All financial results are in U.S. dollars and have been prepared in accordance with International Financial Reporting Standards (IFRS), unless otherwise stated.
“I am pleased to report year-over-year revenue growth of 66 percent in the second quarter of 2011 and a positive EBITDA of $0.5 million for the quarter, representing our 19th straight quarter of positive EBITDA," said Amiee Chan, Norsat’s President and CEO. Our revenues of $8.6 million for the quarter included Microwave sales totaling $1.8 million and Satellite sales totaling $1.3 million. Satellite sales were down sharply when compared to the same quarter of 2010 and were hindered by the recessionary affects in the US and the overall reductions to US Military budgets. Although we experienced declines in both Microwave and Satellite sales, our strategy to diversify our customer and product base is working with our new Sinclair division contributing $5.2 million of revenue and our maritime unit experiencing over 200 percent growth with revenue for the quarter totaling $0.3 million. In addition, our recently announced Cdn$3.5 million award from the BC First Nations and NATO’s $1.3 million contract wins have created a backlog of revenues going into the next couple of quarters and in the case of the BC First Nations, also an element of recurring revenues thereafter” said Chan. “We plan to continue our diversification strategy and expect to continue driving revenue opportunities and diversification of our customers especially within the Satellite solutions division by making further investments in sales and marketing channels and activities." To read the entire financial report, select this direct link.