[Via Satellite 08-10-2015] Norsat repaid the remaining balance of its $1.3 million acquisition loan, including a $0.8 million voluntary accelerated payment, resulting in the company being debt free. Norsat reported this development in its second quarter financial results, ended June 30, 2015.
“Overall, strong cash flows over the last few years have allowed us to accelerate repayment on our acquisition loan and ramp up our inventories in anticipation of delivering on several orders we received earlier this year. Norsat is now debt free and in a great position to expand its operations on a go-forward basis,” said Arthur Chin, chief financial officer of Norsat.
Amiee Chan, president and chief executive officer of Norsat said in a statement that the company continues to actively review acquisitions to expand its product and distribution capabilities. Norsat reported second quarter revenue for 2015 of $9.0 million, compared to $9.6 million during the same period in 2014. Adjusted Earnings Before net Interest, Taxes and Depreciation and Amortization (EBITDA) for the second quarter of 2015 was $1.2 compared to $1.3 million in the second quarter of 2014, and net earnings were $0.7 million compared to $1.0 million in 2014.
“We are pleased with the second quarter results, as it was above our internal expectations as we were able to deliver some of our backlog earlier than expected. While this enabled us to show better than expected results, we continue to have a sizable backlog of orders that should make their way through the income statement during the back half of this fiscal year and into early 2016,” said Chan.