Miranda Reports Sales and Net Income Increases for First Quarter 2008

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 first quarter of its 2008 fiscal year ended March 31 2008.

First-Quarter Financial Highlights

- Sales increase of 21% to $25.5 million, compared to $21.0 million in 2007

- On a constant currency basis, sales increased by 35%

- Net income of $3.5 million, up from $0.9 million for the first quarter of 2007

- EPS of 14 cents, up from 4 cents

- EBITDA(i) increase to $5.3 million from $1.7 million

(i) EBITDA is a Non-GAAP measure. See the comment on Non-GAAP Financial Measures which follows.

"We are pleased with this solid start to 2008 which builds on the positive results achieved during the second half of last year", commented Strath Goodship, President and Chief Executive Officer of Miranda Technologies Inc. "Sales gains reflected strength in all geographic areas on a constant currency basis, particularly in international markets."

"Demand for our equipment remains strong globally as the migration to High Definition accelerates and all segments of the television industry transform their business models to capture new revenue streams and deliver services more cost effectively", he added.

"We launched a series new products at the National Broadcasters Association (NAB) show in April in Las Vegas. We are pleased with the reception they received and believe that they will have a positive impact on our performance going forward."

Revenue

Sales for the first quarter of 2008 were $25.5 million, up 21% from $21.0 million during the first quarter in 2007. On a constant currency basis sales showed a 35% growth over the same period last year.

Sales in Canada and Other countries increased by 127% and 28% respectively compared to the previous year. Sales in the United States declined by 1% over last year but increased by 15% on a constant currency basis. United States and Other countries represented 38% and 49% of the Company's total sales, compared to 47% and 46% for the same period in 2007.

Growth continued to be fuelled by the increased activity for high-definition build-outs, as well as the success of our products such as multiviewers, notably the Kaleido-X.

Gross Margin

Gross margin as a percentage of sales was 58% for the first quarter of 2008 compared to 59% in 2007. The slight decrease is mainly attributable to product and customer mix compared to last year. Compared to the previous three quarters, gross margin has increased by 2% points.

Operating Expenses

Selling, General & Administrative expenses (SG&A) increased by 4 % in the first quarter to $8.2 million compared to $7.9 million in 2007. The main increase was in selling and marketing costs, reflecting the higher level of sales in the current period.

R&D investments for the quarter increased by 3% compared to the same period in 2007 and represented 17% of sales compared to 20% in 2007. This level of investment is within the planned range established by management and will continue to allow Miranda to pursue its aggressive development plans and improve the speed of new product introductions.

A foreign exchange gain of $1.8 million was recorded in the quarter compared to a gain of $0.1 million in the previous year. The majority of the gain is the unrealized portion that relates to the translation of integrated foreign subsidiaries and net assets held in foreign currencies.

The exchange gain favourably impacted earnings per share by 5 cents in the quarter.

Net Income

Net income for the period was $3.5 million compared to $0.9 million in the same period last year, translating into fully diluted EPS of 14 cents compared to 4 cents.

EBITDA was $5.3 million for first quarter of 2008, compared to $1.7 million for the same period in 2007.

Liquidity and Capital Resources

Cash, cash equivalents and temporary investments of $75.7million are held in AAA and R1 rated instruments issued mainly by Canadian chartered banks and federal Crown corporations. The Company has no exposure to any asset-backed securities.

Other Corporate Highlights

During the quarter, Miranda took several steps designed to strengthen its competitive position and improve operating efficiency:

- As previously announced, Mr. Rene Vachon was appointed Executive Vice-President, Corporate Development effective February 20, 2008. His mandate is to focus further on acquisitions and strategic alliances. Mr. Mario Settino was appointed Chief Financial Officer to succeed Mr. Vachon on the same date.

- A new SMT line was implemented, allowing us to consolidate the remaining manufacturing operations in the UK, expand our Montreal production capacity and virtually remove our dependency on external capacity.

"We believe our results announced today demonstrate once again that Miranda is well positioned to succeed as the global broadcast equipment market continues to evolve", concluded Mr. Goodship.