[SatNews] COM DEV International Ltd. (TSX:CDV) has announced fourth quarter and year end financial results....

....for the three- and twelve-month periods ended October 31, 2011. All amounts are stated in Canadian dollars unless otherwise noted.

Fiscal Year 2011 Highlights

• Revenue was $2032 million, an 8 percent decrease from revenue of $2209 million in fiscal 2010
• Gross margin in the core Space Equipment business showed continuous improvement over the year, and for the full year was 24 percent, compared to 22 percent in 2010
• Net income attributable to shareholders was $136 million, or $018 per share, an increase of $109 million compared to $27 million or $004 per share in 2010
• New orders totaled $188 million in fiscal 2011, compared to $210 million the previous year
• Backlog at October 31, 2011 was $126 million, plus an additional $20 million in follow-on orders expected from Authorities to Proceed (ATPs) already awarded, for an expected backlog of $146 million, compared to an expected total backlog of $158 million a year earlier
• Majority-owned subsidiary exactEarth booked nearly $10 million of customer orders during the year, while continuing to expand its constellation of satellites

Fourth Quarter Highlights

• Revenue was $499 million in the fourth quarter of fiscal 2011, a 3 percent decrease from revenue of $515 million in the fourth quarter of 2010
• Gross margin in the core Space Equipment business was 26 percent, compared to 25 percent in Q4 2010
• Net income attributable to shareholders was $51 million, or $007 per share, an increase of $70 million compared to a net loss of $19 million or $(002) per share in the fourth quarter of 2010
• New orders won in the fourth quarter totaled $54 million, compared to $79 million a year earlier and $47 million in the third quarter of 2011

"We said our top priority for 2011 was to improve our bottom line performance. I am pleased with the progress we made during the year, but we still have work to do to reach the level of sustainable profitability this organization is capable of delivering," said Michael Pley, CEO of COM DEV.  "We controlled expenses, completed four of the five programs that had been suppressing our results, and executed effectively on our other programs. A slowdown in orders in the civil space sector contributed to reduced revenues, but we have taken steps to properly size the business and focus our efforts on available opportunities. "Our priorities for fiscal 2012 are unchanged.  We will continue to focus on capitalizing on a very exciting opportunity for exactEarth, driving results in our core commercial business, expanding the market presence of our U.S. division, and completing the last of the challenging programs. In 2012 we expect our core equipment market to be relatively flat." To read the entire financial report, use this direct link.