[SatNews] NewSat Limited (ASX: NWT) has reported the Company’s performance for the year ending 30 June 2011.

The financial highlights include...

• Revenue from ordinary activities of $28.8 million, up 15 percent from $25 million in FY2010
• Gross Margin of $12.9 million, up 9 percent from $11.8 million in FY2010
• Positive EBITDA of $1.8 million up 17 percent on FY2010
• Net Profit of $0.3 million
• Positive operating cash flow of $0.9 million
• Cash and cash equivalents up $0.6 million to $5.5 million

Operational highlights...

• 75 new high-grade enterprise contracts signed during the period with an average value of approximately $70k per annum
• Contract wins across the oil and gas, mining and military markets domestically and internationally
• Significant amount of substantial mining and military operational projects in 3rd and 4th quarter of financial year – impacts of growth will flow into 2012 financial year with recurring revenue stream now over $2.6 million per month
• Strategic organisational changes with appointment of senior satellite industry executives David Ball (CTO) and Michael Hewins (COO)

Jabiru Satellite Program...

• Acquired rights from KyproSat and received Cypriot regulatory approval to seven premium orbital slots for development
• Signing of binding customer contract on Jabiru-1 with TrustComm for $105 million
• Signing of non-binding customer terms sheets on Jabiru-1 for over $50 million per annum
• Completion of technical design phase of Jabiru-1, received detailed submissions from the world’s premium satellite manufacturers and undertaking advanced contract discussions
• Commenced preliminary work with customers and satellite manufacturers on satellites beyond Jabiru-1 and Jabiru-2

In commenting on the results, Adrian Ballintine, NewSat Founder and CEO, said, “NewSat recorded another successful year’s results, with revenue growth against adverse currency impacts and global financial unrest, along with improvements in gross margins, EBITDA and net profit. The core Teleport business continues to deliver recurring revenues from its high value military and resource clients and the Jabiru Satellite Program is on the verge of delivering spectacular future growth. The recently announced $105 million deal with TrustComm for Ka-band satellite capacity on Jabiru-1 is tangible evidence of the paradigm shift in the business model which is set to deliver greater value to shareholders.” To read the entire financial report, access this PDF download link.