Mitec Increases Profit, Sales And Net Loss In 3Q 2008
[Satellite Today – 3-14-08] Mitec Telecom reported increased sales and profit for the third quarter of fiscal year 2008, the company announced March 13.
Mitec had sales of 9.8 million Canadian dollars ($9.9 million), a 15.3 percent increase over the company’s 2007 third quarter revenues of 8.5 million Canadian dollars ($8.6 million). The company reported a 1.4 million Canadian dollars ($1.4 million) net loss for the quarter, a reduction of 85.7 percent over 2007’s 2.6 million Canadian dollars ($2.6 million).
"Mitec continues to deliver on its strategic objectives, which include expanding our existing products into new markets and working with current and potential customers to prove our capabilities as a leading provider of wireless and satellite communications," Dan Piergentili, Mitec’s CEO, said in a statement. "I am pleased with the progress we have made and confident in our ability to achieve the objectives we have set."