COM DEV International — Financially Speaking…

COM DEV International Ltd. (TSX:CDV) has announced first quarter financial results for the three month period ended January 31, 2010.  All amounts are stated in Canadian dollars unless otherwise noted.

First Quarter Highlights

• Revenue was $56.7 million, compared to $56.5 million recorded in the first quarter of 2009. Gross margin was 24 percent, compared to 26 percent in Q1 2009.
• Net income was $2.2 million, or $0.03 per share, compared to $4.4 million or $0.06 per share for the prior year period.
• New orders won in the first quarter totaled $51 million, compared to $88 million a year earlier and $67 million in the fourth quarter of fiscal 2009.
• Backlog at January 31, 2010 was $157 million, compared to $163 million at the end of fiscal 2009.

“In the first quarter we maintained revenue levels from last year despite currency headwinds, but a number of additional factors contributed to suppressing our margins and profitability,” said John Keating, CEO of COM DEV.  “The program performance issues identified at the end of fiscal 2009 had an impact on our margins this quarter, as anticipated, and we also experienced cost increases on a couple of other programs. Our continued investment in growth included over $1 million of operating expenses for our exactEarth subsidiary which did not exist a year ago.” To read the entire financial report, select this direct link.