Evertz Technologies Limited (EVTZF) Q3 2023 Earnings Call Transcript

Start Time: 17:00 January 1, 0000 5:24 PM ET

Evertz Technologies Limited (OTCPK:EVTZF)

Q3 2023 Earnings Conference Call

March 02, 2023, 17:00 PM ET

Company Participants

Doug Moore – CFO

Brian Campbell – EVP, Business Development

Conference Call Participants

Thanos Moschopoulos – BMO Capital Markets

Rob Young – Canaccord Genuity


Good afternoon, ladies and gentlemen, and welcome to the Evertz Q3 Investor Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]. This call is being recorded on Thursday, March 02, 2023.

I would now like to turn the conference over to Brian Campbell, Executive Vice President, Business Development. Please go ahead, Mr. Campbell.

Brian Campbell

Good afternoon, everyone, and welcome to Evertz Technologies conference call for our fiscal 2023 third quarter ended January 31, 2023, with Doug Moore, Evertz’s Chief Financial Officer; and myself, Brian Campbell. Please note that our financial press release and MD&A will be available on SEDAR and on the company’s Investor Web site. Doug and I will comment on the financial results and then open the call to your questions.

Turning now to Evertz results, I’ll begin by providing a few highlights and then Doug will go into greater detail. First off, sales for the third quarter totaled $110.9 million. Our sales base is well diversified, the top 10 customers accounting for approximately 32% of sales during the quarter with no single customer over 7%. In fact, we had 113 customer orders of over $200,000 during the quarter.

Gross margin in the quarter was 65.6 million or 59.2% for the quarter, which is within our target range. Net earnings before foreign exchange for the third quarter were 19.8 million and fully diluted earnings per share was $0.16. Evertz working capital was 157.5 million, with 5.3 million in

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