Vancouver-based Norsat International Inc. designs, engineers and markets intelligent satellite solutions for high-speed data transmission. The company’s portfolio of capabilities include: microwave components, turnkey maritime navigation and communication systems, fixed or mobile maritime satellite systems, and end-to-end network services.
The company announced today their financial results for the three and nine month periods ended on September 30, 2009. Here are some of the highlights:
• Third quarter revenue increased to $5.1 million from $4.9 million in the 2008 3rd quarter
• Revenues for the first nine months of 2009 increased 27% to $15 million compared to $11.8 million for the same period in 2008
• Net earnings for the first nine months of 2009 was $1.7 million, or $0.03 per share, compared to net earnings of $0.9 million, or $0.02 per share, for the same period in 2008
• The company increased their cash position to $7.2 million as of September 30, 2009 from $5 million as of June 30, 2009
During the quarter, Norsat made several inroads for their products with other non-US militaries as well as with orders from customers in India and China for broadcasting purposes and Italy for maritime communications. This type of product and geographic diversification will be one of the keys to the company maintaining its resiliency to global economic weakness and its own organic growth.
The cornerstones for Norsat for now continue to be the microwave and satellite business units, although the company is working diligently to build up their other business units such as maritime and wireless networks. The company anticipates that these business units will be growth contributors in the longer term and will form part of the foundation for the Norsat in the years ahead.