Business
Vecima Networks Reports Strong Q3 Results
Vecima Networks Reports Strong Q3 Results.
About this update from Vecima Networks Inc.
[{"type":"text","content":"\n\n\n\nRecord Quarterly Revenue of $24.1 M, Total Assets Surpass $100 M\n\n\nVICTORIA, May 14 /CNW/ - Vecima Networks Inc. (TSX:VCM) today announced\nthat its unaudited Financial Statements and Management's Discussion and\nAnalysis for the three months and nine months ended March 31, 2007 have been\nfiled on SEDAR. The highlights provided in this press release should be read\nin conjunction with the Company's unaudited interim consolidated financial\nstatements and accompanying notes for the three months and nine months ended\nMarch 31, 2007.\n\n\nOur unaudited interim consolidated financial statements and accompanying\nnotes for the three months and nine months ended March 31, 2007 are available\nat: http://www.vecimanetworks.com/invest/latest_finan.html\n\n\nAll dollar amounts are in Canadian dollars.\n\n\nFINANCIAL HIGHLIGHTS\n\n- Total revenue in the third quarter of fiscal 2007 was $24.1 million,\n a quarterly sales record for Vecima. Total assets have grown 15% over\n the nine months to March 31, 2007 surpassing $100 million. Revenue\n increased 16% to $67.4 million in the nine months ended March 31,\n 2007 from $58.1 million in the same period last year.\n\n- Vecima's net income for the three months ended March 31, 2007\n increased 11% to $2.5 million from $2.2 million in the three months\n ended December 31, 2006. In the nine months ended March 31, 2007, net\n income increased 63% to $12.9 million from $7.9 million, an increase\n of 20 cents per share, as compared to the same quarter last year as a\n result of the extraordinary gain on acquisition.\n\n- Shareholders' equity increased to $88.6 million at March 31, 2007, as\n compared to $76.4 million at June 30, 2006. The increase was a result\n of operating profits, the purchase of capital assets and the\n acquisition of WaveRider Communications (Canada) Inc. ("WaveRider")\n in the first quarter of fiscal 2007.\n\n- We have more than doubled our research and development expense to\n $5.6 million in the nine months ended March 31, 2007 from\n $2.6 million in the same period last year. Our sales and marketing\n costs are up 46% to $3.1 million year-to-date compared to\n $2.1 million last fiscal year. The increases were predominantly for\n new personnel to take advantage of growth opportunities. These\n strategic expenditures in excess of our revenue growth resul...