Norsat Wins European Maritime Deal; Reports First Quarter Growth
[Satellite Today 05-15-09] Norsat International Inc. has been selected by the Italian Ministry of Agriculture to manage the satellite-based vessel monitoring system, Blue Box, marking Norsat’s initial entry into the European maritime satellite space, Norsat announced May 14.
The program encompasses all Italian fishing vessels greater than 15 meters in length and provides Norsat the opportunity to service up to 2,900 vessels. The potential revenue from individual annual subscription renewals is in excess of $2 million.
Separately, Norsat reported its 10th consecutive quarter of profitability, with revenues increasing 29 percent to $5 million from $2.9 million in 2008, according to its 2009 first quarter financial results released May 14.
Revenue from Norsat’s satellite systems segment was $3.5 million in the quarter, up from $1 million during the same period in 2008.