Norsat Sets Revenue Record in Fourth Quarter
[Satellite Today 03-13-09] Norsat International Inc. reported a 10 percent increase in revenues, which jumped from $16.5 million in 2007 to $18.1 million in 2008, according to its financial report released March 12.
Net earnings increased to $2.2 million from $1.4 million in 2007, with operating expenses remaining flat at $7.1 million compared to $7.2 million in the previous year. Fourth quarter revenue increased to $6.3 million, compared to $4.8 million in 2007.
“Fiscal 2008 was a banner year for Norsat,” Amiee Chan, president and CEO of Norsat, said in a statement. “Building on our success in 2007, we continued to drive organic revenue growth while simultaneously controlling our costs and we earned the highest annual profit since the company’s inception. Similarly, the fourth quarter operating results are the highest quarterly reported profits in the company’s history. With this stronger financial foundation, we look forward to accelerating our growth plans in 2009 by adding to our suite of technology and associated services, extending our geographic reach, and expanding into new market verticals.”