Norsat International Inc., a provider of unique and customized communication solutions for remote and challenging applications, today reported financial results for the first quarter ended March 31, 2017.
• $8.2 million in revenue for the quarter, a decrease of 14% compared to $9.6 million for the same period last year. • Gross profit margin of 41% for the quarter, a decrease of 3% from 44% for the same period last year. • Net earnings for the quarter were $0.2 million, or $0.04 and $0.03 per share, basic and diluted, compared to $1.2 million, or $0.20 per share, basic and diluted, for the same period last year. • $15.6 million of cash and cash equivalents at March 31, 2017, an increase of $0.6 million compared to $15.0 million at December 31, 2016. • $27.2 million of working capital at March 31, 2017, an increase of $0.6 million compared to $26.6 million at December 31, 2016. • Adjusted EBITDA(1) of $1.0 million for the quarter, a decrease of 43% from $1.7 million for the same period last year.
“While first quarter revenue and profitability were lower than the comparable period in 2016, we have experienced solid quoting and booking activities. For our Satellite Communications division, we secured several larger orders which include an approximately $3.3 million order for our satellite terminals from a U.S. government organization, building a strong backlog for the remainder of the year. The business opportunities for the Sinclair Technologies division also look steady,” said Dr. Amiee Chan, President and CEO of Norsat. “We also continued to manage our cost structure while also challenging ourselves to develop and market new products and solutions. During the quarter, we have announced the expansion of our Ka-band product lines with the launch of the ATOM 50 Watt Ka-band BUCs and SSPAs, and industry leading 4- and 5-band LNBs to meet the broadest range of customer needs,” added Dr. Chan.