CALIAN REPORTS SECOND QUARTER RESULTS Earnings up 33%, Revenues up 25%
(All amounts in this release are in Canadian Dollars)
Kanata, Ontario – May 4, 2006: Calian Technologies Ltd. (TSX: CTY) today released unaudited results for the second quarter ended March 31, 2006. Revenues for the quarter were $48.5 million, an increase of 25% from the $38.7 million reported in the same quarter of the previous year. Net earnings were $2.3 million or $0.27 per share basic and diluted, compared to $1.8 million or $.21 per share basic and diluted in the same quarter of the previous year.
"While the overall results are ahead of the second quarter of last year, the shift in proportions toward Business and Technology Services (BTS) has continued" stated Ray Basler, President and CEO. "The BTS division has shown a significant year over year increase, due in large part to the Health Services Contract, but other areas are seeing increased performance as well" continued Basler. "The SED division had revenues similar to last quarter, but down relative to last year. The wind down of large longer-term contracts continued to impact SED's non-labor throughput during the quarter. However, the future is looking positive as we are starting to see more activity within certain segments of the division and we expect that this will translate into increased opportunities heading into next year" said Basler.
For the balance of 2006, we expect continued solid performance in the BTS division despite the wind-down of the call center contract. The SED division is starting to see signs of recovery in the satellite communications market; however, we do not anticipate any significant impact on revenues until fiscal 2007. Based on this present outlook, management's expects that consolidated revenues for 2006 will be in the range of $185 million to $195 million and net earnings per share in the range of $0.90 to $1.00.
About Calian: Calian sells technology services to industry and government in Canada and around the world. Calian provides customers with ready access to an exceptional team of engineers, telecommunications and technology professionals, health care professionals and other highly qualified staff. The Business and Technology Services Division augments customer workforces with flexible short and long-term placements, recruitment and outsourcing of engineering, health care professionals and other skilled professionals. The Systems Engineering Division plans, designs and implements solutions for many of the world's space agencies and leading communications satellite manufacturers and operators, as well as providing contract manufacturing services for customers in North America.
CALIAN TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (dollars in thousands except per share data)
Three months ended Six months ended March 31 March 31 ------------------------------------------------------------------- 2006 2005 2006 2005 ------------------------------------------------------------------- Revenues $48,469 $38,688 $95,833 $76,725 Cost of revenues 39,737 31,209 78,979 62,321 ------------------------------------------------------------------- Gross profit 8,732 7,479 16,854 14,404 Selling and marketing 1,314 1,357 2,563 2,744 General and administration 3,338 2,464 6,560 4,759 Facilities 705 693 1,382 1,349 Amortization of capital assets 253 280 515 548 Amortization of intangibles 78 99 156 198 Prior year investment tax credits (Note 5) (409) - (409) - ------------------------------------------------------------------- Earnings before interest and income taxes 3,453 2,586 6,087 4,806 Interest income, net 136 154 238 310 ------------------------------------------------------------------- Earnings before income taxes 3,589 2,740 6,325 5,116 ------------------------------------------------------------------- Income taxes - current 1,212 1,022 2,159 1,900 Income taxes - future 55 (34) 130 (40) ------------------------------------------------------------------- 1,267 988 2,289 1,860 ------------------------------------------------------------------- NET EARNINGS 2,322 1,752 4,036 3,256 Retained earnings, beginning of period 26,841 20,581 25,807 19,740 Excess of purchase price over stated capital on repurchase of shares (Note 9) (712) - (712) - Dividend (682) (672) (1,362) (1,335) ------------------------------------------------------------------- Retained earnings, end of period $27,769 $21,661 $27,769 $21,661 ------------------------------------------------------------------- ------------------------------------------------------------------- Earnings per share: (Note 4) Basic $0.27 $0.21 $0.47 $0.39 ------------------------------------------------------------------- ------------------------------------------------------------------- Diluted $0.27 $0.21 $0.47 $0.39 ------------------------------------------------------------------- ------------------------------------------------------------------- Weighted average number of shares: (Note 4) Basic 8,489,765 8,403,165 8,497,019 8,361,228 ------------------------------------------------------------------- Diluted 8,534,740 8,495,296 8,541,952 8,453,525 -------------------------------------------------------------------
CALIAN TECHNOLOGIES LTD. CONSOLIDATED BALANCE SHEETS (dollars in thousands)
March 31, September 30, 2006 2005
ASSETS CURRENT ASSETS
Cash and cash equivalents 22,784 $17,889 Accounts receivable 24,936 35,843 Note receivable 186 172 Work in process 4,338 3,609 Prepaid expenses and other 561 825 Future income taxes 2,099 2,166 ---------------------------------------------------------- 54,904 60,504
CALIAN TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands)
Three months ended Six months ended March 31 March 31 ------------------------------------------------------------------- 2006 2005 2006 2005 -------------------------------------------------------------------
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Net earnings $2,322 $1,752 $4,036 $3,256 Items not affecting cash: Interest on note receivable (7) (10) (14) (20) Employee Share Purchase Plan compensation expense 9 8 17 16 Amortization 331 379 671 746 Future income taxes 55 (34) 130 (40) ------------------------------------------------------------------- 2,710 2,095 4,840 3,958 Change in non-cash working capital Accounts receivable 6,544 220 10,907 (3,393) Work in process (1,476) (1,690) (729) 33 Prepaid expenses and other 548 (9) 264 242 Accounts payable and accrued liabilities 1,109 2,185 (2,044) 160 Unearned contract revenue (2,095) (3,671) (2,617) (2,578) ------------------------------------------------------------------- 7,340 (870) 10,621 (1,578) ------------------------------------------------------------------- CASH FLOWS USED IN FINANCING ACTIVITIES Issuance of common shares 216 278 224 557 Dividend (682) (672) (1,362) (1,335) Repurchase of shares, including cost associated with repurchase (Note 9) (881) - (881) - ------------------------------------------------------------------- (1,347) (394) (2,019) (778) ------------------------------------------------------------------- CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of capital assets (152) (260) (505) (420) Business acquisition (355) (3,202) ------------------------------------------------------------------- (507) (260) (3,707) (420) NET CASH INFLOW (OUTFLOW) 5,486 (1,524) 4,895 (2,776) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 17,298 29,745 17,889 30,997 ------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $22,784 $28,221 $22,784 $28,221 ------------------------------------------------------------------- -------------------------------------------------------------------
CALIAN TECHNOLOGIES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the periods ended March 31, 2006 and 2005 (dollars in thousands) (Unaudited)
1. ACCOUNTING POLICIES
These interim consolidated financial statements have been
prepared in accordance with Canadian generally accepted accounting
principles except that these interim consolidated financial
statements do not provide full note disclosure.
These interim consolidated financial statements have been
prepared using the same accounting policies used in the preparation
of the audited annual consolidated financial statements for the
year ended September 30, 2005. These interim consolidated financial
statements should be read in conjunction with the audited annual
consolidated financial statements.
2. ACCOUNTING ESTIMATES
For the period ended March 31, 2006 and December 31, 2005, there
have been no material changes in estimates of amounts reported in
prior interim periods or of amounts related to prior fiscal years.
3. SEASONALITY
The Company's revenues and earnings have historically been subject
to some quarterly seasonality due to the timing of vacation periods
and statutory holidays.
4. EARNINGS PER SHARE
The diluted weighted average number of shares has been calculated as
follows:
Three Months ended Six months ended March 31 March 31 2006 2005 2006 2005 ---------------------------------------------------------------------
Weighted average number of shares - basic 8,489,765 8,403,165 8,497,019 8,361,228
Additions to reflect the dilutive effect of employee stock options 12,360 92,131 12,552 92,297 Shares to be issued for Titan acquisition 32,615 - 32,381 - ---------------------------------------------------------------------
Weighted number of shares - diluted 8,534,740 8,495,296 8,541,952 8,453,525 ---------------------------------------------------------------------
5. PRIOR YEAR INVESTMENT TAX CREDITS
During the quarter, the Company received an assessment from the
Canada Revenue Agency regarding its 2004 scientific research and
experimental development (R&D) claim allowing additional R&D costs
to be claimed. As a result the Company recorded $409 of investment
tax credits related to its 2004 and 2005 R&D activities which are
available to be recovered from taxes already paid. The investment
tax credits have been recorded against income taxes otherwise payable.
6. SEGMENTED INFORMATION
Operating segments are identified as components of an enterprise
about which separate discrete financial information is available for
evaluation by the chief operating decision maker, regarding how to
allocate resources and assess performance. The Company's chief operating
decision maker is the Chief Executive Officer. The Company operates in
two reportable segments described below, defined by their primary type
of service offering, namely Systems Engineering and Business and
Technology Services.
- Systems Engineering involves planning, designing and implementing
solutions that meet a customer's specific business and technical
needs, primarily in the satellite communications sector.
- Business and Technology Services involves both short and long-term
placements of personnel to augment customers' workforces (Staffing)
as well as the long-term management of projects, facilities and
customer business processes (Outsourcing).
The Company evaluates performance and allocates resources based on
earnings before interest and income taxes. The accounting policies
of the segments are the same as those described in the significant
accounting policies note in the audited annual consolidated
financial statements.
Three months ended March 31, 2006 --------------------------------------------------------------------- Business and Systems Technology Engineering Services Corporate Total --------------------------------------------------------------------- Revenues $9,018 $39,451 $- $48,469 Earnings before interest and income taxes 1,763 2,308 (618) 3,453 Interest income, net 136 Income taxes 1,267 --------------------------------------------------------------------- Net earnings $2,322 --------------------------------------------------------------------- ---------------------------------------------------------------------
--------------------------------------------------------------------- Total assets other than cash and goodwill $11,783 $24,341 $583 $36,707 Goodwill 9,518 Cash 22,784 --------------------------------------------------------------------- Total assets $69,009 --------------------------------------------------------------------- ---------------------------------------------------------------------
Three months ended March 31, 2005 --------------------------------------------------------------------- Business and Systems Technology Engineering Services Corporate Total --------------------------------------------------------------------- Revenues $12,999 $25,689 $- $38,688 Earnings before interest and income taxes 1,812 1,238 (464) 2,586 Interest income, net 154 Income taxes 988 --------------------------------------------------------------------- Net earnings 1,752 --------------------------------------------------------------------- ---------------------------------------------------------------------
Year Ended September 30, 2005 --------------------------------------------------------------------- Business and Systems Technology Engineering Services Corporate Total --------------------------------------------------------------------- Total assets other than cash and goodwill $14,578 $32,257 $533 $47,368 Goodwill 9,518 9,518 Cash 17,889 --------------------------------------------------------------------- Total assets $74,775 --------------------------------------------------------------------- ---------------------------------------------------------------------
Six months ended March 31, 2006 --------------------------------------------------------------------- Business and Systems Technology Engineering Services Corporate Total --------------------------------------------------------------------- Revenues $17,897 $77,936 $- $95,833 Earnings before interest and income taxes 2,673 4,640 (1,226) 6,087 Interest income, net 238 Income taxes 2,289 --------------------------------------------------------------------- Net earnings $4,036 --------------------------------------------------------------------- ---------------------------------------------------------------------
Six months ended March 31, 2005 --------------------------------------------------------------------- Business and Systems Technology Engineering Services Corporate Total --------------------------------------------------------------------- Revenues $26,138 $50,587 $- $76,725 Earnings before interest and income taxes 3,463 2,209 (866) 4,806 Interest income, net 310 Income taxes 1,860 --------------------------------------------------------------------- Net earnings $3,256 --------------------------------------------------------------------- ---------------------------------------------------------------------
7. CONTINGENCIES
On January 24, 2005, the Company was served with a civil
lawsuit by way of a Statement of Claim filed in the Ontario
Superior Court of Justice claiming $100 million in damages from
the Company and an employee of the Company for breach of confidence,
breach of fiduciary duty and unlawful interference with economic
interests. The claim relates to the limitation of expenditure
contract awarded in December 2004 by the Department of National
Defence for the provision and management of Health Service Providers.
The contract value for the initial 5-year period is in excess
of $400 million with the potential for 5 additional option years
worth an additional $480 million in total. The Company intends to
vigorously defend the claim, including the basis of the claim and
the amounts being sought. The plaintiff also filed a complaint with
the Canadian International Trade Tribunal (CITT) related to this
contract award. In June 2005, the Tribunal issued its determination,
confirming Calian as the successful bidder. On July 15, 2005, the
plaintiff applied to the Federal Court of Appeal seeking to set aside
the decision of the CITT by seeking a judicial review of that
decision. On April 26, 2006, the Federal Court of Appeal released
its determination and dismissed the application for judicial review
and upheld the CITT decision. The likely outcome of the civil lawsuit
cannot be determined at this time.
During the second quarter of 2006, the Company amended its
agreement for the final payment of its acquisition in 2004 of Titan
Consulting Group Ltd. The amended agreement resulted in the Company
paying cash of $355 on February 28, 2006 with the option to pay
the final $355 either in cash or through the issuance of shares
on August 31, 2006. The Company's accrued liabilities include
the liability associated with the final payment due August 31, 2006.
Based on the share price at March 31, 2006, if the Company
were to issue shares; 32,615 shares would be issuable. These shares
are included in the dilutive earnings per share calculation.
8. COMMITMENTS
As part of its e-business strategy, during the year 2000,
the Company entered into a 10-year lease for an office building
in the Ottawa area expiring in April 2010. Upon exit of the
e-business sector in 2001, the Company did not have any
requirements for the space and accordingly sublet the excess
space to a third party for a period of 5 years ending May 2006.
During 2005, the Company entered into a new agreement with the
existing sub-tenant to lease a significant portion of the space
for a 5-year period extending to April 2010 at the current market
price. As a result, the Company will be required to assume a
portion of the costs associated with this facility. Unless
the sub-lessee defaults on future payments, it is expected
that the current provision of $2,000 will be sufficient to
cover the Company's share of the costs. The lease payments
including operating costs relating to the excess space
amount to approximately $940 per year.
9. SHARE REPURCHASE
During the second quarter of 2006, the Company acquired
82,100 of its outstanding common shares at an average
price of $10.72 per share for a total of $881 including
related expenses, through the Normal Course Issuer Bid
initiated in November 2005. The excess of the purchase
price over the average stated capital of the shares
has been charged to retained earnings.
Management Discussion and Analysis - March 31, 2006:
RESULTS OF OPERATIONS
Revenues:
For the second quarter of 2006, revenues were $48.5 million,
compared to $38.7 million reported in the second quarter of 2005
and for the six-month period ending March 31, 2006 revenues were
$95.8 compared to $76.7 million, representing an increase of 25%
from the prior year, both for the quarter and on a year-to-date basis.
Systems Engineering's revenues were $9.0 million in the quarter
and $17.9 million on a year-to-date basis representing a 30% decrease
from the $13.0 million and $26.1 million recorded respectively last
year. Due to the project nature of its business, the SED division
is susceptible to significant variation in volumes of activity
from period to period. During the first six months of 2006, SED
continued the wind down on several of its larger long-term contracts.
Although there was significant activity with customers in other
market segments, it was not sufficient to compensate for the reduced
non-labour throughput on these contracts.
Business and Technology Services reported a 54% increase
with revenues of $39.5 million for the quarter and $77.9 million
on a year-to-date basis compared to $25.7 million and $50.6 million
respectively for the same periods of last year. The majority
of the increase is due to the inclusion of revenues relating to
the Health Services Support contract with the balance of the
division continuing to report modest growth.
Management believes that increases in other areas of the business
for the second half of 2006 will counteract the reduced revenues
associated with the cancelled call center services contract.
Gross margin:
Gross margin was 18.0% in the second quarter of 2006, which
is significantly lower than the 19.3% reported in the second quarter
a year ago. On a year-to-date basis the Company reported margins of
17.6% compared to 18.8% for the same period last year. The decrease
is attributable to a change in divisional proportions with the Business
and Technology Services accounting for a greater percentage of the
overall revenue base.
Gross margin in Systems Engineering was 28.9% this quarter
compared to 24% in the second quarter of 2005, For the six-month
period ending March 31, 2006, gross margin was 26.4% compared to
23.4%. The SED division is currently realizing excellent gross margins
due to solid execution and retiring risk on its large contracts nearing
completion combined with a higher labour content in its revenue base.
Gross margin in Business and Technology Services was 15.5% compared
to the 17% reported in the second quarter of 2005 and 15.6% for the
six-month period compared to 16.4% for the same period last year.
The margin reported in the second quarter of 2005 was unusually high.
The current margin percentage for this division is in line with prior
quarters.
For the balance of 2006, management believes it can maintain
current overall margin levels.
Operating expenses:
Selling, marketing, general and administration expenses
totalled $5.4 million or 11.1% of revenues in the second quarter
of 2006 compared to the $4.5 million or 11.7% of revenues reported
in the second quarter of 2005. For the six-month period ending
March 31, 2006, operating expenses totalled $10.5 million in 2006
compared to $8.9 million in 2005. Operating expenses as a percentage
of revenues decreased in 2006 has a result of the scalability of the
Company's back office. The increase in absolute dollars is mainly
attributable to the inclusion of operating expenses relating to the
Health Services Support contract and increased corporate compliance
costs. Operating expenses are expected to remain similar for the balance
of the year.
Prior year investment tax credits:
As indicated in Note 5, during the quarter the Company recorded
additional investment tax credits (ITC) of $409 with respect to 2004
and 2005. These ITC recoverable were applied against income tax
otherwise payable.
Income taxes
The provision for income taxes for the second quarter of
2006 was $1.3 million or 35.3% of earnings before tax compared
to $1.0 million in 2005 or 36.1% of earnings before tax. On
a year-to-date basis, the provision for incomes taxes was $2.3
million or 36.2% of earnings before tax compared to $1.9 million
in 2005 or 36.4% of earnings
before tax, in line with current effective income tax rates.
Net earnings:
As a result of the foregoing, in the second quarter of 2006
the Company recorded net earnings of $2.3 million or $0.27
per share basic and diluted, compared to $1.8 million or $0.21
per share basic and diluted in the same quarter of the prior
year with the Company reporting for the six-month period ending
March 31, 2006 net earnings of $4.0 million or $0.47
per share basic and diluted compared to $3.3 million or $0.39 per
share basic and diluted in the same period of the prior year.
BACKLOG
The backlog at March 31, 2006 is $1,052 million with
terms extending to fiscal 2014.This compares to $1,098 million
reported at the end of September 30, 2005. Contracted Backlog
represents revenues remaining to be earned on signed contracts,
whereas Option Renewals represent customers' options to further
extend existing contracts under similar terms and conditions.
Most contracts provide the customer with the ability to adjust
the timing and level of effort throughout the contract life and
as such the following represents management's best estimate of
the ultimate backlog and related consumption profile.
(dollars in millions) TOTAL Fiscal Fiscal Beyond 2006 2007 --------------------------------------------------------------------- Contracted Backlog $461 $74 115 $272
Business and Technology Services $1,016 $60 $119 $837
Systems Engineering 35 15 10 10 --------------------------------------------------------------------- TOTAL $1,051 $75 $129 $847 --------------------------------------------------------------------- ---------------------------------------------------------------------
FINANCIAL CONDITION AND CASHFLOWS:
Cash inflows from operating activities for the six-month
period ending March 31, 2006 were $10.6 million as compared
with a cash outflow of $1.6 million during the same period in
2005. Working capital decreased from September 30, 2005 in line
with the ebbs and flows of the business. Specifically, accounts
receivable decreased as a result of receiving large milestone
billings accrued near year-end and receiving several large
government payments shortly before March 31, 2006. Accounts
payable decreased as a result of the payment of a large supplier
milestone which was recorded near year-end.
During the same six-month period, the Company also paid $3.2
million related to the Titan acquisition with the final payment
of $0.4 million due on August 31, 2006.
As a result of its steady cash inflows, the Company repurchased
82,100 shares at an average price of $10.72 per share for a total
of $881 and continued to pay a quarterly dividend. During the second
quarter of 2006 and 2005, the Company paid a dividend of 8
cents per share or $0.7 million.
The company was the beneficiary of earlier than normal payments
on certain government contracts in March 2006, and accordingly
management believes that cash flows will be negatively impacted in
the next quarter as government payment cycles revert back to normal
timeframes.
SEASONALITY
The Company's operations have historically been subject to some
quarterly seasonality due to the timing of vacation periods and
statutory holidays. Typically the Company's first and last quarter
will be negatively impacted as a result of the Christmas season and
summer vacation period. During these periods, the Company can only
invoice for work performed and is also required to pay for statutory
holidays. This results in reduced levels of revenues and in a drop
in gross margins. This seasonality may not be apparent in the overall
results of the Company depending on the impact of the realized sales
mix of its various projects.
OUTLOOK
Management believes the Company is well positioned for sustained
growth in the long-term. The Company operates in markets that will
continue to require the services that the Company delivers. To further
assure itself of a stable source of revenues, the Company will focus
on increasing the percentage of its revenues derived from recurring
business. Its acquisition strategy, focused on adding complementary
businesses to the Company's mix, will also be a potential source
of growth.
The Systems Engineering Division has been working within a
depressed satellite sector for the last few years. In addition,
several large satellite operators have recently been purchased
using highly leveraged financial structures and industry consolidation
continues. We believe this may impact capital spending, which in turn
may reduce new opportunities in the near term. However, management
believes that new systems adopting the latest technologies will be
required in the medium term to maintain and improve service offerings.
Although management is confident that systems such as MSTAR will continue
to be in demand in the security and surveillance market it cannot predict
the timing and extent of future orders. The continued strengthening of
the Canadian dollar will impact the Systems Engineering Division's
competitiveness when bidding against foreign competition on projects
denominated in US dollars and EUROs.
The Business and Technology Services Division's services are
adaptable to many different markets. Currently, its strength
lies in providing program management and delivery services to
the Department of National Defence. Management believes that
this department and many others within the federal government
will continue to require more support services from private
enterprises to supplement their current workforce. Although Calian has
experienced delays during the last few years, management believes that
the types of service the division offers will continue to be attractive
to government agencies going forward. The acquisition of Titan coupled
with existing standing agreements for SAP and Peoplesoft resources,
positions Calian to take advantage of the expected growth in government
ERP requirements. With the call center services contract lapsing,
management believes that it can effectively refocus its resources on
traditional business to offset the impact on earnings.
Due to significant signings in the past year in the BTS division coupled
with a few large contracts nearing completion in the SED division, our
backlog is heavily weighted towards BTS. While BTS enjoys a more
favourable outlook, the market environment for SED is showing signs of
improvement. However, given the lead times involved in the satellite
sector, it may not translate into enhanced opportunities in the short
term. Accordingly, the company expects to experience a shift in both
revenue and profitability proportions towards the Business and Technology
Services division. As the BTS division traditionally earns lower margins,
the changing mix will continue to have a dampening effect on operating
profit percentages.
As indicated in Note 7 of the Company's financial statements,
the Company was served with a civil lawsuit by way of a Statement
of Claim for $100 million in damages from the Company and an
employee of the Company. The Company intends to vigorously defend
the claim, including the basis of the claim and the amounts
being sought. The plaintiff also filed a complaint with the
Canadian International Trade Tribunal (CITT) related to this
contract award. In June 2005, the Tribunal issued its
determination, confirming Calian as the successful bidder.
On July 15, 2005, the plaintiff applied to the Federal Court
of Appeal seeking to set aside the decision of the CITT by
seeking a judicial review of that decision. On April 26, 2006,
the Federal Court of Appeal released its determination and
dismissed the application for judicial review and upheld the
CITT decision. The likely outcome of the civil lawsuit cannot
be determined at this time.
GUIDANCE
Our current base of business for 2006 is firmer in some segments
than others and when taken in conjunction with the above information
related to the current market conditions and demand, and after taking
into consideration the impact of the call center contract being wound
down, the Company expects 2006 revenues to be in the range of $185 million
to $195 million and net earnings per share in the range of $0.90 to $1.00.
For further information, please contact
Ray Basler
President and Chief Executive Officer
Telephone: 306.931.3425
Certain information included in press releases on this site is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as "intend", "anticipate", "believe", "estimate", "expect" or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on firm fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company's most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
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