RICHMOND, BC, March 30, 2012 /PRNewswire/ - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that the Company has made a preliminary assessment of the Canadian federal budget released yesterday. It has concluded that the budget does not include the funds required to continue the RADARSAT Constellation Mission (RCM) as currently envisioned. At this time MDA is uncertain on the way forward on Phase D of RCM and expects to work with its customer to seek clarification over the coming weeks.
Given the level of uncertainty, the Company is accelerating its steps to restructure its work force related to this event.
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
This news release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") with respect to future events and financial performance. The forward-looking statements in this regard include statements related to the Government of Canada's ability to make amendments to and continue on to the next phase of the government contract for the RADARSAT Constellation Mission (RCM) and its impact on the Company's operations. Any such forward-looking statements are based on MDA's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. The factors and assumptions underlying the forward-looking statements in this news release include contracts with any government agency not being terminated or not receiving funding. Any such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations. MDA cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. The risks that could cause actual results to differ from current expectations include changes in government priorities or funding levels.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online at www.sedar.com or on the Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
SOURCE MacDonald, Dettwiler and Associates Ltd.