Profits clipped by loonie

COM DEV International’s Q3 profit suffers a 61% drop due to the lofty Canadian dollar. The Cambridge, Ontario, space hardware maker, which maintains ComDev.jpgoperations on Ottawa’s Terry Fox Dr., had net income of $2.5 million ($0.4) on revenues of $42.9 million. Chief executive John Keating notes that profit was hurt by the 8% shift in the value of the loonie, as well as investment in R&D and other expenses. Mr. Keating is nonetheless optimistic about COM DEV’s Q4 and fiscal 2008. “We remain confident in our ability to achieve revenue growth of at least 10% this year and further growth next year,” he says. “We have seen the fruits of our investment in our Ottawa business in the form of a $39-million contract award. We think our latest investments will also deliver long-term shareholder value.”

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