With an increase in net income and revenue, 2012 proved to be a good year for COM DEV, a global designer and manufacturer of space hardware. With a major contract win, COM DEV International (News - Alert) Ltd started the new year on high spirits. The company is hopeful that the new contract will significantly contribute to revenue growth in 2013.
In a recent news statement, the company disclosed that it has been awarded an Authorization to Proceed (ATP (News - Alert)) contract from the government. The full contract award, worth over $16 million, is expected early in 2013. Under the contract, COM DEV will deliver Ku-band and Ka-band multiplexers, switches and microwave components.
The company is going to utilize its facility in Cambridge, Ontario to carry on with the project related works. The project is expected to continue till March 2014.
As a part of initial funding of ATP contract, the company reportedly amassed $3 million. The amount will go to cover initial procurement expenses, the company revealed.
COMDEV’s advanced space hardware products are in use in the communications, space science, remote sensing and military satellites.
“This significant contract win at the beginning of the year demonstrates the solid momentum we identified in 2012. We expect that our strong product offering along with our customer relationships will drive continued growth in 2013,” president and CEO of COM DEV Michael Pley noted in a statement.
The company is soon to announce its financial results for the fourth quarter and full year of fiscal 2012 on Thursday, January 10, 2013 at approximately 4:00 pm EST. The company will host an investor conference call that same day at 5:00 pm EST to discuss the results.
A couple of month back, COM DEV announced the successful launch of ChinaSat 12 communication satellite, which features COM DEV-built switches on board.
In a statement, Mike Williams, president of COM DEV International Products, said that, “ChinaSat 12 adds much needed capacity in the emerging markets of Asia and Africa. China Satcom has four more satellites planned to launch in the next two years, demonstrating the continuing high demand for communications capabilities in the region.”
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Edited by Brooke Neuman