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Norsat Revenue Nearly Doubles In 2005 Second Quarter
Revenue for Norsat International Inc. climbed 83 percent in the company’s second quarter 2005 to Cdn. $6.2 million ($5.2 million), the company announced Aug. 12.
Satellite Systems accounted for 55 percent of total sales with Cdn. $4.2 million ($3.5 million) in revenue, while Microwave revenue contributed Cdn. $1.9 million ($1.6 million), down 13 percent from the same period in 2004.
While revenue improved, Norsat reported a loss of Cdn. $800,000 ($669,000), as investment in sales and marketing, non-recurring non-cash expenses, Web site upgrades and other expenses grew. In the second quarter 2004, Norsat lost Cdn. $400,000 ($334,000).
“The strong revenue growth is encouraging, but most important, we’re making the investments necessary to build on our strengths and take advantage of emerging opportunities,” William Coyne, Norsat’s CEO, said in a statement. “We’re positioning this Company for growth over the long term while also recognizing the need to realize positive cash flow quickly.”
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