The first quarter fiscal 2012 results are COM DEV's first set of consolidated financial statements prepared under International Financial Reporting Standards (IFRS). All amounts are stated in Canadian dollars unless otherwise noted. The first quarter highlights include...
- Revenue was $47.2 million in the first quarter of 2012, a 6 percent decrease from revenue of $50.3 million in the first quarter of 2011
- Gross margin in the core Space Equipment business was 29 percent, compared to 20 percent in Q1 2011
- Net income attributable to shareholders was $3.6 million, or $0.05 per share, an increase of $3.5 million compared to $77,000 or $0.00 per share in the first quarter of 2011
- New orders won in the first quarter totaled $45 million, compared to $59 million a year earlier and $54 million in the fourth quarter of 2011
- Backlog at January 31, 2012 was $125 million, compared to $129 million at October 31, 2011
- exactEarth signed six new customers in the quarter, surpassing 30 customers in total
"We continue to make progress on our top priority of improving profitability," said Michael Pley, CEO of COM DEV. "Solid execution throughout the organization led to our highest gross margin percentage in over two years and effective control of operating expenses. While overall revenue growth has been slow, we expect to build momentum as the fiscal year progresses."
To read the entire report, download the PDF at this direct link.