[SatNews] The first quarter financial results for the three month period ended January 31, 2011 are in.

All amounts are stated in Canadian dollars unless otherwise noted. First quarter stats include...

• Revenue was $48.7 million, a 14% decrease from revenue of $56.7 million in the first quarter of fiscal 2010
• Gross margin in the core space equipment business was 21%, compared to 24% in Q1 2010
• Net income attributable to shareholders was $1.3 million, or $0.02 per share, compared to $2.2 million or $0.03 per share in the first quarter of the previous year
• New orders won in the first quarter totaled $59 million, compared to $51 million a year earlier and $80 million in the fourth quarter of fiscal 2010
• Backlog at January 31, 2011 was $157 million, plus an additional $23 million in follow-on orders expected from Authorities to Proceed (ATPs) already awarded

"We continue to demonstrate solid performance in our commercial segment, effective control of operating expenses, and strong order activity," said Michael Pley, CEO of COM DEV. "While we saw a further cost increase on a small number of troublesome programs, which affected revenue, the gross margin achieved in the core space equipment business reached 21% in the first quarter. But we have now completed two of these five programs, and we have been replenishing our backlog with new contracts that offer a more favourable margin profile. The robust orders we have booked in the past two quarters are typically a good leading indicator for us, and we should see the positive effects on our revenue beginning next quarter." To read the entire financial report, download the information here.