[SatNews] COM DEV International Ltd. (TSX: CDV) today announced first quarter financial results for the three month period ended April 30, 2011.

All amounts are stated in Canadian dollars unless otherwise noted.

Second Quarter Highlights
• Revenue was $54.2 million, a 10 percent decrease from revenue of $60.4 million in the second quarter of fiscal 2010
• Gross margin in the core space equipment business was 23 percent, compared to 20 percent in Q2 2010
• Net income attributable to shareholders was $3.0 million, or $0.04 per share, compared to $4.1 million or $0.05 per share in the second quarter of the previous year
• New orders won in the second quarter totaled $28 million, compared to $33 million a year earlier and $59 million in the first quarter of fiscal 2011
• Backlog at April 30, 2011 was $128 million, compared to $157 million three months earlier, but unchanged from the second quarter of the previous year
• Majority-owned subsidiary exactEarth won a multi-million dollar order from the Canadian government, launched an AIS satellite payload, and procured two additional AIS satellites to add to its constellation

“Second quarter results met our expectations as we focused on our priorities of completing certain challenging programs, controlling costs, and returning to our normal gross margin range,” said Michael Pley, CEO of COM DEV. “We grew margins in our core business, even in the face of currency headwinds and the ongoing impact of the difficult programs. With three of those five programs now completed and the others scheduled to be shipped within the next few months, we expect to see continuing improvements to revenue and margins in the second half of the year.” To read the entire financial report, access this PDF download link.