Profits at Vecima climb by over $5M

VICTORIA – Despite a $3.8 million drop in revenue, Vecima Networks called fiscal 2013 a “strong year” thanks to a 65% growth in its higher margin products. For the year ended June 30, 2013, the broadband equipment provider reported revenues of $91.9 million, down from $95.7 million in the comparable period last year, while gross margin grew to 43% from 37%. Net income shot up to $19.2 million from $13.3 million, and EBITDA was $31.3 million, up from $25.8 million last year. Terrace Family sales increased to $5.3 million from $5.0 million in Q3 FY13 as MSO customers initiated their conversions...