News & Analysis » Canada
COM DEV International Slips To Loss In Q3 - Quick Facts
September 3, 2010, Friday, 05:42 GMT | 00:42 EST | 10:12 IST | 12:42 SGT
(RTTNews) - COM DEV International Ltd. (CDV.TO) reported a net loss for the third-quarter compared to a profit posted in the same period last year. For the quarter, net loss was C$1.7 million or C$0.02 per share, compared with a net income of C$5.2 million or C$0.07 per share in the same quarter last year.
Revenue for the quarter was C$52.3 million compared to C$61.5 million in the previous year period.
Revenue fell short of management's expectations due to cost growth on five customer programs. Under COM DEV's percentage-of-completion accounting methods, these program performance issues negatively impacted both revenue and gross margin by C$6.7 million in the quarter, as revenues were realized at a slower pace than expected.
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