings per share climbed to 68 Canadian cents from 50 Canadian cents.

Revenue fell to C$245.6 million from C$278.3 million a year earlier.

“Revenues for the third quarter of 2009 reflect accounting changes to revenue recognition for the company’s property information business in British Columbia and a shift in sales mix towards higher margin, value-added information solutions,” MDA said in a statement.

Analysts were expecting the company to earn 62 Canadian cents a share on revenue of C$253.5 million, according to Thomson Reuters I/B/E/S.

MDA released its results after markets closed. During the day, its shares fell C$1.67, or 4.5 percent, to close at C$35.11 on the Toronto Stock Exchange.

$1=$1.08 Canadian Reporting by Wojtek Dabrowski; Editing by Frank McGurty

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