Recession took toll, but new products key for next year: Vecima

VICTORIA – Despite a $4.3 million net loss in the fourth quarter, (the first unprofitable quarter in its 22 year history), Vecima says that it has successfully “navigated the storm of the global economic recession”.Revenue for the 2010 fiscal year, ended June 30, was essentially flat at $113.2 million, compared to $114.2 million in fiscal 2009. Net income for the year decreased 94% to $0.8 million, compared with $13.2 million last fiscal year, while net margin was 1% for fiscal 2010, compared with 12% last year.“Vecima's sales and net income for the year reflect the impact on our core business where...