Vecima reports Q2 fiscal 2009 results

About this update from Vecima Networks Inc.

- Revenue up 33%, operating income more than triples from the first half of last fiscal year - VICTORIA, Feb. 12 /CNW/ - Vecima Networks Inc. ("Vecima" or "the Company") (TSX:VCM), today reported its second quarter and six-month financial results for the period ended December 31, 2008. (All dollar amounts are in Canadian funds unless otherwise stated.) Highlights: - 34% increase in second quarter revenue to $36.9 million compared with $27.4 million in fiscal 2008; six month sales up 37% over the same period last fiscal year; - second quarter gross margin 47% compared to 40% last year; first half gross margin of 49% in fiscal 2009 compared with gross margin of 40% in prior year period; - 172% increase in operating income in second quarter to $7.1 million from $2.6 million last year; 226% increase in operating income to $17.8 million in the six month period ended December 31, 2008 compared with $5.4 million in the same period last fiscal year; - 33% year-over-year growth in converged wired products for the second quarter reflecting rising worldwide demand for broadband access; 47% increase year-to-date compared to the first six months of last fiscal year; - 46% year-over-year increase in broadband wireless sales from the second quarter last year; - YourLink sales increased 26% to $2.8 million in the second quarter compared to $2.2 million in the three months ended December 31, 2007; year-to-date YourLink revenue is up 25% to $5.2 million compared to $4.1 million for the first half of last fiscal year; - announced a multi-year engineering, supply and maintenance contract with a leading, US-based Cable multiple system operator (MSO) for a new product for all-digital cable networks; - launched VistaMAX, an FCC-certified, 3.65 GHz, WiMAX-compliant base and subscriber stations; - signed supply agreement with Cisco for next generation upconverter module for use in the CMTS products; and - subsequent to quarter end, announced partnership between Spectrum Signal Processing and LiveTV LLC to supply next generation radios for LiveTV's connectivity system permitting sending and receiving of email from aircraft while in-flight. "Strong continued demand from bandwidth infrastructure partners like Cisco and Motorola combined with the ongoing need for major cable companies to provide customers with additional bandwidth led to significant growth in...

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