CALIAN TECHNOLOGIES (Toronto symbol CTY; www.calian.com) operates in two areas: the business and technology services division (which supplies 70% of Calian’s revenue) provides engineers, health care workers and other skilled professionals to clients on a contract basis. The systems engineering division (30% of revenue) sells hardware and software for testing, operating and managing satellite and other communication systems.
In the three months ended June 30, 2012, Calian’s revenue rose 1.4%, to $59.3 million from $58.5 million a year earlier. Earnings rose slightly, to $3.48 million, or $0.45 a share, from $3.45 million, or $0.45 a share.
Earlier this year, Calian bought Primacy Management Inc. of Burlington, Ontario, for $5.2 million. Since 2003, Primacy has been designing, building and managing in-store health clinics for Loblaw Companies (symbol L on Toronto). Primacy now operates 112 such clinics in Loblaw’s stores across Canada.
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Technology stocks: Department of National Defense a major contributor to Calian’s revenue
At the same time, Calian’s business and technology services division continues to benefit from steady orders from various Canadian federal government departments (60% of revenue), including the Department of National Defence. The company’s backlog at June 30, 2012 was $611 million with terms extending to 2018.
Calian holds cash of $29.7 million, or $3.86 a share, and has no debt. It has just raised its quarterly dividend by 7.7%, to $0.28 a share from $0.26. That gives the shares a high annualized yield of 5.5%.
In the latest edition of Stock Pickers Digest, we examine the Primacy acquisition and whether the added revenue can give the company’s earnings a significant boost. We conclude with our clear buy-hold-sell advice.
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