Miranda Technologies Inc.
TSX : MT

Miranda Technologies Inc.

October 31, 2007 16:10 ET

Miranda Reports Third-Quarter Results

MONTREAL, QUEBEC--(Marketwire - Oct. 31, 2007) - Miranda Technologies Inc. (TSX:MT), a global developer, manufacturer and marketer of high-performance hardware and software for the television broadcast industry, today reported results for the third quarter of its 2007 fiscal year, ended September 30.

In the third quarter of 2007, sales reached $31.7 million, an increase of 24% compared to the corresponding period in 2006. If converted at the same rate as last year's third quarter, sales show a 31% increase.

"Our growth is the result of the organizational and operational changes we have been making to accelerate product introductions and target specific geographies", said Strath Goodship, President and CEO of Miranda. "We are seeing improvements across the three main product lines and all geographic segments. New products such as the Kaleido-X multiviewer, the Vertigo Graphics Series and the Imagestore-750 Master Control are accelerating sales, notably with a number of strategic clients." Sales outside Canada and the United States have shown a significant increase of 45% compared to the third quarter of 2006.

Gross margin as a percentage of sales was 56% for the third quarter of 2007, a decrease of three percentage points compared to the same period in 2006. The rapid and substantial decline of the US dollar since the beginning of the year and its impact on component costs in inventory accounted for a drop of approximately two percentage points in the gross margin for the period.

Operating costs - namely selling, general and administrative expenses and R&D - were closely controlled and, as a result, were lower in the third quarter of 2007 than in the previous two quarters. R&D investments for the quarter decreased by 2% compared to the same period in 2006. This level of investment will continue to allow Miranda to pursue its aggressive development plans and improve the speed of new product introductions.

EBITDA stood at $5.8 million in the third quarter of 2007, compared to $6.5 million for the same period in 2006. To compare profitability year over year, the following elements should be taken into account: a) an exchange loss of $1.4 million due mostly to the strength of the Canadian dollar in relation to the US dollar in the third quarter of 2007, b) $0.8 million in legal fees related to an I.P. litigation included in operating costs for the same quarter, and c) supplementary income of $1.1 million recognized in the third quarter of 2006 and relating to prior periods. Once adjusted to account for these elements, the third quarter 2007 EBITDA was higher than last year's.

Net income for the period was $3.3 million compared to $4.3 million in the same period last year, translating into a fully diluted earnings per share (EPS) of $0.13 compared to $0.17. The exchange loss on the translation of foreign operations decreased the quarter's EPS by $0.03. Cash and cash equivalents increased by $7.1 million during the period.

"After a slow start in the first quarter, sales gained momentum in the second and third quarters. Order levels remained strong during the third quarter and we continue to be encouraged by the success of our new products and buoyant markets worldwide for high-definition conversion, new graphics and playout workflows and monitoring and control applications for broadcasting", concluded Mr. Goodship.

Forward-looking statements

This press release contains forward-looking statements reflecting Miranda's objectives, estimates and expectations. Such statements may be marked by the use of verbs such as "believe", "anticipate", "estimate", "looking ahead" and "expect", as well as the use of the conditional or future tense. By their very nature, such statements involve risks and uncertainties. Consequently, results could differ materially from the Company's expectations. Risks that could cause results to differ materially from Miranda's expectations are discussed under the heading Risk Factors in the Company's Annual Information Form, which is available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release represent Miranda's current expectations and, accordingly, are subject to change. However, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statement, whether as a result of new information or events or otherwise, unless required to do so by the applicable securities legislation.

Conference call

Miranda Technologies Inc. will hold a conference call with financial analysts to present its third-quarter 2007 results on October 31st at 5:00 PM (Eastern Time). Those interested should call 514-807-8791 (Montreal or overseas) or 800-732-1073 (elsewhere in North America).

The call can also be accessed via a direct broadcast site at the following addresses: www.miranda.com and www.marketwire.com. The webcast of the conference call will be available for a period of 90 days.

Those unable to participate can hear a recording of the call by dialling 1-877-289-8525 and entering the code 21250369# on the telephone keypad. This recording will be accessible from 7:00 PM on Wednesday, October 31, 2007 to 11:59 PM on Wednesday, November 7, 2007.

About Miranda

Miranda Technologies Inc. (TSX:MT) develops, manufactures and markets high-performance hardware and software for the television broadcast industry. Its solutions are purchased by content creators, broadcasters, specialty channels and television service providers to enable and enhance the transition to a complex multi-channel digital and HD broadcast environment. This equipment allows customers to generate additional revenue while reducing costs through more efficient distribution and management of content as well as the automation of previously manual processes. Miranda employs approximately 400 people at its Montreal headquarters and in its facilities located in Wallingford (UK), Springfield (New Jersey, USA), Paris (France), Tokyo (Japan), Beijing (China) and Hong Kong. Miranda is listed on the Toronto Stock Exchange. For more information, please visit www.miranda.com.

The selected consolidated financial information set out below for the third quarter of the fiscal year ending December 31, 2007 is unaudited, presented in Canadian dollars and prepared in accordance with Canadian generally accepted accounting principles. The following information should be read in conjunction with the Company's interim unaudited consolidated financial statements and notes thereto, which have been filed on SEDAR.



CONSOLIDATED BALANCE SHEETS
(In thousands of Canadian dollars)

September 30, 2007 and December 31, 2006

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September 30, December 31,
2007 2006
-----------------------------------------------------------------------
(Unaudited) (Audited)

Assets

Current assets:
Cash and cash equivalents $69,346 $40,378
Temporary investments - 22,179
Accounts receivable 19,944 17,710
Inventories 16,170 15,292
Income taxes receivable 3,575 5,279
Prepaid expenses 1,036 886
Future income taxes 692 625
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110,763 102,349

Capital assets 13,653 13,498
Intangible assets 6,633 7,937
Goodwill 3,933 3,933
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$134,982 $127,717
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Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued charges $13,451 $14,649
Deferred revenue 688 298
Income taxes payable 1,337 1,015
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15,476 15,962

Deferred revenue 1,763 1,040
Future income taxes 2,131 2,313

Shareholders' equity:
Share capital (note 3) 111,847 111,784
Contributed surplus (note 3) 2,090 1,216
Retained earnings (deficit) 1,675 (4,598)
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115,612 108,402

Contingencies (note 5)

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$134,982 $127,717
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See accompanying notes to unaudited consolidated financial statements.



CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three-month and nine-month periods ended September 30, 2007 and 2006
(In thousands of Canadian dollars, except per share amounts)

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-------------------------------------------------------------------------
Three-month periods Nine-month periods
ended September 30, ended September 30,
-------------------------------------------------------------------------
2007 2006 2007 2006
-------------------------------------------------------------------------
Sales $31,681 $25,459 $80,517 $77,892

Cost of sales 13,944 10,461 34,923 31,187
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17,737 14,998 45,594 46,705

Operating expenses:
Selling, general and
administrative 7,930 6,766 24,343 22,223
Research and development 3,673 3,746 12,018 11,349
Research and development
tax credits (832) (1,600) (2,826) (3,000)
Interest (666) (573) (1,956) (1,438)
Foreign exchange
loss(gain) 1,419 (67) 1,347 (1,027)
Stock-based compensation 329 203 874 435
Amortization of intangible
assets 447 435 1,341 1,360
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12,300 8,910 35,141 29,902
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Income before income taxes 5,437 6,088 10,453 16,803

Income taxes:
Current 2,249 1,790 4,498 3,270
Future (142) (5) (271) 1,682
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2,107 1,785 4,227 4,952
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Net income $3,330 $4,303 $6,226 $11,851
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Net earnings per share
(note 3 (C)):
Basic $0.13 $0.17 $0.25 $0.49
Diluted 0.13 0.17 0.25 0.47
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Basic weighted average
number of common shares
outstanding 24,743,332 24,632,501 24,736,985 24,281,972
Diluted weighted average
number of common shares
outstanding 25,073,215 25,130,312 25,095,129 25,091,548

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See accompanying notes to unaudited consolidated financial statements.



CONSOLIDATED STATEMENTS OF RETAINED EARNINGS

(Unaudited)

Three-month and nine-month periods ended September 30, 2007 and 2006
(In thousands of Canadian dollars)

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-------------------------------------------------------------------------
Three-month periods Nine-month periods
ended September 30, ended September 30,
-------------------------------------------------------------------------
2007 2006 2007 2006
-------------------------------------------------------------------------

Deficit, beginning of period $(1,655) $(16,028) $(4,598) $(23,576)

Adjustments due to the new
accounting policies adopted
regarding financial
instruments (net of
income taxes of $22)
(note 2) - - 47 -
-------------------------------------------------------------------------
Adjusted balance (1,655) (16,028) (4,551) (23,576)

Net income 3,330 4,303 6,226 11,851
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Retained earnings (deficit),
end of period $1,675 $(11,725) $1,675 $(11,725)
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Consolidated Statements of Comprehensive Income
(Unaudited)

Three-month and nine-month periods ended September 30, 2007 and 2006
(In thousands of Canadian dollars)

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Three-month periods Nine-month periods
ended September 30, ended September 30,
-------------------------------------------------------------------------
2007 2006 2007 2006
-------------------------------------------------------------------------
Net income $3,330 $4,303 $6,226 $11,851

Other comprehensive income:
Change in fair value of
available-for-sale
financial assets 12 - 7 -
-------------------------------------------------------------------------
Comprehensive income $3,342 $4,303 $6,233 $11,851
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See accompanying notes to unaudited consolidated financial statements.



CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Three-month and nine-month periods ended September 30, 2007 and 2006
(In thousands of Canadian dollars)

-------------------------------------------------------------------------
-------------------------------------------------------------------------
Three-month periods Nine-month periods
ended September 30, ended September 30,
-------------------------------------------------------------------------
2007 2006 2007 2006
-------------------------------------------------------------------------
Cash flows from operating
activities:
Net income $3,330 $4,303 $6,226 $11,851
Adjustments for:
Depreciation of capital
assets 554 538 1,592 1,386
Amortization of intangible
assets 447 435 1,341 1,360
Stock-based compensation 329 203 874 435
Future income taxes (142) (5) (271) 1,682
Gain on disposal of an
investment - - - (100)
Effect of exchange rates
on cash and cash
equivalents 1,029 (79) 2,541 (156)
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5,547 5,395 12,303 16,458
Net change in operating
working capital items 3,031 (3,247) (1,252) (6,254)
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8,578 2,148 11,051 10,204

Cash flows from financing
activities:
Repayment of long-term debt - - - (1,793)
Reimbursement of loan
granted to management - - - 2,366
Issuance of common shares 1 184 63 1,421
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1 184 63 1,994

Cash flows from investing
activities:
Additions to capital assets (368) (1,087) (1,747) (2,473)
Proceeds from sale of
investment - - - 100
Proceeds from sales of
temporary investments - - 22,179 -
Additions to intellectual
property (37) (191) (37) (191)
Business acquisition (note 2) - - - (11,641)
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(405) (1,278) 20,395 (14,205)

Effect of exchange rates on
cash and cash equivalents (1,029) 79 (2,541) 156
Effect of comprehensive
income on cash and cash
equivalents 17 - - -
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Net increase (decrease) in
cash and cash equivalents 7,162 1,133 28,968 (1,851)
Cash and cash equivalents,
beginning of period 62,184 55,680 40,378 58,664
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Cash and cash equivalents,
end of period $69,346 $56,813 $69,346 $56,813
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Cash and cash equivalents
are comprised of:
Cash $21,571 $10,910 $21,571 $10,910
Cash equivalents 47,775 45,903 47,775 45,903
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$69,346 $56,813 $69,346 $56,813
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See accompanying notes to unaudited consolidated financial statements.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Three-month and nine-month periods ended September 30, 2007 and 2006

(In thousands of Canadian dollars, except per share amounts)

Miranda Technologies Inc. (the "Company") was amalgamated under Part 1A of the Companies Act (Quebec). The Company develops, manufactures and markets high performance solutions for the television broadcast industry.

1. Basis of presentation:

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with Canadian generally accepted accounting principles on a basis consistent with those followed in the most recent audited annual consolidated financial statements, except for recognition and measurement of financial instruments presented per Section 3855 of CICA Handbook, Financial Instruments - Recognition and Measurement, which required prospective applications. These unaudited interim consolidated financial statements do not include all information and note disclosures required by Canadian generally accepted accounting principles for annual financial statements, and, therefore, should be read in conjunction with the December 31, 2006 audited consolidated financial statements and the notes thereto.

Our sales are subject to seasonal fluctuation. Normally, the first quarter of each year is the weakest and sales activity is more evenly spread over the remaining quarters.

2. Changes in accounting policies:

Effective at the beginning of its 2007 fiscal year, the Company has adopted the Canadian Institute of Chartered Accountants ("CICA") Handbook Section 1530, Comprehensive Income, CICA Handbook Section 3251, Equity, CICA Handbook Section 3855, Financial Instruments -Recognition and Measurement, CICA Handbook Section 3861, Financial Instruments -Disclosure and Presentation, and CICA Handbook Section 3865, Hedges. These new Handbook Sections, which apply to fiscal years beginning on or after October 1, 2006, provide comprehensive requirements for the recognition and measurement of financial instruments, as well as standards on when and how hedge accounting may be applied. Handbook Section 1530 also establishes standards for reporting and displaying comprehensive income. Comprehensive income is defined as the change in equity from transactions and other events from non-owner sources. Other comprehensive income refers to items recognized in comprehensive income but that are excluded from net income calculated in accordance with generally accepted accounting principles.

Under these new standards, all financial instruments are classified into one of the following five categories: held for trading, held-to-maturity investments, loans and receivables, available-for-sale financial assets or other financial liabilities. All financial instruments, including derivatives, are included in the consolidated balance sheet and are measured either at fair market value with the exception of loans and receivables, investments held-to-maturity and other financial liabilities, which will be measured at amortized cost. Subsequent measurement and recognition of changes in fair value of financial instruments depend on their initial classification. Held-for-trading financial investments are measured at fair value and all gains and losses are included in net income in the period in which they arise. Available-for-sale financial instruments are measured at fair value with revaluation gains and losses included in other comprehensive income until the asset is removed from the balance sheet.

The standards require derivative instruments to be recorded as either assets or liabilities measured at their fair value unless exempted from derivative treatment as a normal purchase and sale. Certain derivatives embedded in other contracts must also be measured at fair value. All changes in the fair value of derivatives are recognized in earnings unless specific hedge criteria are met, which requires the Company to formally document, designate and assess the effectiveness of transactions that receive hedge accounting. Derivatives that qualify as hedging instruments must be designated as either a "cash flow hedge," when the hedged item is a future cash flow, or a "fair value hedge," when the hedged item is a recognized asset or liability. The unrealized gains and losses related to a cash flow hedge are included in other comprehensive income. For a fair value hedge, both the derivative and the hedged item are recorded at fair value in the consolidated balance sheet and the unrealized gains and losses from both items are included in earnings. Any derivative instrument that does not qualify for hedge accounting is marked-to-market at each reporting date and the gains or losses are included in earnings.

These new standards have to be applied without restatement of prior period amounts. Upon initial application, all adjustments to the carrying amount of financial assets and liabilities shall be recognized as an adjustment to the opening balance of deficit or accumulated other comprehensive income, depending on the classification of existing assets or liabilities. As at January 1, 2007, the Company has recorded a $47 (net of income taxes of $22) reduction to the opening balance of deficit with respect to the financial assets and liabilities and embedded derivatives and a $7 (net of income taxes of $3) reduction to the opening balance of accumulated other comprehensive income with respect to the available-for-sale financial assets.

As a result of the adoption of these standards, the Corporation has classified cash equivalents and temporary investments as available-for-sale financial assets, accounts receivable as loans and receivables, and accounts payable and accrued charges as other financial liabilities. Investments acquired during the three-month period ended September 30, 2007 were classified as held for trading securities.

As at December 31, 2006 and September 30, 2007, all outstanding forward foreign exchange contracts were reported on a mark-to-market basis and the gains or losses were included in earnings, because the Company elected not to follow hedge accounting for these derivatives. The adoption of these standards did not have a significant impact on the consolidated statement of income.

3. Share capital:

(a) Issued and paid share capital:



------------------------------------------------------------------
------------------------------------------------------------------
September 30, December 31,
2007 2006
------------------------------------------------------------------
24,743,614 common shares (24,706,813 at
December 31, 2006) $111,847 $111,784
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------------------------------------------------------------------


(b) Stock option plan:

The Company established a stock option plan to attract, retain and provide an incentive to the employees, directors, officers and consultants, by providing these persons with the opportunity, through stock options, to acquire an ownership interest in the Company. The current stock option plan was adopted in June 2003 to replace prior plans and has been amended and restated in November 2005 to conform to applicable securities rules and practices for public companies. The stock option plan is administered by the Board of Directors. The Board of Directors may determine, in accordance with the terms of the stock option plan, the terms relating to each option, including the number of shares subject to each option, exercise price and expiration date of each option and the extent to which each option is exercisable during the term of the option. The term of an option granted after November 2005 cannot exceed 5 years (10 years under the previous plan) and will usually be vested over three years. All of the options granted pursuant to the stock option plan before the November 2005 amendment have vested upon closing of the initial public offering of the Company.

A total of 2,395,185 common shares are reserved for issuance upon exercise of options issued under the stock option plan. As a result, less than 10% of the outstanding capital is reserved for issuance upon exercise of all options or issuable under the stock option plan. After taking into account issued and cancelled options, 482 991 common shares are available for issuance under this stock option plan.

The following table summarizes information on stock options outstanding at September 30, 2007:



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Number Weighted average
of options exercise price
-----------------------------------------------------------------------

Balance, beginning of period 931,236 $8.83

Granted 226,000 13.13

Exercised (36,801) 1.71
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Balance, end of period 1,120,435 $9.93
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The outstanding options at September 30, 2007 are presented in
the table below:

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Number of Number of Residual
outstanding vested life
Exercise price options options (years)
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$ 1.71 204,685 204,685 5.8
$ 3.96 115,000 115,000 7.5
$ 3.96 175,000 175,000 7.7
$16.46 324,000 107,976 3.5
$17.08 50,000 16,665 3.5
$18.82 20,000 6,667 3.7
$17.24 5,750 1,916 3.9
$14.00 181,000 - 4.4
$ 9.64 45,000 - 4.7
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1,120,435 627,909
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Compensation cost charged against income was $329 (2006 - $203) and $874 (2006 - $435) for the three-month and nine-month periods ended September 30, 2007, respectively. The offsetting credit has been recorded as contributed surplus.

The fair value of the stock options granted in 2007 was estimated using the Black-Scholes option pricing model using the following assumptions:



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Risk-free interest rate 3.99% - 4.65%
Dividend yield 0%
Expected life 3.5 years
Expected volatility 50%
Weighted average fair value of each
option at grant date $3.64 to $5.63
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(C) Earnings per share:

The following table provides the reconciliation between basic and diluted
earnings per share:

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Three-month periods Nine-month periods
ended September 30, ended September 30,
--------------------------------------------------------------------------
2007 2006 2007 2006
--------------------------------------------------------------------------
Net income $3,330 $4,303 $6,226 $11,851
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Weighted average
number of common
shares outstanding 24,743,332 24,632,501 24,736,985 24,281,972
Dilutive effect:
Employees' stock
options 329,883 497,811 358,144 809,576
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Weighted average
number of diluted
common shares
outstanding 25,073,215 25,130,312 25,095,129 25,091,548
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Basic earnings per share $0.13 $0.17 $0.25 $0.49
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Diluted earnings per share $0.13 $0.17 $0.25 $0.47
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4. Accumulated other comprehensive income:

Available-for-sale financial assets constitute the sole item in accumulated other comprehensive income. The changes that occurred during the period were as follows:



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Three-month periods Nine-month periods
ended September 30, ended September 30,
--------------------------------------------------------------------------
2007 2006 2007 2006
--------------------------------------------------------------------------
Balance, beginning
of period, net of income
taxes of $3 and $3
(note 2) $(12) $- $(7) $-

Change in fair value,
net of income taxes
of $(3) and $(3),
during the period 12 - 7 -
--------------------------------------------------------------------------
Balance, end of period $- $- $- $-
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--------------------------------------------------------------------------


5. Contingencies:

A complaint alleging patent infringement was filed in the United States District Court for the Northern District of Illinois Eastern Division against the Company and other defendants in 2005. The complaint alleges that certain products of the Company infringe one or more of seven United States patents for which the plaintiffs assert they hold a license. The complaint requests injunctive relief, damages, costs and such other and further relief against the Company as the court deems proper. Based on management's review and the assessment of reports from the Company's United States legal counsel, the Company believes that the plaintiff's' claim is without merit. The Company has filed a defense and intends to vigorously defend its position in court.

6. Segmented information:

The Company determined that it operated in a single reportable segment, the broadcast equipment segment. The single reportable operating segment derives its revenue from the sales of hardware and software solutions including related services, training and commissioning.



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Three-month periods Nine-month periods
ended September 30, ended September 30,
--------------------------------------------------------------------------
2007 2006 2007 2006
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Canada $2,886 $2,323 $7,232 $9,121
United States 13,401 12,549 36,744 34,306
Other countries 15,394 10,587 36,541 34,465

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$31,681 $25,459 $80,517 $77,892
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Capital assets, goodwill and September 30,
intangible assets 2007
--------------------------------------------------------------------------
Capital Intangible
assets Goodwill assets
--------------------------------------------------------------------------

Canada $12,332 $3,933 $6,633
United States 41 - -
Other countries 1,280 - -

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$13,653 $3,933 $6,633
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Capital assets, goodwill and December 31,
intangible assets 2006
--------------------------------------------------------------------------
Capital Intangible
assets Goodwill assets
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Canada $12,183 $3,933 $7,937
United States 50 - -
Other countries 1,265 - -

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$13,498 $3,933 $7,937
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Sales are attributed to the geographic locations based on the location of the customers. One customer, and its affiliates, accounted for 11% and 14% of total sales for the three-month and nine-month periods ended September 30, 2007, respectively (no customer accounted for more than 10% of total sales for the three-month and nine-month periods ended September 30, 2006).

Contact Information

  • Source:
    Miranda Technologies Inc.
    or
    Investors
    Miranda Technologies Inc.
    Rene Vachon
    Executive Vice President and CFO
    514-333-1772
    or
    Media
    Miranda Technologies Inc.
    Simon-Pierre Pouliot
    Director of Communications
    514-333-1772
    www.miranda.com