MONTREAL – While its quarterly revenue dropped, Mitec Telecom reported a 32% growth in year-over-year revenue for its third quarter of fiscal 2009.
Revenue on a year-to-date basis was $33.4 million, compared with $25.4 million in the same period in fiscal 2008, said the press release announcing its results for the three month period ended January 31, 2009.
But revenue for the quarter was $7.9 million, compared with $9.8 million for the third quarter of fiscal 2008, and EBITDA was $64,000, compared with $198,000 in the same period in fiscal 2008.
Gross profit for the quarter was approximately 24%, compared with 20% in the same period in fiscal 2008, an increase of 20%.
"Mitec’s results for the quarter showed the company’s resilience as its senior management team deals with today’s global challenges," said chairman Jeffrey Mandel, in the release. "They are further proof that Mitec’s corporate strategy – to develop a profitable business that services specific customer needs as a global supplier of telecom and satcom components – delivers acceptable returns to shareholders even in challenging times."
