Norsat International Inc. (“Norsat") (TSX: NII and OTC BB: NSATF) has announced financial results for the three months and year ended December 31, 2010. All results are in United States dollars and in accordance with Canadian generally accepted accounting principles ("GAAP"), unless otherwise stated.
FY 2010 Summary
- Revenue of $20.2 million, compared to $21.2 million in 2009
- Gross margin was 47%, compared to 50 percent in 2009
- Total expenses constant at $7.5 million for 2010 and 2009, despite $0.3 million in one-time costs associated with Sinclair acquisition and $0.2 million in one-time consulting costs, in 2010
- Net earnings were $2.1 million or $0.04 per share, compared to $4.6 million, or $0.08 per share in 2009, which also included a tax recovery of $1.6 million
- As at December 31, 2010, Norsat had working capital totaling $13.3 million compared to $12.1 million as at December 31, 2009
- Bolstered growth opportunities in Microwave division due to several new product introductions
- Satellite terminals used in several high-profile events including Haiti earthquake relief and Chilean miners rescue
Q4 2010 Summary
- Q4 revenue was $5.7 million, compared to $6.3 million in Q4 2009
- Revenue from the Satellite Systems segment was $3.2 million, compared to $4.0 million in Q4 2009
- Revenue from the Microwave Products segment was $2.3 million compared to $2.1 million in Q4 2009
- Operating expenses for Q4 were $2.3 million, up from $1.8 million in Q4 2009, due to $0.3 million in one-time costs associated with Sinclair acquisition
- Q4 net earnings were $0.2 million or $0.00 per share, compared to net earnings of $2.9 million, or $0.02 per share in Q4 2009
- Norsat awarded $4.2 million in contract orders with US Government organizations
- Norsat Ka-band BUC unit used in CERN Laboratory in antimatter research