Com Dev’s revenue down $500,000 in Q1
Posted Mar 10, 2014 09:34:24 AM.
This article is more than 5 years old.
Cambridge-based Com Dev International says the stronger U.S. dollar had a negative effect on its first-quarter profit but helped its revenue.
The satellite hardware developer’s net income dropped to $1.8 million in the three months ended Jan. 31 _ down nearly 55 per cent from $4.1 million in the first quarter of fiscal 2013.
Com Dev says the stronger U.S. dollar resulted in a $1.5-million foreign exchange loss during the quarter _ mainly due to the reduced market value of its currency hedges.
Com Dev’s first-quarter revenue was down one per cent or $500,000 from a year ago at $51.8 million, but the company says the currency fluctuation provided a positive impact on revenue and margins.
