CAMBRIDGE, Ont. - Com Dev International Ltd. (TSX:CDV) said Thursday it earned $2.2 million, down sharply from $4.4 million a year ago, as revenue crept higher.
"In the first quarter we maintained revenue levels from last year despite currency headwinds, but a number of additional factors contributed to suppressing our margins and profitability," chief executive John Keating said.
"The program performance issues identified at the end of fiscal 2009 had an impact on our margins this quarter, as anticipated, and we also experienced cost increases on a couple of other programs."
The maker of satellite components said the profit amounted to three cents per share for the quarter ended Jan. 31 compared with profit of six cents per share a year ago.
Revenue totalled $56.7 million, up from $56.5 million.
Shares in the company closed down two cents at $3.59 on the Toronto Stock Exchange.