VICTORIA, BRITISH COLUMBIA — (Marketwired) — 11/12/13 — Vecima Networks Inc. (TSX: VCM), an experienced designer and manufacturer of innovative technology in the broadband equipment market, today reported financial results for the three months ended September 30, 2013. All figures are in Canadian dollars and in accordance with International Financial Reporting Standards (“IFRS”) unless otherwise stated.
“Results in the first quarter were in line with our plan for fiscal 2014. We delivered on our stated focus with very strong gross margin and EBITDA,” said Sumit Kumar, President and CEO. “A new customer win for the Terrace Family and the launch of our new digital video access platform were highlights in the first quarter.”
MSO BUSINESS SERVICES
Terrace Family
Terrace QAM
CABLE HEADEND
Digital Video Access Platform
“Vecima continues to enjoy a market leading position in the MSO business services segments where we sell our products. In the current delicate macroeconomic environment, we are witnessing service provider spending plans are in flux and in some instances are getting reprioritized. Our results will be dependent on our ability to capture new MSO customers while maintaining volumes with existing MSO customers for our current product lines,” indicated Sumit Kumar. “We are excited about our new digital video access platform as well as the development progress on new products that are planned for future periods.”
On November 7, 2013, Vecima was pleased to announce a special cash distribution of $1 per common share. After we complete the distribution and close on the sale of real estate in downtown Saskatoon in December, we expect to have more than $28 million in cash by the end of the calendar year.
CONFERENCE CALL
A conference call and live audio webcast will be held on November 12, 2013 at 1 p.m. ET to discuss the Company-s first quarter results. Vecima-s unaudited condensed interim consolidated financial statements and management-s discussion and analysis for the three months ended September 30, 2013 are available under the Company-s profile at , and at .
To participate in the teleconference, dial 1-800-319-4610 or 1-604-638-5340. The webcast will be available in real time at and will be archived on the Vecima website at http://www.vecima.com/events_ir.php.
About Vecima Networks
Vecima Networks Inc. (TSX: VCM) designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. Vecima-s hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima-s solutions to deliver services to a converging worldwide broadband market, including what are commonly known as “triple play” (voice, video and data) and “quadruple play” (voice, video, data and wireless) services. Vecima-s solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as “the last mile”, by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima-s products are directed at two principal markets: Converged Wired Solutions and Broadband Wireless. The Company has also developed and continues to focus on developing products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video. More information is available at our website at .
Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. These statements include but are not limited to statements regarding management-s intentions, belief or current expectations with respect to market and general economic conditions, future sales, future shipping volumes, future cash position, revenue expectations, future costs, future operating performance, plans to sell non-core assets, and plans to continue to explore opportunities to maximize shareholder value, including the possibility of future cash dividends and distributions. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond our control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include, but are not limited to, the current significant general economic uncertainty and credit and financial market volatility and the distinctive characteristics of Vecima-s operations and industry and customer demand that may have a material impact on, or constitute risk factors in respect of Vecima-s future financial performance, as set forth under the heading “Risk Factors” in the Company-s Annual Information Form dated September 26, 2013, a copy of which is available at . In addition, although the forward-looking statements in this press release are based on what management believes are reasonable assumptions, such assumptions may prove to be incorrect. Consequently, readers should not place undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Vecima disclaims any intention or obligation to update or revise any forward-looking statements, as a result of new information, future events or otherwise, except as required by law.
Contacts:
Vecima Networks
Investor Relations
250-881-1982
You must be logged in to post a comment Login