BURNABY, B.C. - Mobile satellite and wireless gear supplier Norsat International last week announced that first quarter revenues were $4.4 million, gross margins were 47%, and net income was $700,000, compared to revenues of $3.4 million, gross margins of 22% and a net loss of $2.7 million in the same period last year.
Delivering its first profitable quarter in four years, "the company accomplished the record results through aggressive restructuring and substantial improvements in all key operating metrics, including increased sales and market share in the U.S., the successful launch of the OmniLink line of portable satellite terminals, lowered operating costs and improved margins," says the company's press release.
"During the last six months, we have worked aggressively on a return to profitability. Concentrating on strategic sales and marketing initiatives, improving margins and responsible cost control, I am proud to announce we have achieved our initial goals," said Cameron Hunter, Norsat president and CEO. "The company is now intently focused on continuing to increase our revenues, maintaining our cost control measures and sustaining solid growth."
This revenue increase reflects the increased sales of Norsat's OmniLink portable satellite terminals to clients such as broadcasters and the U.S. military. Portable satellite terminal revenues were $1.7 million, a 63% increase from the initial $1 million generated from the product's commercial release just one quarter ago.
The microwave business continued to produce solid revenues of $2.7 million, said the company, consistent with the $2.8 million in the same period last year and a 13% increase from the $2.4 million in the previous quarter. "Microwave revenues reflect an increase in market share, partially offset by increased price competition and a significantly weaker U.S. dollar compared to a year ago," says the release.
For the full release, go to www.norsat.com.
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