August 11, 2011 / 4:43 PM / 7 years ago

UPDATE 2-Miranda Tech Q2 beats market; gears up for US elections

(Adds CEO comments, background in paragraphs 2-6)

* Co sees to gain from London Olympics, U.S. elections in 2012

* Says to tap into emerging markets for rev growth

* Shares rise 6 pct

BANGALORE, Aug 11 (Reuters) - Miranda Technologies’ second-quarter profit beat estimates and the television broadcast technology provider is gearing up to cash in on the London Olympics and U.S. elections next year.

The company will also continue to tap into emerging markets, especially China, for revenue growth, it said.

Miranda, founded 21 years ago by five engineers who picked the name because it could be pronounced by most languages around the world, provides hardware and software to broadcast, monitor and control television, cable, satellite and internet protocol TV networks.

Strath Goodship, chief executive of Miranda, said events like the Olympics and the elections are an indication of the industry’s refresh and upgrade cycles.

“What we’ve seen over the last 20 years is that there is a four year cycle,... and the fourth year is when most of the spend on infrastructure is the highest,” Goodship told Reuters by phone.

Goodship said the company’s strategy is to grow earnings before income tax, depreciation and amortization, or EBITDA, to its pre-recession levels of about 20-25 percent.

Net income for the June quarter remained at C$3.5 million. Revenue rose 35 percent to C$43.2 million.

Earnings per share was 16 Canadian cents, which beat market estimates of 13 Canadian cents, on revenue of C$42.6 million, according to Thomson Reuters I/B/E/S.

Shares of the Montreal, Quebec-based Miranda were up 6 percent at C$6.74 in midday trade on Thursday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar; Editing by Joyjeet Das and Gopakumar Warrier)

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