Business
Vecima Networks Achieves Record Sales in the Second Quarter
Vecima Networks Achieves Record Sales in the Second Quarter.
About this update from Vecima Networks Inc.
[{"type":"text","content":"\n\n\n\nTotal Q2 revenue increases 15% to $23.2 million from Q1 led by strong\n\n\nDigital Video sales\n\n\nVICTORIA, Feb. 13 /CNW/ - Vecima Networks Inc. (TSX:VCM), formerly VCom\nInc., today announced that its unaudited Financial Statements and Management's\nDiscussion and Analysis for the three months and six months ended December 31,\n2006 have been filed on SEDAR. The highlights provided in this press release\nshould be read in conjunction with the Company's unaudited interim\nconsolidated financial statements and accompanying notes for the three months\nand six months ended December 31, 2005.\n\n\nOur unaudited interim consolidated financial statements and accompanying\nnotes for the three months and six months ended December 31, 2006 are\navailable at: http://www.vecimanetworks.com/invest/latest_finan.html\n\n\nAll dollar amounts are in Canadian dollars. This is the Company's second\nearnings report as Vecima Networks Inc. since re-branding from VCom Inc. on\nNovember 14, 2006.\n\n\nFINANCIAL HIGHLIGHTS\n\n- Total revenue in the second quarter of fiscal 2007 was $23.2 million,\n a quarterly sales record for Vecima, representing an increase of 15%\n from our total revenue for the first quarter of fiscal 2007 and an\n increase of 22% from the second quarter of fiscal 2006. The year-to-\n date revenues for the six months ended December 31, 2006 increased by\n $6.6 million or 18% to $43.3 million, as compared to $36.7 million\n for the six months ended December 31, 2005.\n- Net income in the second quarter of the fiscal 2007 was $2.2 million\n or 10 cents per share, up from $1.7 million, or 8 cents per share for\n the three months ended September 30, 2006. Net income for the first\n six months of fiscal 2007 was $10.5 million or 47 cents per share,\n including an extraordinary gain of $6.6 million or 30 cents per\n share, as compared to $4.8 million or 24 cents per share for the six\n months ended December 31, 2005. This decrease in adjusted earnings\n per share resulted from implementation of our strategic plans, as\n noted in our Final Prospectus, to significantly increase research and\n development expenditures, in this case from 4% of sales in the first\n half of fiscal 2006 to 9% in the first half of the 2007 fiscal year.\n The change was also influenced by our strategic decision to\n significantly increase sales and mar...