[SatNews] COM DEV International Ltd. (TSX:CDV) has announced second quarter results for the three-month period ended April 30, 2013. All amounts are stated in Canadian dollars unless otherwise noted.
Second Quarter Highlights
- Revenue was $55.2 million, up 10.2 percent over second quarter 2012 revenues of $50.1 million
- Solid order performance with $57.0 million in new business in the quarter resulted in a book to bill ratio of 1.03 – the fifth consecutive quarter with a ratio greater than 1.0
- 28 percent gross margin in the core space equipment business, up from 25 percent in Q2 2012, reflected the quality of the Company’s underlying backlog, as well as solid engineering, manufacturing, and program management performance
- Net income attributable to shareholders was $4.8 million, or $0.06 per share compared to Q2 2012, where the benefit of a one-time gain of $2.2 million from the sale of underutilized assets, boosted net income to $5.5 million, or $0.07
- Increase in exactEarth subscription customer base to 70 from 41 in Q2 2012. In addition to subscription customers there are 60 customer trials currently underway, up from 16 in Q2 2012
- Backlog grew by 11.8% to $149.1 million at April 30, 2013, up from $133.5 million at the end of Q2 2012
“The second quarter of 2013 delivered solid results, with continued strong gross margins in our equipment business, and a book-to-bill ratio that stayed above 1.0 for the fifth consecutive quarter,” stated Michael Pley, CEO of COM DEV. “Subsequent to our quarter-end we have seen a significant pick-up in announcements for new satellite orders and we maintain our outlook for growth in revenue in fiscal 2013.”
To read the entire financial report, access this downloadable “.pdf” report.
