Business
Vecima reports revenue increase of 29% to $120.6 million for fiscal 2008
- Operating income increased 71% over fiscal 2007 - VICTORIA, Sept. 25 /CNW/ - Vecima Networks In...
About this update from Vecima Networks Inc.
[{"type":"text","content":"\n\n\n\n- Operating income increased 71% over fiscal 2007 -\n\n\nVICTORIA, Sept. 25 /CNW/ - Vecima Networks Inc. ("Vecima" or "the\nCompany") (TSX:VCM), today reported its fourth quarter and annual financial\nresults for the twelve months ended June 30, 2008. (All dollar amounts are in\nCanadian funds unless otherwise stated.)\n\n\nHighlights for the fourth quarter included:\n - 38% increase in total revenue to $36.4 million in 2008 compared to\n $26.3 million in 2007;\n - Increased gross margin to 45% in 2008 compared with gross margin\n of 39% last year;\n - A 368% increase in operating income to $8.2 million for 2008\n compared to $1.8 million for 2007\n - 40% increase in net income before extraordinary gains to\n $4.4 million in 2008 compared with $3.2 million in 2007;\n - EPS before extraordinary gains for the quarter increased to $0.18\n in 2008 compared with $0.14 last year; and\n - 68% year-over-year growth in converged wired products reflects\n rising worldwide demand for broadband access.\n - Products shipped increased by 32% to 52,000 units from\n 39,500 units shipped in the third quarter.\n - 46 new staff joined the Company, up 6% from the third quarter\n\n\n"Strong demand from bandwidth infrastructure partners like Cisco and\nMotorola and the need for major cable companies to provide customers\nadditional bandwidth led to significant growth," said Dr. Surinder Kumar,\nChairman and CEO. "We generated improved financial performance in both the\nquarter and year periods across virtually every meaningful metric. These\nresults highlight our ability to meet the expanding needs of our customers and\nexecute on our growth strategy for our core businesses."\n\n\nFourth Quarter Financial Review\n\n\nTotal revenue for the fourth quarter was $36.4 million, an increase of\n38% over sales in the fourth quarter of the previous fiscal year. The\nsequential revenue growth from the third to the fourth quarter was 20%.\n\n\nSales in the Converged Wired Solutions market increased 68%, to\n$28.8 million for the three months ended June 30, 2008, compared with\n$17.2 million in the fourth quarter of fiscal 2007. Converged Wired Solutions\nsales for the fourth quarter last year is the sum of sales in the former core\nmarket categories of Data over Cable and Digital Video. The Company\nexperienced ve...