Vecima reports Q3 fiscal 2009 results

About this update from Vecima Networks Inc.

[{"type":"text","content":"\n\n\n\nVICTORIA, May 14 /CNW/ - Vecima Networks Inc. ("Vecima" or "the Company")\n(TSX:VCM), today reported its third quarter and nine-month financial results\nfor the period ended March 31, 2009. (All dollar amounts are in Canadian funds\nunless otherwise stated.)\n\n\n"Sales in the third quarter were impacted by timing issues as customers\nelected to delay capital spending in light of weaker economic conditions,\nhowever our proven and disciplined approach allowed us to remain profitable\nfor the period," said Dr. Surinder Kumar, Chairman and CEO. "We believe that\nboth the market's and Vecima's fundamentals remain sound, and that they will\nsupport improved performance over the long-term. Consumers continue to demand\nincreasing levels of bandwidth and service providers will have to oblige them.\nVecima's evolving product offering, blue chip customer base and experienced\nteam will allow us to manage through market volatility and position the\nCompany to capitalize on re-emerging opportunities in the quarters ahead."\n\n\nHighlights:\n\n - nine month sales up 11% over the same period last fiscal year;\n - nine month operating income up 101% over the same period last\n fiscal year;\n - third quarter gross margin 48% compared to 42% last year; first\n nine months gross margin of 49% in fiscal 2009 compared with gross\n margin of 41% in prior year period;\n - YourLink sales increased 31% to $2.9 million in the third quarter\n compared with $2.2 million in the three months ended March 31,\n 2008; year-to-date YourLink revenue is up 25% to $8.0 million\n compared with $6.4 million for the first nine months of the fiscal\n year;\n - recorded net income of $1.2 million, or $0.05 per fully diluted\n share, for the third quarter ended March 31, 2009; nine month net\n income of $10.1 million, or $0.44 per share fully diluted;\n - delivered prototype models of the new Terrace A multiunit digital\n transport adaptor (M-DTA) device designed under a multi-year\n engineering, supply and maintenance contract with a leading, US-\n based cable multiple system operator (MSO) signed last year. The\n Terrace A is a critical component in the MSO transition to all\n digital networks, enabling the ten-fold increase in capacity\n realized through the conversion to digital transmission;\n - signed multi-year en...

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