MONTREAL – Mitec Telecom on Thursday reported increased sales of $9.8 million, but the company still recorded a net loss of $1.4 million in the third quarter ended January 31, 2008.
Third quarter sales were $8.5 million in the same quarter of 2006, while the net loss was a higher $2.6 million.
Operating expenses were $2.6 million in the quarter compared with $3.3 million in the same quarter a year before.
“Mitec continues to deliver on its strategic objectives, which include expanding our existing products into new markets and working with current and potential customers to prove our capabilities as a leading provider of wireless and satellite communications,” said Mitec CEO Dan Piergentili in a statement. “I am pleased with the progress we have made and confident in our ability to achieve the objectives we have set.”
Mitec said it has expanded its customer base and leveraged its existing technologies by delivering off-the-shelf amplifiers to a major North American wireless operator, targeting telecom operators as potential new customers, initiating deliveries of its interference mitigation filters to a major Chinese telecom provider, and being selected as an ongoing supplier of Very Small Aperture (VSAT) components for the build-out of an African cellular network.
“The synergies between Mitec’s satellite communication and wireless product lines are beneficial to customers. For example, in some emerging markets, satellites have become a preferred link for wireless build-outs,” said Mitec CFO Bruno Dumais. “As a result, Mitec’s Wireless division experienced over 100 per cent sales growth in Q3 over the previous quarter. Our Satcom division, which was able to facilitate some of these orders benefitted as well.”
