Norsat’s Satellite Systems Segment Provides Boost in Third Quarter
[Satellite Today 11-06-08] Norsat International Inc. saw a 29 percent increase in revenue at $4.9 million from $3.8 million in 2007 in its third quarter 2008 financial report released Nov. 6.
The company said the increase is due to growth in its satellite systems segment, where revenues increased $1.4 million from the same period in 2007.
Highlights of the report include: gross margin at 48 percent compared to 50 percent in 2007 and net earnings increasing $700,000 or 1 cent per share.
Gross margin for Norsat’s satellite systems segment increased to 57 percent in the quarter, compared to 51 percent in the same quarter last year, attributing an increase in the sale of higher margin services, such as implementation, training and maintenance as driving factors.
Norsat said its working capital as of Sept. 30 was at $7.3 million, compared to $4.9 million in Dec. 2007.