[Satellite Today 07-31-09] Norsat reported revenues of $4.5 million in its 2009 second quarter, a 23 percent increase from the $3.6 million mark the company hit in the same period last year, the company announced July 30.
    Revenues for the first six months of 2009 increased to $9.1 million, compared to $6.3 million in the first half of 2008, driven by the company’s debut into the European maritime market, the expansion of its microwave product line and the release of a new band pass filter unit to combat WiMax interference.
    President and CEO Aimee Chan said she was pleased that the results showed growth despite a foreign exchange loss caused by the rapid strengthening of the Canadian dollar relative to the U.S. dollar. "While the economic downturn has caused some challenges on converting some of our pipeline into contracts, we did make some significant progress in the quarter, including our first maritime service agreement in Italy. We have begun deployment and anticipate it to ramp up later in the year," said in a statement.
    Norsat posted its cash position at $5 million, which the company said would enable it to make investments in possible acquisitions. "Norsat has received approval to commence a normal course issuer bid, which is now underway. While we continue to review potential acquisition targets, the board believes that current levels of our stock do no reflect their full value and in the interim, the share buyback is a good use of the company’s capital,” Chan, president and CEO of Norsat, said in a statement.