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[Satellite TODAY 03-15-12] Canadian satellite technology company Norsat experienced a challenging year in 2011 for its Satellite Solutions business due to cuts in U.S. military spending and reduced order activity from its largest traditional market, Norsat CEO Aimee Chan announced in the company’s 2011 fiscal full-year report issued March 12.
Norsat Satellite Solutions sales decreased from $11.3 million in 2010 to $8.9 million in 2011. The lower sales were partially offset by $1.3 million and $0.3 million in revenues from Norsat’s active First Nations’ Emergency Services Society (FNESS) and NATO contracts, respectively.
Chan affirmed that the company has completed the majority of the hardware installation portion of its FNESS contract, but would continue to bring in airtime-related revenues for the remainder of the contract. The majority of Norsat’s contract revenues with NATO are expected to generate in the second quarter of fiscal 2012.
“These [contracts] included a $3.5 million sales contract to provide a satellite-based communications network and ongoing satellite airtime to FNESS, and a new satellite-based communication equipment and services program valued at $1.3 million from the NATO Consultation, Command and Control Agency.”
Norsat’s company-wide sales, however, increased from $20.2 million in 2010 to $38.4 million in 2011 — a 90 percent jump — primarily due to the performance of its recent acquisition, Sinclair Technologies.
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