Com Dev Revenues Slip Due To Canadian Dollar Gains
[11-30-07 – Satellite Today] Com Dev International Ltd. expects to report smaller revenue growth in 2007 due to the strengthening of the Canadian dollar, the company announced Nov. 29.
During the fourth quarter, the Canadian dollar strengthened by 13 percent versus the U.S. dollar, and Com Dev’s revenues will be affected by the magnitude and speed of the change, the company said. Com Dev expects to report revenues of about 166 million Canadian dollars ($167.7 million) in 2007, an 8 percent gain over 2006. Previous guidance had called for a 10 percent gain in revenues.
Com Dev also has established a special committee of two independent directors the company’s stock option granting practices.
Separately, Com Dev has been awarded a 17 million Canadian dollar contract ($17.2 million) to provide advanced payload electronics for an unnamed commercial satellite constellation. Com Dev previously was awarded work on this contract valued at 7 million Canadian dollars ($7.1 million).