VICTORIA – Wired and wireless network gear manufacturer Vecima announced today that its total revenue for the first quarter of fiscal 2008, ended September 30, 2007, was $26.4 million, an increase of 31% from the same period a year earlier.
“Increased productivity and economies of scale allowed the company to increase sales in spite of the 674 basis point appreciation in the average value of the Canadian dollar during the two periods. Excluding the foreign exchange effect, Vecima’s revenue would have increased 39% to $28.1 million in the three months ended September 30, 2007 relative to the same period a year earlier,” reads the company’s release.
Gross margin for the fiscal 2008 first quarter was 40%, slightly above our model of 35% to 39%. Gross margin for the first quarter a year earlier was 35%. Net income for the fiscal 2008 first quarter was $2.2 million, or $0.10 per share, compared to $1.7 million, or $0.08 per share, before extraordinary items in the fiscal 2007 first quarter.
