QualityStocks would like to highlight Norsat International Inc.(OTCBB: NSATF), a leading provider of communication solutions that enable the transmission of data, audio and video in remote and austere environments. Norsat's products and services include microwave components, portable satellite systems, antennas, RF conditioning products, maritime solutions and remote network solutions. Additionally, through its Norsat Power Solutions Division, Norsat is a provider of power conversion and energy storage solutions for the communications, transportation and resource sectors.
In the company’s news Friday, Norsat International reported financial results for the three months and year ended December 31, 2011.
Total sales for the fourth quarter ended December 31, 2011, increased to $9.6 million, a 71 percent increase compared to $5.6 million reported over the same period in 2010. Overall fourth-quarter gross margin percentage remained flat at 44 percent compared to 2010. The company increased its fourth-quarter total expenses to $4.2 million, as compared to $2.3 million reported for the comparable quarter of 2010. Net loss for the fourth quarter of 2011 was $0.2 million, compared to net earnings of $0.2 million for the same period in 2010.
Total sales for the 12 months ended December 31, 2011, increased 90 percent to $38.4 million, compared to $20.2 million reported for full-year 2010. Norsat’s overall gross margin for the year was 44 percent compared to 47 percent in 2010. Full-year 2011 total expenses increased to $15.0 million compared to $7.6 million in 2010. The company’s full-year net earnings were $0.4 million in 2011 compared to net earnings of $2.1 million in 2010.
As of December 31, 2011, Norsat had cash and cash equivalents of $4.2 million, as compared to $6.3 million as of December 31, 2010.
Norsat said that moving forward it will continue to actively pursue new acquisitions. The company said it believes that current recessionary trends paired with its solid financial position and capital structure have created ideal conditions for growth through strategic acquisition.
“We are optimistic that we can close on at least three deals during the next five years,” Dr. Amiee Chan, Norsat CEO, stated in the press release. “That said, we will not undertake any acquisition unless it meets our strict criteria to provide strong value, further our strategic objectives and have the potential to be accretive to shareholders.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
