Norsat International Inc. (“Norsat” or the “Company”) (TSX: NII and NYSE MKT: NSAT), a provider of unique and customized communication solutions for remote and challenging applications, today reported financial results for the first quarter ended March 31, 2017.

Quarter Highlights

  • $8.2 million in revenue for the quarter, a decrease of 14% compared to $9.6 million for the same period last year.
  • Gross profit margin of 41% for the quarter, a decrease of 3% from 44% for the same period last year.
  • Net earnings for the quarter were $0.2 million, or $0.04 and $0.03 per share, basic and diluted, compared to $1.2 million, or $0.20 per share, basic and diluted, for the same period last year.
  • $15.6 million of cash and cash equivalents at March 31, 2017, an increase of $0.6 million compared to $15.0 million at December 31, 2016.
  • $27.2 million of working capital at March 31, 2017, an increase of $0.6 million compared to $26.6 million at December 31, 2016.
  • Adjusted EBITDA(1) of $1.0 million for the quarter, a decrease of 43% from $1.7 million for the same period last year.

“While first quarter revenue and profitability were lower than the comparable period in 2016, we have experienced solid quoting and booking activities.  For our Satellite Communications division, we secured several larger orders which include an approximately $3.3 million order for our satellite terminals from a U.S. government organization, building a strong backlog for the remainder of the year. The business opportunities for the Sinclair Technologies division also look steady,” said Dr. Amiee Chan, President and CEO of Norsat. “We also continued to manage our cost structure while also challenging ourselves to develop and market new products and solutions.  During the quarter, we have announced the expansion of our Ka-band product lines with the launch of the ATOM 50 Watt Ka-band BUCs and SSPAs, and industry leading 4- and 5-band LNBs to meet the broadest range of customer needs,” added Dr. Chan.

A full set of financial statements and Management’s Discussion and Analysis for Norsat is available at www.norsat.com and will be available at www.sedar.com.

Conference Call Details

Norsat will host a conference call today, May 3, 2017 at 8:30 am Pacific Time (11:30 am Eastern Time) to discuss its fiscal year 2017 first quarter financial results. To access the conference call, please dial toll-free 1-888-886-7786 or 416-764-8658. The conference call title is: ‘Investor Call – Q1 2017’. Please connect approximately 10 – 15 minutes prior to the beginning of the call to ensure participation. A digital recording and transcript of the call will be available after the live call at: http://www.norsat.com/investors/financial-information/conference-call-recordings/

Full Q1 2017 financials available here.

About Norsat International Inc.

Founded in 1977, Norsat International Inc. is a provider of unique anFull Q1 2017 financials available hered customized communication solutions for remote and challenging applications. Norsat’s products and services include leading-edge product design and development, production, distribution and infield support and service of fly-away satellite terminals, microwave components, antennas, Radio Frequency (RF) conditioning products, maritime based satellite terminals and remote network connectivity solutions. More information is available at www.norsat.com, via email at investor@norsat.com or by phone at 1-604-821-2800.