Com Dev posts Q1 loss of $11.6 million due to currency hedging, other items

CAMBRIDGE, Ont. – Com Dev International Ltd. (TSX:CDV) says it had an $11.6-million net loss in its fiscal first quarter, including $19.2 million of non-recurring items that dragged the Ontario-based high-tech company into the red.

The biggest item was a $11.6-million item related to its currency hedging program. It also recognized a bigger loss form U.S. operations, about $3 million of restructuring and termination items and $1.6 million of acquisition-related costs.

Excluding the unusual items, Com Dev had $12.1 million of adjusted earnings, up from $11.4 million in the first quarter of fiscal 2014.

The net loss amounted to 15 cents per share.

Com Dev’s revenue was $53.6 million, up 3.5 per cent from a year earlier, largely as a result of currency fluctuations that raised the value of contracts paid in U.S. dollar.

The company, based in Cambridge, Ont., generates most of its revenue from manufacturing and selling hardware such as transponders used in satellites and satellite ground stations. It also has a subsidiary that provides satellite data services.

In the first quarter of fiscal 2014, Com Dev had $2.1 million or three cents per share of net income and $51.8 million of revenue.