March 9, 2009 / 8:36 PM / 9 years ago

REFILE-UPDATE 1-Com Dev profit jumps, forecasts revenue growth

(Refiles to fix misspelled word in headline)

*Com Dev Q1/09 EPS 6 Canadian cents vs 2 Canadian cents

*Sees strength in space industry

*Sees fiscal 2009 revenue growth of “at least” 10 pct

TORONTO, March 9 (Reuters) - Satellite technology company Com Dev International (CDV.TO), a Canadian satellite technology company, posted a jump in quarterly profit on Monday and forecast further growth in the space industry even as the economy slumps.

Profit rose to C$4.4 million ($3.4 million), or 6 Canadian cents a share, in the three months ended Jan. 31 from C$1.3 million, or 2 Canadian cents, a year earlier.

Revenue spiked 26 percent to C$56.5 million in the quarter, and Com Dev expects annual revenue growth of “at least 10 percent” in its fiscal 2009.

“High levels of new orders and a record backlog at quarter-end position us well for the rest of the year,” Chief Executive John Keating said in a statement.

“The indicators we track continue to point to ongoing strength in the global space industry, despite challenges being seen in other sectors of the economy.”

The Cambridge, Ontario-based company, which makes subsystems for use in commercial, civil and military satellites, said it received C$88 million in new orders during the quarter. That was up from C$33 million a year earlier.

Com Dev reported its results after markets closed. During the day, its shares closed unchanged at C$2.66 on the Toronto Stock Exchange.

$1=$1.30 Canadian Reporting by Wojtek Dabrowski; editing by Frank McGurty

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