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News Article | May 10, 2017
Site: www.marketwired.com

OTTAWA, ONTARIO--(Marketwired - May 10, 2017) - Calian Group Ltd. (TSX:CGY) today released unaudited results for the second quarter ended March 31, 2017. The Company reported revenues for the quarter of $67.1 million, a 2% decrease from the $68.1 million reported in the same quarter of the previous year. For the six-month period ended March 31, 2017 the Company reported revenues of $135.8 million, a 2% increase compared to revenues of $132.6 million in the prior year. EBITDA(1) for the second quarter was $6.2 million, a 14.4% increase compared to $5.4 million in the same quarter of the previous year and for the six-month period ended March 31, 2017, EBITDA(1) was $11.4 million, a 7.7% increase compared to $10.6 million in the prior year. Net profit for the second quarter was $4.2 million or $0.55 per share basic and diluted, a 28% increase compared to $3.3 million or $0.44 per share basic and diluted in the same quarter of the previous year. On a year-to-date basis, net profit was $7.6 million or $1.00 per share basic and diluted, an increase of 20% compared to net profit of $6.3 million or $0.86 per share basic and diluted in the previous six-month period. Adjusted Net Profit(1) for the second quarter was $4.2 million or $0.55 per share basic and diluted, compared to $3.5 million or $0.48 per share basic and diluted in the same quarter of the previous year. On a year-to-date basis, adjusted net profit(1) was $7.6 million or $1.00 per share basic and diluted compared to $6.9 million or $0.93 per share basic and diluted in the previous six-month period. (1) See caution regarding non-GAAP measures at the end of this press release "Once again the team has delivered strong results for the quarter increasing profits by 28% and cash flows by 14.4%" stated Jacqueline Gauthier, CFO. "Our 2% decrease in revenues this quarter is primarily related to timing of new projects at our SED division; however we continue to track ahead for the 6 month period compared to fiscal 2016." "In support of the customer retention pillar of our growth strategy, we continue to see excellent execution across all of our services," stated Kevin Ford, CEO. "Both divisions have achieved higher margins for the quarter and year-to-date periods in comparison to the previous year. This is due primarily to the successful completion of several projects allowing the retirement of end of project risks, solid product sales and a higher labor component in the current mix of projects which yields higher margins." "This quarter we submitted our proposal for our DND health services contract. Our current contract will run to March 31, 2018 and we have no schedule from the government on when results of this competition will be released. We believe we have submitted an excellent competitive proposal, and are hopeful we can continue to be DND's healthcare program delivery partner for years to come," stated Ford. "We are also very pleased to announce the acquisition of International Safety Research (ISR). This acquisition supports two elements of our growth strategy. With customer diversification, ISR brings new customers to Calian both domestically and globally. For our service line evolution pillar, ISR will strengthen our emergency management service capabilities in the nuclear sector and as well further strengthen our engineering pedigree, specifically in the Chemical, Biological, Radiological Nuclear and Explosive (CBRNE) area," stated Ford. "We are excited to have the ISR team as part of Calian, and believe their unique capabilities and skills will be a solid contributor to our long term growth objectives." During fiscal 2017, management will continue to focus on its key strategic initiatives. Traditional markets in which Calian operates have stabilized recently and management expects organic revenue and earnings growth in most or all of its service lines through the successful execution of our growth strategy. However, we must caution that revenues realized are ultimately dependent on the extent and timing of future contract awards as well as customer utilization of existing contracting vehicles. Based on currently available information and our assessment of the marketplace, we expect revenues for fiscal 2017 to be in the range of $265 million to $285 million, net profit in the range of $1.75 to $2.00 per share. This press release is based on reported earnings in accordance with IFRS. Reference to generally accepted accounting principles (GAAP) means IFRS, unless indicated otherwise. This press release is also based on non-GAAP financial measures including EBITDA, adjusted net profit and adjusted net profit per share. These non-GAAP measures are mainly derived from the interim consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of our financial reports with enhanced understanding of our results and related trends and increases transparency and clarity into the core results of our business. Refer to the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures. Calian employs over 2,700 people with offices and projects that span Canada, U.S. and international markets. The company's capabilities are diverse with services delivered through two divisions. The Business and Technology Services (BTS) Division is headquartered in Ottawa and includes the provision of business and technology services to industry, public and government in the health, training, engineering and IT services domains. Calian's Systems Engineering Division (SED) located in Saskatoon plans, designs and implements complex communication systems for many of the world's space agencies and leading satellite manufacturers and operators. SED also provides contract manufacturing services for both private sector and military customers in North America. For further information, please visit our website at www.calian.com. Certain information included in this press release 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; the dependence on new product development; the impact of rapid technological and market change; the ability of Calian to integrate the operations and technologies of acquired businesses in an effective manner; general industry and market conditions and growth rates; international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; and the impact of consolidations in the business services industry. Additional risks and uncertainties affecting Calian can be found in Management's Discussion and Analysis of Results of Operations and its Annual Information Form for the fiscal year ended September 30, 2016 on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein and our current objectives or strategies may change. 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, except as required by law. 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. The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. Calian Group Ltd. ("the Company") is incorporated under the Canada Business Corporations Act. The address of its registered office and principal place of business is 340 Legget Drive, Ottawa, Ontario K2K 1Y6. The Company's capabilities include the provision of business and technology services to industry and government in the health, IT services and training domains as well as the design, manufacturing and maintenance of complex systems to the communications and defence sectors. These unaudited interim condensed consolidated financial statements are expressed in Canadian dollars and have been prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting, as issued by the International Accounting Standard Board ("IASB"). These unaudited interim condensed consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") and in accordance with the accounting policies the Company adopted in its annual consolidated financial statements for the year ended September 30, 2016 and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report for the year ended September 30, 2016. These unaudited interim condensed consolidated financial statements do not include all of the information required in annual financial statements. These unaudited interim condensed consolidated financial statements were authorized for issuance by the Board of Directors on May 10, 2017. In April 2014, the IASB released IFRS 15 - Revenue from Contracts with Customers. The Standard replaces IAS11 Construction Contracts and IAS18 Revenue, providing a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The Company has not yet assessed the impact of the adoption of this standard on its consolidated financial statements. IFRS 9 was issued by the IASB in November 2009 and October 2010, was amended in 2013 and finalized in July 2014 and will replace IAS 39, Financial Instruments: Recognition and Measurement ("IAS 39"). IFRS 9 uses a single approach to determine whether a financial instrument is measured at fair value through profit or loss, fair value through other comprehensive income or amortized cost, replacing the multiple rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics of those financial instruments. The new standard also requires a single impairment method to be used, replacing the multiple impairment methods in IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2018. The Company has not yet assessed the impact of the adoption of this standard on its consolidated financial statements. In January 2016, the IASB released IFRS 16 Leases which replaces IAS 17 Leases. For lessees applying IFRS 16, a single recognition and measurement model for leases would apply, with required recognition of assets and liabilities for most leases. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. The Company has not yet assessed the impact of the adoption of this standard on its consolidated financial statements. The preparation of financial statements in conformity with IFRS requires the Company's management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from those estimates. There were no significant changes in estimates or approaches to determining estimates in the periods presented when compared to the estimates or approaches used the annual consolidated financial statements for the year ended September 30, 2016. The results of operations for the interim periods are not necessarily indicative of the results of operations for the full year. The Company's revenues and earnings have historically been subject to some quarterly seasonality due to the timing of vacation periods and statutory holidays. During the three and six-month periods ended March 31, 2017 (2016), the Company issued 31,214 (21,801) shares under the Company's Employee Share Purchase Plan at an average price of $12.73 ($14.92) for a total cash of $398 ($325) and total non-cash of $78 ($63). The Company has an established stock option plan. Under the plan, eligible directors and employees are granted the right to purchase shares of common stock at a price established by the Board of Directors on the date the options are granted but in no circumstances below fair market value of the shares at the date of grant. As at March 31, 2017 (2016), 241,100 (415,000) options are currently outstanding of which 221,100 (323,100) are exercisable. During the six-month period ending March 31, 2017 (2016), no options were issued. The Company has established a restricted stock unit ("RSU") plan as of February 3, 2017. Under the plan, eligible employees are granted the right to shares of common stock as remuneration for services rendered to the Company. RSU's are granted by the Board of Directors and at the date of the grant, the market value is used to determine the fair value of the units. As at March 31, 2017 (2016), 9,345 (Nil) RSU's are currently outstanding of which Nil (Nil) have vested. During the six-month period ending March 31, 2017 (2016), 9,345 (Nil) RSU's were issued. The diluted weighted average number of shares has been calculated as follows: Options and RSU's that are anti-dilutive because the exercise price was greater than the average market price of the common shares are not included in the computation of diluted earnings per share. For the three and six-month periods ended March 31, 2017 (2016), Nil (415,000) options and 9,345 (Nil) RSU's were excluded from the above computation. Profit for the period is the measure of profit or loss used to calculate Net profit per share. 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. The Company evaluates performance and allocates resources based on earnings before interest income and income taxes. The accounting policies of the segments are the same as those described in Note 2 - Summary of significant accounting policies to the consolidated financial statements for the year ended September 30, 2016. The Company is exposed to foreign currency exchange fluctuations on its cash balance, accounts receivable, accounts payable and accrued liabilities and future cash flows related to contracts denominated in a foreign currency. Future cash flows will be realized over the life of the contracts. The Company utilizes derivative financial instruments, principally in the form of forward exchange contracts, in the management of its foreign currency exposures. The Company's objective is to manage and control exposures and secure the Company's profitability on existing contracts and therefore, the Company's policy is to hedge 100% of its foreign currency exposure. The Company does not utilize derivative financial instruments for trading or speculative purposes. The Company applies hedge accounting when appropriate documentation and effectiveness criteria are met. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives to specific firm contractually related commitments on projects. The Company also formally assesses, both at the hedge's inception and on an on-going basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Hedge ineffectiveness has historically been insignificant. The forward foreign exchange contracts primarily require the Company to purchase or sell certain foreign currencies with or for Canadian dollars at contractual rates. At March 31, 2017, the Company had the following forward foreign exchange contracts: A 10% strengthening of the Canadian dollar against the following currencies at March 31, 2017 would have decreased other comprehensive income as related to the forward foreign exchange contracts by the amounts shown below. In the normal course of business, the Company is party to business and employee related claims. The potential outcomes related to existing matters faced by the Company are not determinable at this time. The Company intends to defend these actions, and management believes that the resolution of these matters will not have a material adverse effect on the Company's financial condition. On October 31, 2016, the Company invested $100 to acquire a non-controlling interest in common shares of Cliniconex Inc., an Ottawa-based patient outreach solutions vendor. As part of the investment, a member of the Company's management team has been appointed to the Cliniconex Inc. Board of Directors. The investment is measured at cost. Effective May 9, 2017, the Company acquired the outstanding shares of International Safety Research Inc. ("ISR") for purchase consideration of up to $8,200 in cash, subject to final working capital adjustment. Of this amount $4,100 was paid on closing, $820 was placed in escrow and $3,280 is payable contingently. ISR specializes in nuclear safety and emergency preparedness and response nationally and internationally. ISR was acquired to expand the Company's emergency preparedness service offering and will be reported as part of the Business and Technology (BTS) operating segment. This MD&A is the responsibility of management and has been reviewed and approved by the Board of Directors of the Company. This MD&A has been prepared in accordance with the requirements of the Canadian Securities Administrators. The Board of Directors is responsible for ensuring that we fulfill our responsibilities for financial reporting and is ultimately responsible for reviewing and approving the MD&A. The Board of Directors carries out this responsibility principally through its Audit Committee. This MD&A contains both IFRS and non-GAAP measures. Non-GAAP measures are defined and reconciled to the most comparable IFRS measure. For the second quarter of 2017, revenues were $67,063 compared to $68,100 reported for the same period in 2016 representing a 2% decrease from the prior year. For the six-month period ending March 31, 2017 revenues were $135,769 compared to $132,633 for 2016, an increase of 2%. Systems Engineering's (SED) revenues were $16,103 in the quarter and $36,240 on a year-to-date basis representing an 8% and 2% decrease respectively when compared to the $17,484 and $37,164 recorded for the same periods in the previous year. Work continued at a steady state in all areas of the division including systems engineering, defense related and commercial contract manufacturing. However this quarter reflected a higher amount of labor based revenue in comparison to the revenues dominated by the RF Systems in the same quarter of last year which have a higher non-labor content. This is a result of several RF system projects coming to successful completion along with others just in the early design phase. Business and Technology Services (BTS) revenues were $50,960 in the quarter and $99,530 on a year-to-date basis representing a 1% and 4% increase, respectively, when compared to the $50,616 and $95,469 recorded for the same periods in the previous year. Demand in most of the division's mainstay contracts continues to be strong and we are achieving success in our customer diversification efforts. Management expects that the marketplace for the near term will continue to be unsettled and very competitive and the timing of new contract awards is always subject to delay. Our backlog provides a reasonable level of revenue assurance on existing contracts and new opportunities continue to arise. Although we continue to focus our efforts on the diversification of our customer base outside of government, the nature and extent of future government spending remain uncertain and therefore, future revenues in this sector will ultimately be determined by customer demand on existing contracts as well as the timing of future contract awards. Gross margin was 20.0% for the second quarter of 2017 and 19.0% on a year-to-date basis compared to the 17.7% and 17.9% recorded for the same periods in the previous year. Gross margin in Systems Engineering was 32.7% in the second quarter of 2017 and 27.5% on a year-to-date basis compared to the 28.1% and 26.2% recorded for the same periods in the previous year. The higher margins for the quarter and year-to-date periods in comparison to the previous year are due to the successful completion of several projects allowing the retirement of end of project risks, solid product sales and a higher labor component in the current mix of projects which yields higher margins. The results reflect another solid quarter of performance in all of SED's business areas. Although the mix of revenues plays a significant role in the margin ultimately realized, product sales and excellent project execution helped the division maintain a solid level of margins. Gross margin in Business and Technology Services was 15.9% for the three and six month periods ending March 31, 2017 compared to the 14.2% and 14.7% recorded for the same periods in the previous year. Gross Margin in this recent quarter was positively impacted by 2 additional work days with Easter 2017 falling in the third quarter 2017 this year compared to Q2 in 2016. In addition, solid execution on our contracts combined with recent contract renewals and wins provided for an additional uplift in margins. While competition on new work is expected to temper any significant near-term improvement, the division continues to evolve its service offering with a goal to increase gross margins realized in the longer term. Because of the significant difference in gross margin between each of the two divisions, the overall gross margin of the Company is dependent on the relative level of revenue generated from each division. Management will continue to focus on operational execution and diligent negotiation of supplier costs in order to maximize margins. However, the competitive landscape is expected to maintain the pressure on margins in both divisions. The volatility of the Canadian dollar is always an influencing factor for margins on new work in the SED division when denominated in foreign currencies. For the six-month period ended March 31, 2017, selling and marketing, general and administration and facilities totalled $14,366 or 10.6% of revenues compared to $13,166 or 10.0% of revenues reported in 2016. Operating costs increased over the prior year as a result of continued focus on selling and marketing efforts and service line evolution capabilities. Management will continue to challenge discretionary spending; however, prudent investments are required to support the evolution of the Company's service lines. EBITDA(1) for the second quarter was $6,190 compared to $5,408 in the same quarter of the previous year. For the six-month period ended March 31, 2017, EBITDA(1) was $11,395 compared to $10,581 in the same period of the previous year. For the six-month period ended March 31, 2017, depreciation was $707 which is higher than the $621 recorded in 2016 as a result of higher levels of equipment purchases in 2016. Amortization of intangibles decreased to $485 compared to $624 in fiscal 2016, with a portion of the prior acquired intangibles are now fully amortized. The provision for income taxes was $2,703 or 26.3% of earnings before tax compared to $2,488 in 2016 or 28.2% of earnings before tax. The difference in effective rates is primarily due to the non-deductibility of the deemed compensation amounts recorded in 2016. The effective tax rate for 2017, prior to considering the impact of non-taxable transactions and adjustments to reflect actual tax provision as filed, is expected to be approximately 26.9%. As a result of the foregoing, in the second quarter of 2017 the Company recorded net profit of $4,186 or $0.55 per share basic and diluted, compared to $3,262 or $0.44 per share basic and diluted in the same quarter of the prior year. Adjusted net profit(1) for the second quarter was $4,186 or $0.55 per share basic and diluted, compared to $3,529 or $0.48 per share basic and diluted in the same quarter of the previous year. For the six-month period ended March 31, 2017 the Company recorded net profit of $7,565 or $1.00 per share basic and diluted, compared to $6,325 or $0.86 per share basic and diluted in the same period of the prior year. Adjusted net profit(1) for the six-month period ended March 31, 2017 was $7,565 or $1.00 per share basic and diluted, compared to $6,859 or $0.93 per share basic and diluted in the same period of the previous year. (1) See reconciliation regarding non-GAAP measures below Reconciliation of non-GAAP measures to most comparable IFRS measures: Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company's financial reports with enhanced understanding of the Company's results and related trends and increases transparency and clarity into the core results of the business. EBITDA, adjusted net profit and adjusted net profit per share exclude items that do not reflect, in our opinion, the Company's core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another. These non-GAAP measures are mainly derived from the interim consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily non-recurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company's performance. The Company's backlog at March 31, 2017 was $422 with terms extended to fiscal 2021. This compares to $488 reported at September 30, 2016. Contracted backlog represents maximum potential 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 fee for service contracts provide the customer with the ability to adjust the timing and level of effort throughout the contract life and as such the amount actually realized could be materially different from the original contract value. The following table represents management's best estimate of the backlog realization for 2017, 2018 and beyond based on management's current visibility into customers' existing requirements. Management's estimate of the realizable portion (current utilization rates and known customer requirements) is less than the total value of signed contracts and related options by approximately $91. The Company's policy is to reduce the reported contractual backlog once it receives confirmation from the customer that indicates the utilization of the full contract value may not materialize. Cash inflows from operating activities for the period ended March 31, 2017 were $16,267 compared to cash inflows of $2,245 in 2016. Cash flows for the quarter have been positively impacted by the increase in cash earnings and the decrease in accounts receivable commensurate the close off of certain large projects at SED. The aging of the accounts receivable remain in excellent health. These variations in cash flows are not considered unusual and reflect normal working capital fluctuations associated with the ebbs and flows of the business. The market for the Systems Engineering Division is characterized by contracts with billings tied to milestones achieved, which often results in significant working capital requirements. Conversely, given the nature of this business, it is sometimes possible to negotiate advance payments on contracts. Such advance payments give rise to unearned revenue that will be realized as revenue over the course of the contract. As at March 31, 2017, the Company's total unearned revenue amounted to $9,503 compared to $11,271 at September 30, 2016, with the decrease attributable to work progressing on certain contracts where advanced milestone payments had previously been made. During the periods ended March 31, 2017 (2016), the Company paid quarterly dividends of $0.56 ($0.56) per share. The Company intends to continue with its quarterly dividend policy for the foreseeable future. During the six-month period, the Company invested $638 in capital assets compared to $591 in the prior period. The Company also invested in Cliniconex as explained in Note 10 to these financial statements. At March 31, 2017 the Company had a short-term credit facility of $10,000 with a Canadian chartered bank that bears interest at prime and is secured by assets of the Company. An amount of $75 was used to issue a letter of credit to meet customer contractual requirements. Management believes that Calian has sufficient cash resources to continue to finance its working capital requirements and pay a quarterly dividend. ADOPTION OF NEW ACCOUNTING RULES AND IMPACT ON FINANCIAL RESULTS The Company did not adopt any new accounting policies this quarter. The Company's operations are 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. Management is confident that the Company is well positioned for sustained growth in the long term. The Company's strong contract backlog provides a solid base for the realization of future revenues. Leveraging the Company's diverse service offerings, the Company operates in global and domestic markets that will continue to require the services that the Company offers. To ensure the Company is positioned to respond to market requirements, the Company will focus on the execution of its growth strategy using a common framework across all of its services: With its most recent acquisition, the Company has completed five acquisitions in the past 5 years, and will proactively look for companies that can accelerate its growth strategy with a focus on companies that support our growth pillars of customer diversification and service line evolution. The SED Division has been working within a sustainable satellite sector and is expecting opportunities to continue to arise as systems adopting the latest technologies will be required by customers wishing to maintain and improve their service offerings and react to an increasing demand for bandwidth. SED continues to invest in communications products, software development and manufacturing equipment to strengthen its competitive position. SED also has a strong customer base in the Aeropsace and Defence sectors and recently has had success diversifying into the agriculture sector. In the short-term, activity levels in Custom manufacturing will continue to be directly dependent upon SED's customers' requirements and continuing volatility in orders is anticipated as both government and commercial customers continue to re-examine their traditional spending patterns. Continued delays of DND capital procurements have created intense competition for available manufacturing work. Finally, changes in the relative value of the Canadian dollar may negatively or positively impact the Systems Engineering Division's competitiveness on projects denominated in foreign currencies. The BTS Division's services are adaptable to many different markets. Currently, its strength lies in providing health, training, engineering and IT professional services and solutions across Canada with a significant portion of this work currently with the Department of National Defence. The division continues to focus on diversifying its customer base and evolving its service offerings. As an example the division now provides direct to customer health services through the operation of managed medical clinics as well as onsite health practitioners in the oil and gas sector. Management believes that for the long term, the public and private sector will continue to require health, IT, and training services from private enterprises to achieve their business outcomes. Looking at the current outlook and the current economic climate, the new federal government agenda may create uncertainty as to the extent of demand from this customer, at least in the short term. With continued investments in sales, marketing and success in new markets outside of the federal government, the division is better positioned to manage through these downturns. After a few years of industry dialogue, the request for proposal for the division's DND Health Services business was released in early January and we have now submitted our proposal. The new contract will have increased scope adding two new government departments (RCMP and Veterans Affairs) as well as DND Cadets. The initial contract period is until March 31, 2022 with an option to extend the term of the contract by up to eight additional years. While we expect competition, we will continue to focus on executing on the current contract and maintaining our high customer satisfaction with the customer through to March 31, 2018. Acquisitions have also bolstered the division's performance and we will continue to look at acquisition opportunities to support our strategic growth objectives. During fiscal 2017, management will continue to focus on its key strategic initiatives. Traditional markets in which Calian operates have stabilized recently and management expects organic revenue and earnings growth in most or all of its service lines through the successful execution of our growth strategy. However, we must caution that revenues realized are ultimately dependent on the extent and timing of future contract awards as well as customer utilization of existing contracting vehicles. Based on currently available information and our assessment of the marketplace, we expect revenues for fiscal 2017 to be in the range of $265 million to $285 million, net profit in the range of $1.75 to $2.00 per share. During the most recent interim quarter ended March 31, 2017, there have been no changes in the design of the Company's internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. Certain information included in this press release 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; the dependence on new product development; the impact of rapid technological and market change; the ability of Calian to integrate the operations and technologies of acquired businesses in an effective manner; general industry and market conditions and growth rates; international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; and the impact of consolidations in the business services industry. Additional risks and uncertainties affecting Calian can be found in Management's Discussion and Analysis of Results of Operations and its Annual Information Form for the fiscal year ended September 30, 2016 on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein and our current objectives or strategies may change. 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, except as required by law. 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.


News Article | May 1, 2017
Site: globenewswire.com

SAINT-JEAN-SUR-RICHELIEU, Quebec, May 01, 2017 (GLOBE NEWSWIRE) -- Beginning today, Logistik Unicorp will embark on a cross-country Canadian supplier tour in support of its offering for the government’s upcoming Operational Clothing and Footwear Consolidated Contract (OCFC2). The tour, scheduled to run from May 1 - 5, will include stops in major manufacturing hubs including Vancouver, Winnipeg, Toronto and Montreal. Logistik is hoping to meet with more than 100 clothing and textile companies from across the country to expand its Canadian supplier base and in turn build a strong value proposition for the impending one-billion-dollar government contract. “This supplier tour represents an important step in expanding and strengthening Logistik’s Canadian supply chain. Maintaining a strong domestic economy and a healthy textile sector are both important strategic objectives for OCFC2,” said Louis Bibeau, founder and president of Logistik Unicorp. Logistik is working closely with Canada’s federal regional economic development agencies to organize the regional events and facilitate meetings with a wide range of companies. Each regional agency is working to leverage OCFC2 and the Department of National Defence’s requirement for a new and more efficient managed clothing solution, to bring new opportunities to the clothing and textile companies operating in their respective regions. “When we’re finished building our team, I am confident that Logistik’s offering will drive superior benefits to all parts of Canada, coast-to-coast,” added Mr. Bibeau. “Logistik’s managed clothing solution for OCFC2 will not only create new, long-term jobs in Canada, it will support sustainable growth efforts for the sector with a focus on product development, innovation and export.” Interested suppliers that are unable to meet with Logistik during the week-long tour are encouraged to register on the team’s new supplier registration page at: www.OCFC2.com. Canada’s leader in managed clothing solutions, Logistik Unicorp is a privately owned company headquartered in St-Jean-sur-Richelieu, Quebec. In Canada alone, Logistik supplies high-quality, innovative and functional garments to over 300,000 individual users in a wide variety of government and corporate organizations such as the Canada Border Services Agency, Canada Post, Correctional Service Canada, Parks Canada and the Department of National Defence (DND). Logistik’s managed services method consists of providing the complete range of program activities tailored directly to their clients’ needs:  R&D, design, production, sub-contracting, procurement, quality assurance, secure warehousing and distribution. Personalized account management and customized information technology solutions further enhance Logistik’s offering. With subsidiaries in Germany, Tunisia, the United Arab Emirates, Australia, New Zealand, and Vietnam, Logistik also exports to customers around the world. More information about Logistik is available at: www.logistikunicorp.com.


News Article | November 7, 2016
Site: www.chromatographytechniques.com

The Canadian military was sent to investigate reports of a mysterious pinging sound last week that seems to be coming from the Arctic sea floor. The “acoustic anomaly” has been heard by local Inuit populations for months, and was first detected by a sailboat with online sonar. It appears to be emanating from the bottom of the Fury and Hecla Strait, in the remote Canadian region of Nunavut Territory. "The Department of National Defence has been informed of the strange noises emanating in the Fury and Hecla Strait area, and the Canadian Armed Forces are taking the appropriate steps to actively investigate the situation," a government official said in a statement. A CP-140 Aurora patrol aircraft conducted numerous multi-sensor searchers throughout the area, but the investigation turned up empty. The crew only observed two pods of whales and six walruses during the searches, according to the BBC. The area of interest has historically been a migratory route for bowhead whales and seals, and is a popular hunting ground for the 30,000 people who live in the territory. However, this summer locals reported that wildlife did not pass through the route – which they believe is a result of the unknown noise. Various theories that attempt to trace the origin of the noise have been swirling. One theory focused on a local mining company accused of conducting sonar surveys of the sea floor, but the company has no approved permits for the work and denies any such activity. The conservation group Greenpeace also became of interest, after it was suspected that members may have purposely produced the sound to deter animals away from hunters, but they have already released a statement claiming they have no ties to the sound. Submarine activity has also become another possibility, but no evidence has surfaced to support this theory, either. Canadian officials stated that they do not intend to perform any further investigations for now.


News Article | February 15, 2017
Site: www.marketwired.com

Program adopts new features to help serve the Canadian Defence Community from recruitment through retirement TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) - BMO Bank of Montreal today announced an enhanced Canadian Defence Community Banking (CDCB) Program designed to better serve the banking needs of regular force personnel, reserves, recruits, military families, veterans and retirees, as well as Department of National Defence (DND) civilian personnel and the RCMP. The new benefits incorporate suggestions from CDCB customers and apply to existing and new customers, and include: "BMO has a long history of assisting national defence personnel and we are pleased to offer this enhanced program to serve those Canadians who have served or continue to serve us, as well as their families," said Martin Nel, Head, Personal and Small Business Banking, BMO Financial Group. BMO has served as the Official Bank of the Canadian Defence Community since 2008. Through CDCB, the bank offers discounted banking rates and other special benefits, such as the Integrated Relocation Program Mortgage Offer and the BMO Support Our Troops Mastercard, through which a portion of each transaction goes to Canadian Forces morale and welfare programs. "I am thrilled at these significant enhancements to a program that has already delivered a wide range of benefits to our Defence Community," said Commodore Sean Cantelon, Director General Morale and Welfare Services. "Through the Canadian Defence Community Banking Program, BMO has proven itself an enthusiastic and loyal partner, thoroughly committed to improving the lives of our members, veterans and their families. On behalf of the entire Defence Community I wish to express our most sincere appreciation for their stalwart support." About BMO and the Canadian Defence Community BMO has a long history of supporting national defence efforts. During the First World War, BMO established temporary branches to pay troops at various encampments throughout Canada, and Canadian men and women in uniform overseas were paid through the bank's Waterloo Place office in London. During the Second World War, BMO's president George Spinney headed the National War Finance Committee, which oversaw the sales of Victory Loan bonds. During the post-war years when Canada had forces stationed in Europe, Bank of Montreal branches on the bases provided banking services for Canadian servicemen and -women and their families. BMO Bank of Montreal is the official bank of the Canadian Defence Community (CDC) in partnership with Canadian Defence Community Banking (CDCB). CDCB is specifically designed for the Defence Community and offers cost-effective banking plans with unique features tailored to the military lifestyle and needs. BMO is the presenting sponsor of the Canada Army Run, an annual event that brings together Canadians and the Canadian Armed Forces to raise funds for two official charities of the Canadian Armed Forces that provide assistance to ill and injured soldiers and military families in need.


News Article | February 15, 2017
Site: www.marketwired.com

OTTAWA, ONTARIO--(Marketwired - Feb. 8, 2017) - Today, Calian Group Ltd. (TSX:CGY), in collaboration with Military Family Services, announced the expansion of its Military Family Doctor Network to Comox and Mainland, B.C. The network was established in January 2016 to help improve access to family physicians for spouses and dependents of active serving Canadian Armed Forces members. "Due to the frequent relocations associated with their service, military families face many unique challenges. Each time a military family moves to a new province, which can occur every 2 to 3 years, they are faced with having to find a new family doctor. Given the current shortages and delays, these families often bounce from one waiting list to another with each relocation. At Calian, we saw an opportunity to improve the situation leveraging our Primacy network of medical clinics and were honoured to be able to do our small part to support these families," said Scott Murray, VP of Health Services at Calian. The Military Family Doctor Network helps military families gain access to a family doctor practicing at Calian's Primacy Clinics located in Loblaw grocery stores across Canada (including Real Canadian Superstore®, Zehrs®, Loblaws® and No Frills®). The network leverages more than 400 family physicians practicing at over 140 Primacy clinics as well as other non-Primacy participating physicians and clinics in areas of high need. The Military Family Doctor Network addresses an urgent and growing need for military families. According to the 2013 National Defence and Canadian Armed Forces Ombudsman's report On the Homefront: Assessing the Well-being of Canada's Military Families in the New Millennium, military families experience a high degree of difficulty accessing and maintaining a family physician, due in part to their frequent relocations, and were four times less likely to have a family physician when compared to civilian families. This need has been recognized by the College of Family Physicians of Canada (CFPC), as well as the Canadian Military and the Veteran Families Leadership Circle who recently released a new resource called Family Physicians Working with Military Families designed to enhance awareness amongst family physicians of healthcare issues specific to military and veteran families in Canada. The Military Family Doctor Network began as a pilot in Winnipeg in July 2015 and launched nationally in January 2016. It now operates in 10 locations nation-wide and serves over 400 patients in more than 180 military families. "The Canadian Armed Forces is incredibly thankful for the support and interest demonstrated by Calian in rallying behind our serving members and their families," said Major-General Wayne Eyre, Deputy Commander Military Personnel Command. "This partnership is having a very positive effect and making a real difference for families who are having difficulty finding a family physician as they relocate from one community to another." "Supporting the families of our military members is something we are extremely proud to do," said Kevin Ford, President and CEO of Calian. " "A significant number of our employees and independent contractors are former military or spouses of active and former military. We owe a great deal of our success to the many men and women of military background that we have been fortunate to work with over the years." "This program is simply a logical extension of our 25-year relationship with the Department of National Defence. This program is simply a logical extension of our 25-year relationship with the Department of National Defence." Individuals, families and family physicians wishing to accept patients can find out more by visiting www.calian.com/militaryfamily or by calling Calian's Primacy team at 1-877-633-7722 x 550. Military Families Services is a division of Canadian Forces Morale & Welfare Services. It manages the Military Family Services Program, the Children Education Management Program and addresses issues that affect the quality of life of families on behalf of the Department of National Defence and the Canadian Armed Forces. They are the principle funder of Military Family Resource Centres. Military Family Resource Centres, located in 32 military communities across Canada, are responsible for connecting with, and delivering a wide range of services and programs to families. Military Family Resource Centres are the frontline service providers to Canadian military families. They are family-governed, provincially incorporated, federally funded non-profit partner organizations with charitable status. Each retains the operational flexibility to meet the unique needs of their Canadian Armed Forces community. Though they have many services in common, no two resource centres are exactly alike. Calian Health is one of Canada's largest national health services organizations with over 10 years of experience in the management of healthcare professionals and health programs, as well as the operation and management of primary care and occupational health clinics. With a network of over 1,500 healthcare professionals, Calian supports over six million patient visits per year at over 180 clinic locations across Canada. Calian's Primacy clinics are located in Loblaw grocery store locations all across Canada (including Real Canadian Superstore®, Zehrs®, Loblaws® and No Frills®). Calian employs over 2,700 people with offices and projects that span Canada, U.S. and international markets. The company's capabilities are diverse with services delivered through two divisions. The Business and Technology Services (BTS) Division is headquartered in Ottawa and includes the provision of business and technology services to industry, public and government in the health, training, engineering and IT services domains. Calian's Systems Engineering Division (SED) located in Saskatoon plans, designs and implements complex communication systems for many of the world's space agencies and leading satellite manufacturers and operators. SED also provides contract manufacturing services for both private sector and military customers in North America. For investor information, please visit our website at www.calian.com, or contact us at ir@calian.com Certain information included in this press release 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; the dependence on new product development; the impact of rapid technological and market change; the ability of Calian to integrate the operations and technologies of acquired businesses in an effective manner; general industry and market conditions and growth rates; international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; and the impact of consolidations in the business services industry. Additional risks and uncertainties affecting Calian can be found in Management's Discussion and Analysis of Results of Operations and its Annual Information Form for the fiscal year ended September 30, 2016 on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein and our current objectives or strategies may change. 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, except as required by law. 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.


Frank A.,Department of National Defence
Simulation and Gaming | Year: 2012

A risk associated with the use of games in training and education is that players "game the game," instead of focusing on their learning goals. The term gamer mode is proposed to describe this attitude. A player with a gamer-mode attitude strives to achieve goals that are optimal for winning the game, but suboptimal with respect to educational objectives. In this study of cadets playing an educational wargame to learn ground warfare tactics, the author examined occurrences of gamer mode. The results show that gamer mode on and off emerged in all analyzed sessions. Cadets' understanding of the wargame was different from what the instructors expected. This study discusses why it is important to avoid situations where the gamer mode emerges and also speculates on the sources that generate this attitude-the game itself, the educational setting, and the participants' previous experiences. © 2012 SAGE Publications.


Konishi Y.,Department of National Defence
Journal of Science and Medicine in Sport | Year: 2013

Objective: Prolonged vibration stimulation to normal individuals could lead to muscle weakness attributable to attenuation of afferent feedback. This weakness is neurophysiologically similar to that seen in patients with knee injury. Theoretically, increasing input to gamma motor neurons could reverse this weakness. Sensory input to these neurons from skin could indirectly increase Ia afferent feedback. The present study examined the effect of this tactile stimulation in the form of Kinesiology tape on muscle weakness attributable to attenuation of afferent feedback. Design: Randomized, crossover design. Methods: All participants were measured their eccentric maximal voluntary contractions under the 2 conditions (taping and non-taping). First, maximal voluntary contraction during eccentric contraction was measured as baseline. For the taping condition, Kinesiology tape was applied around each subject's knee joint during maximal voluntary contraction measurement after vibration. For the non-taping condition, tape was not applied during maximal voluntary contraction measurement after vibration. Mean percentage changes between pre- and post-vibration stimulation were compared between two conditions. Results: Maximal voluntary contraction and average electromyography of taping condition was significantly larger than that of non-taping condition. Conclusions: Our results suggest that tactile stimulation in the form of Kinesiology tape inhibits the decline of both strength and electromyography. Alpha motor neuron activity attenuated by prolonged vibration would thus be partially rescued by tactile stimulation. These results indirectly suggest that stimulation of skin around the knee could counter quadriceps femoris weakness due to attenuated Ia afferent activity. © 2012 Sports Medicine Australia.


Methods and devices for use in gathering and analyzing data from a corpus of documents. A corpus of documents is initially scanned for words that qualify as entities according to user defined criteria. Multiple counters track the number of documents which mention specific entities. A database of entities mentioned in the documents is maintained and an entry for each entity in the corpus is placed in the entity database. The results are then presented to a user in a spiral form with the most important entity at the center of the spiral. The importance of an entity may be determined by either how many entities it is connected to or how many documents mention that entity. A connection exists between two entities if they are both mentioned in at least one document and the more documents mention two specific entities at the same time, the stronger the connection between those two specific entities. The result presentation to the user is capable of also visually representing connections between entities by connecting connected entities with lines. The strength of a connection can also be represented with the width of the line connecting two entities.


SMi Reports (2016.06.02, London, UK): Over 450 Military SatCom experts from every continent, including 120 military personnel will meet in London this November at SMi Group’s 18th annual Global MilSatCom Conference and Exhibition. Europe's leading military satellite communications event, described by its audience as "the best networking event" in their calendar will bring together over 450 of the industry’s key senior military representatives alongside the world’s leading SatCom solution providers and operators. For further information on the conference please go to www.globalmilsatcom.com/realwire. Global MilSatCom 2016 will provide updates on military SatCom programmes and new and emerging technologies. Also discussed will be the potential for greater exploitation of commercial services to satisfy end-user military requirements, how the large demand for more resilient and protected SatCom is being satisfied, the potential for SatCom on airborne platforms in years to come as well as allied partnerships and interoperability as a solution for governments and militaries across the globe. In 2016 there will be over 450 attendees and over 20 Government and Military speakers. 3-day event programme features over 25 exclusive case-study driven presentations, 3 panel discussions and keynote addresses from UK MoD, UAE Space Agency, DISA and Department of National Defence Canada. The complete event agenda can be viewed at www.globalmilsatcom.com/realwire. Places are extremely limited for this event. With the event selling out for the past 12 years, those interested are advised to register before the 30th June to secure their place and save £200. Visit www.globalmilsatcom.com/realwire to view the complete list of speakers, the 3-day event schedule and information on our delegates, sponsors and supporters. Plus, event agenda includes 2 new pre-conference workshops, taking place on the 7th of November 2016: Sponsors/Exhibitors: Contact Alia Malick on +44(0) 207 827 6168, amalick@smi-online.co.uk Delegates/Groups: Contact James Hitchen on +44 (0) 207 827 6054, jhitchen@smi-online.co.uk Media: Contact Julia Rotar on jrotar@smi-online.co.uk About SMi Group: Established since 1993, the SMi Group is a global event-production company that specializes in Business-to-Business Conferences, Workshops, Masterclasses and online Communities. We create and deliver events in the Defence, Security, Energy, Utilities, Finance and Pharmaceutical industries. We pride ourselves on having access to the world’s most forward thinking opinion leaders and visionaries, allowing us to bring our communities together to Learn, Engage, Share and Network. More information can be found at http://www.smi-online.co.uk


News Article | November 3, 2016
Site: www.marketwired.com

Many clinics are open Nov. 11 to receive much needed blood donations OTTAWA, ON--(Marketwired - November 03, 2016) - To commemorate Remembrance Day, Canadian Blood Services encourages more Canadians to #givelife by donating blood, a gift in honour of the contributions of the women and men of the Canadian Armed Forces. Members of the armed forces are themselves some of the most generous donors. In 2006, the Department of National Defence became Canadian Blood Services first national Partner for Life organization. Since then, they have provided more than 30,000 blood donations to our national blood supply. In 2016, National Defence is aiming to contribute at least 600 new donors and 6,000 donations from Canadian Armed Forces and civilian employees across the country. Besides pledged support, partners can also adopt specific clinics, arrange group donations, and help raise awareness of the need for donors. "There are many different ways to serve your country. Canadians can contribute by working in the line of duty like our members of the Canadian Armed Forces, or by rolling up their sleeves to help patients in hospitals across Canada," says Mark Donnison, Canadian Blood Services' vice president of donor relations. "We need more Canadians to experience the feeling you get from serving your country and saving a life." This year alone, 100,000 new donors are needed across the country; that's up markedly from the 85,000 new donors who have been stepping forward the last few years. The increased need for new donors is in part due to recent updates to donation rules addressing travel and health-related matters. Also, approximately 160,000 donors stop donating each year for a variety of reasons. In order to meet anticipated patient needs, Canadian Blood Services looks to welcome close to 2,000 brand new blood donors each and every week. Donors can #givelife by visiting a clinic this week, making blood donation a part of their regular activities, and inviting family and friends to donate with them in support of those who protect our lives every day. To book an appointment, use the Give Blood App or visit blood.ca. About Canadian Blood Services Canadian Blood Services manages the national supply of blood, blood products and stem cells, and related services for all the provinces and territories (excluding Quebec). We operate an integrated, pan-Canadian service delivery model that includes leading an interprovincial system for organ donation and transplantation. Our national scope, infrastructure and governance make us unique in the Canadian healthcare landscape. Canadian Blood Services is regulated as a biologics manufacturer by Health Canada and primarily funded by the provincial and territorial ministries of health. Canadian Blood Services is a not-for-profit charitable organization.

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