COM DEV International Ltd. (TSX:CDV) has announced its first quarter financial results for the three-month period ended January 31, 2009, with all amounts are stated in Canadian dollars, unless otherwise noted.

First Quarter Highlights

Revenue was $56.5 million, an increase of 26% over the $44.9 million recorded in the first quarter of 2008

Gross margin was 26%, compared to 24 percent in Q1 2008

Net income was $4.4 million, or $0.06 per share, compared to $1.3 million or $0.02 per share for the prior year period

New orders won in the first quarter totaled $88 million, compared to $33 million a year earlier and $60 million in the fourth quarter of fiscal 2008

Backlog at January 31, 2009 was $189 million, compared to $158 million three months earlier

COM DEV’s fiscal 2009 first quarter revenues of $56.5 million represented an increase of $11.6 million or 26 percent compared to the previous year.  The revenue split between the three market segments was 59 percent commercial, 24% civil and 17% military, compared to a 64/23/13 split in the first quarter of 2008.  Management continues to expect annual revenue growth of at least 10 percent in fiscal 2009. Select this direct link to read the entire financial report.