Vecima Networks, a designer, manufacturer and marketer of products that enable broadband access to cable, wireless and telephony networks, announced its fourth quarter and full fiscal 2010 financial results this afternoon.
The Victoria, B.C.-based company reported $26.8 million in sales for Q4, a 31 per cent increase over the same quarter last year. Despite the strong finish, annual sales for fiscal 2010 came in at $113.2 million, a one per cent decline compared to fiscal 2009. Vecima cleared $807 thousand in net income, down 94 per cent from $13.3 million last year.
Dr. Surinder Kumar is Vecima's Chairman and CEO:
“During fiscal 2010, we navigated the storm of the global economic recession while positioning the company to take advantage of the opportunities that will result from the eventual economic recovery. The impact of the recession was not without its challenges; Vecima’s sales and net income for the year reflect the impact on our core business where we experienced a marked transition away from historical products that previously contributed significantly to revenue. We replaced that revenue with new products that were launched in the last 12 months. Revenue for the 2010 fiscal year was essentially flat at $113.2 million, compared to $114.2 million in fiscal 2009. This was achieved despite an 8% appreciation in the value of the Canadian dollar in 2010. Without this effect, revenue would have increased to $122.4 million.”
For full details on Vecima's financial announcement, have a look at its official release.