Norsat (NSAT) Reports Q4 Loss of $0.04

Norsat (NYSE: NSAT) reported Q4 EPS of ($0.04), versus $1.03 reported last year. Revenue for the quarter came in at $10.7 million versus the consensus estimate of $9.54 million.

• $10.7 million in revenue for the quarter, an increase of 13% compared to $9.5 million for the same period last year.
• Gross profit margin of 44% for the quarter, an increase of 3% from 41% for the same period last year.
• Government repayment obligation recorded during the quarter was $2.1 million (consisting of a current portion of $0.3 million and long-term provisions of $1.8 million), compared to $nil for the same period last year. Based on the Company's recent history of strong financial performance, it was determined that it is probable that future government repayments will be required to be made under the terms of Strategic Aerospace & Defense Initiative ("SADI") programs. Based on management's best estimates for forecast revenues between 2017 and 2032, the present value of the total estimated government repayment obligation for the same periods would be approximately $2.1 million.
• Deferred income tax expense for the quarter was $0.1 million, compared to deferred income tax recovery of $3.8 million for the same period last year. The recovery for the three months ended December 31, 2015 was based on an assessment of the Company's history of profitability and its ability to realize deferred income tax assets.
• Net (loss) earnings for the quarter were ($0.2 million), or ($0.04) per share, basic and diluted, compared to $5.9 million, or $1.03 per share, basic and diluted, for the same period last year.
• Adjusted EBITDA(1) of $2.2 million for the quarter, an increase of 52% from $1.5 million for the same period last year.

For earnings history and earnings-related data on Norsat (NSAT) click here.

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