NovAtel, a global positioning systems manufacturer recently announced its financial results for the fourth quarter and full year ended December 31, 2003.
For the full year ended December 31, 2003, revenues were CDN $38.7 million (US $27.3 million), up from CDN $33.1 million (US $21.1 million) in 2002. The Company earned net income of CDN $3.5 million (US $2.4 million) for 2003, or CDN $0.45 (US $0.32) per share – basic, compared with a net income of CDN $1.5 million (US $952,000) in 2002, or CDN $0.19 (US $0.12) per share – basic.
Revenues in the fourth quarter 2003 were CDN $11.3 million (US $8.6 million) compared to CDN $11.2 million (US $7.1 million) in the similar period a year ago.
The Company is reporting net income for the fourth quarter 2003 of CDN $1.0 million (US $788,000) or CDN $0.13 (US $0.10) per share – basic compared with a net income of CDN $1.4 million (US $912,000) or CDN $0.19 (US $0.12) per share – basic in the similar period a year ago. The revenue and net income in the fourth quarter of the prior year benefited from a CDN $3.8 million shipment into China’s SNAS aviation program.
There were no comparable shipments to the SNAS program in the fourth quarter of 2003.