[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, 2012. All amounts are stated in Canadian dollars unless otherwise noted. The Fiscal Year 2012 Highlights include...
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· Revenue was $208.6 million, a 2.2 percent increase from $204.1 million in fiscal year 2011
· Gross margins averaged 25.8 percent compared to 22.6 percent in fiscal 2011
· Net income attributable to shareholders was $15.6 million or $0.21 per share, an increase of $4.4 million compared to $11.2 million or $0.15 per share
· Backlog at October 31, 2012 was $139 million, plus an additional $38.9 million in follow-on orders expected from Authorities to Proceed (ATPs) already awarded, for an expected backlog of $177.9 million, compared to an expected total backlog of $149.4 million a year earlier
· Majority-owned subsidiary exactEarth launched, and successfully put into commercial service, the EV-1 satellite carrying an advanced second generation AIS payload, and had orders of $13.3 million, compared to $9.1 million in 2011
Fourth Quarter Highlights...
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· Revenue was $56.7 million, a 13.8 percent increase from $49.8 million in the fourth quarter of 2011
· Gross margins averaged 26.2 percent compared to 24.1 percent in fiscal 2011
· Net income attributable to shareholders was $2.8 million or $0.04 per share, (net of a $2.5 million charge for reduction in force), compared to $6.2 million or $0.08 per share in the fourth quarter of 2011
· The Company booked $56.1 million in new orders, compared to $54.2 million in the fourth quarter of 2011 and $62.1 million in the third quarter of 2012
· The final of the five programs identified by the Company as negatively impacting the Company's results in fiscal 2011 and fiscal 2012 was delivered
"Our priority in 2012 was to continue to drive increased profitability by taking a disciplined approach to our operations," stated Michael Pley, President and CEO. "I'm very pleased to say that we achieved success. Our net income of $15.6 million was a 39 percent increase over $11.2 million in fiscal 2011 and gross margins increased to about 26 percent from 23 percent last year."