Com Dev Posts Profitable First Quarter
[Satellite Today – 3-7-08] Com Dev International Ltd. posted a 14 percent increase in revenue in the 2008 first quarter, but net income fell more than 4 million Canadian dollars from the same period a year ago, the company announced March 6.
Com Dev recorded revenues of 44.9 million Canadian dollars ($45.2 million) in the quarter that closed Jan. 31, compared to revenues of 39.5 million Canadian dollars ($39.8 million) in the first quarter of 2007. Net income in the 2008 first quarter was 1.4 million Canadian dollars ($1.4 million), down from revenue of 5.6 million Canadian dollars ($5.7 million) in the 2007 first quarter.
"For the third consecutive quarter, we established a new record for revenues recorded in a single quarter by Com Dev Space,” John Keating, CEO of Com Dev, said in a statement. “The achievement is especially meaningful for having occurred in what is traditionally the slowest quarter of our fiscal year. While our profitability continues to be impacted by the start up costs of our U.S. operations and an unfavorable currency environment, we expect to overcome both challenges this year, in part through ongoing strong growth.”
New orders in the 2008 first quarter totalled 33 million Canadian dollars ($34.2 million) during the quarter, of which 48 percent were from commercial customers, 48 percent from civil customers and 4 percent from military customers.