CAMBRIDGE, Ont. – Com Dev International Inc. is reporting a lower third-quarter net profit of $3.1 million while the satellite and space hardware company says its revenues were impacted by continuing U.S. government budget cuts.
Com Dev (TSX:CDV) said it earned five cents per share in the quarter, compared with $4.7 million, or seven cents per share, in the third quarter of 2013.
Revenue was $50.8 million, a 6.3 per cent decline from the $54.2 million in the same quarter last year.
“While revenues are still constrained by U.S. budget pressures, demand for commercial communication satellites remains strong with 11 new satellite projects awarded in the third quarter,” CEO Michael Pley said in a news release on Friday.
The company said its order backlog was $115.5 million in the quarter, an 11.8 per cent decline from $131 million in the same quarter last year.
Com Dev’s head office is in Cambridge, Ont., and Com Dev USA is based in El Segundo, Calif.
It’s a global designer and manufacturer of space hardware and has more than 1,200 employees at facilities in Canada, United Kingdom and the United States. Its harware is sold to major spacecraft builders and space agencies.