[SatNews] Norsat International Inc. (“Norsat” or “the Company”) (TSX: NII and OTC BB: NSATF) has reported financial results for the…
…three and nine months ended September 30, 2012. The Company serves global customers primarily through three business units: Sinclair Technologies, Satellite Solutions and Microwave Products. All financial results are reported in U.S. dollars and have been prepared in accordance with International Financial Reporting Standards (“IFRS”), unless otherwise stated.
- Norsat’s maritime vessel monitoring unit was successfully divested on July 17, 2012.
- Norsat’s Satellite Locator application for iPhone on the App Store was released on July 26, 2012 The application, available as a free download, enables users to locate geostationary satellites on a mobile phone from anywhere on the planet, and can be used to assess obstructions and assist in pointing satellite ground terminals, including Norsat’s ultra-portable GLOBETrekker™ and Rover™ systems.
- Norsat was named a finalist for the Business Without Borders HSBC International Business Awards.
“Our results were driven by strong revenue performance from the Sinclair Technologies and Microwave Products segments,” said Dr. Amiee Chan, Norsat’s President and CEO. “Demand was especially strong for our full range of Sinclair antenna and RF conditioning products, with this division continuing to perform above expectations. Our Microwave Products segment also posted significant gains during the quarter, reflecting increased demand for our products, including our customized Ka and Ku-band receivers.”
Dr. Chan added, “Results from our Satellite Solutions segment were not as strong as a year ago, reflecting the completion of two large contracts that contributed higher-than-normal revenues and margins in Q3 2011. While we anticipated the return to more typical results from this segment, we also note that competitive conditions within the satellite solutions market have increased as US military spending slows.
“Going forward, we will continue to pursue our strategy of diversifying both our products and end-markets to reduce our reliance on any one customer or market. Our acquisition of Sinclair Technologies has been very successful in expanding our presence in the commercial sector, particularly with public safety and transportation customers. Going forward, we see opportunities to continue growing Sinclair’s business, particularly with existing customers who have a high appreciation for the reliability of Sinclair products and are turning to us for new products. In other parts of our business, we are continuing to pursue opportunities with military customers outside of the US and targeting an expanded range of end-markets including the commercial, resource, transportation and public safety sectors. We also continually evaluate strategic opportunities that will improve our overall operating and financial performance.”
To read the entire financial report, select this direct link.
