Com Dev International Ltd. recorded revenues of Cdn. $32.7 million ($28.2 million) in its 2005 first quarter, up 7.5 percent from revenues of Cdn. $30.4 million ($26.2 million) in the first quarter of 2004, the company announced.
Net income jumped from Cdn. $200,000 ($172,000) in the 2004 first quarter to Cdn. $4.2 million ($3.6 million) in the most recent quarter, which ended Jan. 31.
“I am very pleased with our execution in the first quarter,” John Keating, CEO of Com Dev, said in a statement. “The volume of new orders remained strong, and major sales to a military program and to a customer in Asia indicate continued diversification of our revenues in coming periods. Our backlog is at a three- year high, and is equally distributed between commercial, civil and military.”
Com Dev won new order valued at Cdn. $28 million ($24.1 million) in the 2005 first quarter, compared to Cdn. $20 million ($17.2 million) of new orders in the 2004 first quarter. The company’s backlog stood at Cdn. $101 million ($87 million) at the end of the 2005 first quarter, which included Cdn. $18 million ($15.5 million) in business acquired in the purchase of Ottawa Space Business.
“With our solid start in fiscal 2006 and the building momentum in the commercial communications satellite market, I remain optimistic that we will achieve our financial objectives for the year,” Keating said. “As I have stated in the past, the nature of our business inevitably leads to uneven short-term financial results. The first quarter was exceptionally strong in some respects. Over the longer term we continue to target a gross margin percentage in the mid-twenties, and we expect margins to normalize to this level over the remainder of fiscal 2006. We continue to anticipate total revenue growth of 10 percent for the year.”
