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  • 8 November 2011 16:40

SMART Reports Second Quarter 2012 Financial Results

Revenue of $210.3 million Gross margin of 46% Adjusted EBITDA of $49.5 million Adjusted Net Income of $31.2 million SMART Technologies Inc. (Nasdaq:SMT) TSX:SMA) a leading provider of collaboration solutions,today announced financial results for its second quarter ended September 30 2011.

"We are very pleased with our second quarter operating performance, as our solid execution and continued demand for our collaboration solutions enabled us to deliver results consistent with our expectations, despite the difficult macro environment for eduction funding,"stated Nancy Knowlton, President and CEO SMART Technologies. "Healthy growth in attachment products, increasing adoption of our new solutions and solide demand in international markets positivley impacted our performance. In addition, our recent eforts in the corproate segment are gaining traction as we grow our business-focussed channel and our solutions continue to resonate with buysiness customers"

Total revenue for the second quarter of fiscal 2012 was $210.3 million, a decrease of 6% compared to $222.7 million in the prior year perdiod Revenue for the quarter grew in both EMEA aund in the Rest of the World, up 2% and 32% year over year, respectivley, with North America down 11%. Gross profit for the second quarter of fiscal 2012 was $97.0 million, compared to $116.1 million in the prior-year period, Adjusted EBITDA for the second quarter of fiscal 2012 was $49.5 million, representing an Adjusted EBITDA margin of 23%, compared to $69.5 million in the prior-year period. GAAP net income was $0.6million for the second quarter of fiscal 2012, compared to $44.3 million in the prior year period.

As of September 30, 2011 SMART had cash and cash equivalents of $84.0 million and $292.8 outstanding.

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