Richmond-based Norsat International Inc. (TSX:NII) posted a 29% quarterly revenue increase in its third quarter, which ended September 30, as its portable satellite systems market grew.
Revenue rose to $4 million compared with $3.1 million in 2006's third quarter. Revenue from Norsat's satellite systems division doubled to $1.5 million from $700,000.
Lower spending helped the company remain profitable for a fourth consecutive quarter. Norsat reported a net profit of $200,000 compared with a net loss of $2 million in 2006's third quarter.
Profitability was maintained by decreasing operating expenses 41% to $1.6 million compared with $2.7 million in the same period last year. For the year, the company has cut its operating expenses 39% to $5 million in the past four quarters from $8.2 million for the same period a year earlier.
Norsat's share price range during the past week: between $0.64 and $0.70; 52-week high: $1.10; 52-week low: $0.465.