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Norsat Announces Q4 and Fiscal Year 2016 Financial Results - Annual Revenue Up 5% to $38.0 Million
Wednesday, March 15, 2017Company Profile | Follow Company
Richmond, BC, March 15, 2017--(T-Net)--Norsat International Inc. (TSX: NII and NYSE MKT: NSAT), a provider of communication solutions for remote and challenging applications, today reported financial results for the the fourth quarter and fiscal year ended December 31, 2016.
Financial Highlights
For the three months ended December 31, 2016
For the year ended December 31, 2016
“We are very pleased with the fourth quarter and annual results. Our revenue for the quarter and year grew 13% and 5%, respectively, compared to the same periods in 2015. From a Sinclair Technologies division perspective, we benefited from an improved U.S. economy and also larger deliveries of our products suitable for use in positive train control deployments. The Satellite Communications division benefited from an increase in military orders, as well as deliveries of our ATOM products to Harris Corporation,” said Dr. Amiee Chan, President and CEO of Norsat.
“We also continued to manage our cost structure while also challenging ourselves to develop and market new products and solutions. Overall we achieved another period of profitability and we reported a record Adjusted EBITDA of $2.2 million and $7.6 million, for the 2016 fourth quarter and 2016 year, respectively,” added Dr. Chan.
A full set of financial statements and Management's Discussion and Analysis for Norsat is available at www.norsat.com and will be available at www.sedar.com.
(1) Adjusted EBITDA is a measure that the Company uses to reflect the results of its core earnings. Adjusted EBITDA is defined as earnings before income tax expense, financing costs, depreciation and amortization, foreign exchange gain or loss, corporate development costs, write-down of inventory, impairment charges or recoveries, discontinued operations and other non-cash charges.
(2) We disclose non-IFRS measures as we believe they provide useful information on actual operating results and assist in comparisons from one period to another. Readers are cautioned that non-IFRS measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. For a more detailed description of non-IFRS measures, please refer to 2016 Annual Management's Discussion and Analysis posted on Norsat's website and SEDAR.
About Norsat International Inc.
Founded in 1977, Norsat International Inc. is a provider of unique and customized communication solutions for remote and challenging applications. Norsat's products and services include leading-edge product design and development, production, distribution and infield support and service of fly-away satellite terminals, microwave components, Radio Frequency (RF) conditioning products, maritime based satellite terminals and remote network connectivity solutions. More information is available at www.norsat.com, via email at investor@norsat.com or by phone at 1-604-821-2800.
Forward Looking Statements
The discussion and analysis of this news release contains forward-looking statements concerning anticipated developments in Norsat's operations in future periods, the adequacy of its financial resources and other events or conditions that may occur in the future.
Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,”, “predicts,” “potential,” “targeted,” “plans,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved.
These forward-looking statements include, without limitation, statements about Norsat's market opportunities, strategies, competition, expected activities and expenditures as it pursues its business plan, the adequacy of available cash resources and other statements about future events or results.
Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, such as business and economic risks and uncertainties.
The forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or anticipated developments will be realized. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
These forward-looking statements are made as of the date of this news release and Norsat assumes no obligation to update or revise them to reflect new events or circumstances, other than as required by law.
For further information, contact:
Dr. Amiee Chan | Arthur Chin |
President & CEO | Chief Financial Officer |
Tel: 604 821-2800 | Tel: 604 821-2800 |
Email: achan@norsat.com | Email: achin@norsat.com |
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