Com Dev profits dip during the second quarter, revenues increase 10 per cent

CAMBRIDGE, Ont. – Space technology company Com Dev International Ltd. (TSX:CDV) reported lower second-quarter profits compared to a year earlier, when it benefited from an asset sale and foreign exchange gains.

The Cambridge, Ont.-based company reported net earnings of $4.8 million, or six cents per share, during the quarter.

A year earlier, Com Dev earned $5.5 million, or seven cents per share.

During the second quarter of 2012, Com Dev sold underutilized intellectual property for $2.2 million and booked a $1-million foreign exchange gain.

Revenues rose more than 10 per cent to $55.2 million, compared to $50.1 million.

As of the end of April, Com Dev’s backlog was $149.1 million, up from $133.5 million at the same time in 2012.

Com Dev manufactures subsystems and microsatellites for use in communications, space science, remote sensing and defence applications. Its subsidiary, exactEarth Ltd., provides satellite data services.

Com Dev has operations in Canada and the United Kingdom and the United States.