Sluggish sales contribute to "challenging year" at Vecima

VICTORIA – Sales plunged 25% and net income was flat for fiscal 2011 in what Vecima Networks chairman and CEO Dr. Surinder Kumar described as a “challenging year”.Revenue for the year ended June 30th dropped 25% to $84.5 million, compared to $113.2 million last year, while net income was $292,000, virtually unchanged from $312,000 in 2010 (though fiscal 2011 net income was favorably impacted by a $14.0 million gain on the sale of radio spectrum.)Gross margin decreased to 30%, providing a gross profit of $25.5 million during fiscal 2011, down from a gross margin of 34% for 2010 that provided a...