COM DEV International Ltd. has released its fourth quarter and year end financial results. Revenues in 2011 were $203.2 million compared to $220.9 million in 2010 - an 8% decrease.
New orders in 2011 totaled $188 million, compared to $210 million in 2010.
The majority-owned subsidiary exactEarth booked $9.5 million of customer orders during the year, compared to $2.1 million in 2010, and continued to expand its constellation of satellites.
Backlog at October 31, 2011 was $126 million, plus an additional $20 million in follow-on orders expected from Authorities to Proceed (ATPs) already awarded.
COM DEV CEO Michael Pley said that the top priority for 2011 was to improve the bottom line performance. He said he was pleased with the progress they had made during the year, but that there was still work to do to reach the level of sustainable profitability the organization is capable of delivering.
He said that a slowdown in orders in the civil space sector contributed to reduced revenues, but that they have taken steps to properly size the business and focus efforts on available opportunities.
In the fourth quarter (Q4) of 2011 revenue was $49.9 million compared to $51.5 million in Q4 2010 - a 3% decrease. New orders won in Q4 totaled $54 million, compared to $79 million a year earlier and $47 million in the third quarter of 2011.