March 14, 2011 / 12:06 PM / 7 years ago

UPDATE 1-Com Dev Q1 profit falls; to buy back 10 pct shrs

* Q1 EPS C$0.02 vs C$0.03 last year

* Rev dips 14 pct to C$48.7 mln

* To buy back stock worth $10 million (Follows alerts)

March 14 (Reuters) - Com Dev International Ltd posted lower first-quarter results as revenue from its space equipment segment fell, and the Canadian satellite technology company said it plans to buy back shares representing up to 10 percent of its public float.

For the quarter ended Jan. 31, profit fell to C$1.9 million or 2 Canadian cents a share, from C$2.2 million, or 3 Canadian cents a share, in the year-ago period.

Separately, the company said it plans to buy back common stock worth $10 million over a one year period starting March 21.

Revenue fell 14 percent to C$48.7 million, as revenue from the space equipment segment fell 14 percent to C$48.5 million.

The space hardware maker said orders in the fourth quarter totaled C$59 million, up from C$51 million last year.

Shares of the Cambridge, Ontario-based company, which have lost 11 percent in value since it reported a fourth-quarter loss in January, closed at C$2.08 on Friday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Vyas Mohan)

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