[SatNews] COM DEV International Ltd. (TSX:CDV) has announced second quarter financial results for the three month period ended April 30, 2010. All amounts are stated in Canadian dollars unless otherwise noted.

COM DEV's fiscal 2010 second quarter revenues of $60.4 million represented a decrease of $3.7 million or 6 percent compared to the second quarter of 2009. The revenue split between the three market segments was 63 percent commercial, 25 percent civil and 12 percent military, compared to a 58/26/16 split in the second quarter of 2009. While underlying market conditions and the Company’s historic success rate at winning new business provide the basis for revenue growth, an unfavourable shift in exchange rates and program execution on several contracts have been disappointing, and has resulted in a slower pace of realizing revenue than expected. As a result, management now expects year-over-year revenue growth to be minimal for fiscal year 2010.

COM DEV received new orders totaling $33 million during the second quarter, of which 76 percent were commercial, 13 percent were civil, and 11 percent were military. While the dollar value of orders secured in Q2 2010 was below recent quarterly levels, follow-on orders expected to be realized from Authorities to Proceed (ATPs) received during the quarter grew significantly to $45 million, compared to $11 million in Q2 2009. COM DEV only includes these ATP amounts in orders and backlog once the final contracts are in place.

COM DEV ended the quarter with $10.4 million of cash and equivalents, compared to $18.2 million at January 31, 2010. Operating activities generated $2.1 million of cash in the second quarter. Financing activities used $1.6 million of cash, while investing activities used $8.3 million of cash. At April 30, 2010, COM DEV had outstanding debt of $15.7 million including the current portion, and the Company’s $32 million credit facility was not drawn upon. To read the entire financial report, access this direct link.