Vecima Reports Q4 and Fiscal 2011 Year End Results
(firmenpresse) - VICTORIA, BRITISH COLUMBIA -- (Marketwire) -- 09/28/11 -- Vecima Networks Inc. ("Vecima" or "the Company") (TSX: VCM), today reported its fiscal 2011 fourth quarter financial results for the three months and twelve months ended June 30, 2011. All dollar amounts are in Canadian funds unless otherwise stated.
"Last year was a challenging year in which company sales decreased by 25% to $84.5 million for the year ended June 30, 2011 compared with $113.2 million for the year ended June 30, 2010. Despite this, net income remained flat year over year at $0.3 million or $0.01 per share. A number of factors contributed to this picture including the effects of foreign exchange, the general economic uncertainty and slow down as well as transition from legacy products to new products. If the Canadian dollar had not appreciated throughout our fiscal year, we would have reported approximately $88 million in revenue," said Dr. Surinder Kumar, Chairman and CEO.
"We remain focused on our strategy to replace declining revenue from legacy products with recently introduced and new products. We have made significant progress and there are quite a few encouraging signs. For example, our revenue in Q4 increased 22% to $21.1 million, up from a low of $17.0 million in Q3. While the ramp up of four new products has proven challenging, we are quite encouraged by the recent revenue growth of our Terrace A and OEM QAM module products which were introduced in the last two years. Further, we are expending additional effort towards capturing new customers for existing products," Dr. Kumar continued.
Fiscal 2011 and Q4 financial highlights:
The following highlights elaborate on the products and opportunities that are the foundation of our growth strategy:
These initiatives and others have positioned Vecima well to recover from the challenging conditions we experienced during the 2011 fiscal year as a result of the recession and material transition away from our legacy product revenue base. Going forward, our growth strategy is focused on the introduction of new products, capitalizing on recently introduced products, and accessing new markets and customers for our products. We will continue to execute our plan to improve financial performance through improvements in gross margin as well as monitoring and containment of expenses. We anticipate that we are on a path to return to healthy revenue growth and profitability.
The Company's full consolidated financial statements and management's discussion and analysis for the three months and twelve months ended June 30, 2011 are posted on .
Vecima's consolidated financial statements and accompanying notes for the three months and twelve months ended June 30, 2011 are available at .
A conference call and live audio webcast will be held on September 28, 2011 at 1 p.m. ET to discuss the results. To participate in the teleconference, dial 800-319-4610 or 604-638-5340. The fourth quarter fiscal 2011 earnings call webcast is available at .
About Vecima Networks
Vecima Networks Inc. (TSX: VCM) designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. Vecima's hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. Vecima's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as "the last mile", by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima's products are directed at two principal markets: Converged Wired Solutions and Broadband Wireless. The Company has also developed and continues to focus on developing products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video.
Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. These statements include but are not limited to statements regarding management's intentions, belief or current expectations with respect to market and general economic conditions, future costs and operating performance. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond our control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include, but are not limited to, the current significant general economic uncertainty and credit and financial market volatility and the distinctive characteristics of Vecima's operations and industry that may have a material impact on, or constitute risk factors in respect of Vecima's future financial performance, as set forth under the heading "Risk Factors" in the Company's Annual Information Form dated September 28, 2011, a copy of which is available at . In addition, although the forward-looking statements in this press release are based on what management believes are reasonable assumptions, such assumptions may prove to be incorrect. Consequently, readers should not place undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Vecima disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Vecima Networks
250-881-1982
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Datum: 28.09.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 70477
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VICTORIA, BRITISH COLUMBIA
Kategorie:
Cable & Satellite Services
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