On the Street: Vecima posts $6-million profit

Source: Times Colonist
Author: Darron Kloster

Victoria-based Vecima Networks, which manufactures products for broadband access to cable and wireless networks, had a solid third quarter with a profit of nearly $6 million in the quarter ended March 31.

According to its most recent financial statements, Vecima reported its highest-ever quarterly revenue and earnings before interest, taxes, depreciation and amortization.

“We turned in an outstanding quarter,” said chief executive Sumit Kumar. “Our remarkable cash generation during the period allowed us to finance a strategic acquisition, increase our investment in [research and development] and support our capital expenditures, while we maintained a cash balance of nearly $70 million.”

The company reported revenue of $31.8 million in the quarter, up from $23.2 million in the third quarter of 2015, and EBITDA of $10.3 million, up from $7.5 million last year.