CALIAN TECHNOLOGIES $18.60 (Toronto symbol CTY; TSINetwork Rating: Speculative) (613- 599-8600; www.calian.com; Shares outstanding: 7.4 million; Market cap: $137.6 million; Dividend yield: 6.0%) has two main divisions: Business and Technology Services (which supplies 70% of the company’s revenue) provides engineers, health care workers and other skilled professionals on a contract basis; Systems Engineering (30% of revenue) sells hardware and software for testing, operating and managing satellite and other communication systems.
In the three months ended December 31, 2015, the company’s revenue rose 15.2%, to a record $64.5 million from $56.0 million a year earlier. Excluding onetime items, Calian earned $3.3 million, or $0.45 a share. That’s up 22.2% from $2.7 million, or $0.37 a share, a year earlier.
The Business and Technology Services division continues to benefit from recurring orders from Canadian federal government departments, including the Department of National Defence. This segment’s revenue rose 9.0% in the latest quarter.
Revenue at the Systems Engineering division jumped 42.0%. This business worked on a number of new contracts in the latest quarter. Another reason for the revenue increase was the timing of certain projects, which can cause the division’s revenue to swing widely from time to time.
The company holds cash of $5.2 million, or $0.70 a share, and has no debt. The stock trades at just 11.6 times this year’s forecast earnings of $1.60 a share. Calian pays a quarterly dividend of $0.28, which gives it a high 6.0% yield, and that rate appears sustainable.
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