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March 9, 2009

Mitec Telecom Q3 net loss narrows

Sales down to C$7.92m, compared to C$9.83m for the third quarter of fiscal 2008

By CBR Staff Writer

Mitec Telecom, a manufacturer of mobile wireless, fixed wireless, broadcast and satellite components, has reported a net loss of C$361,000, or C$0 per basic and diluted share, for the third quarter ended January 31, 2009, compared to C$1.35m, or C$0.01 basic and diluted loss per share, for the same quarter of fiscal 2008.

For the third quarter of fiscal 2009, sales were C$7.92m, compared to C$9.83m for the same quarter of fiscal 2008.

For the first nine months of fiscal 2009, sales were C$33.42m, an increase of 32%, compared to C$25.41m, for the same period of fiscal 2008. Net loss was C$1.5m, or C$0.01 basic and diluted loss per share, compared to C$4.67m, or C$0.02 basic and diluted loss per share, for the same period of fiscal 2008.

Jeffrey Mandel, chairman of Mitec Telecom, said: Mitec’s results for the quarter showed the company’s resilience as its senior management team deals with today’s global challenges. They are further proof that Mitec’s corporate strategy, to develop a profitable business that services specific customer needs as a global supplier of telecom and satcom components, delivers acceptable returns to shareholders even in challenging times.

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