Friday, September 17, 2021

Mitec cuts loss in Q3

Mitec Telecom, a Canadian maker of radio frequency products for service providers, said it lost $1.4 million in its recent third quarter. That compares to a $2.6 million loss in the same period last year for the Montreal company.

Sales in the quarter reached $9.8 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $206,000, marking the first positive cash flow for the publicly-traded company since early 2004.

The company also said sales increased 22 per cent in the three month period over the second quarter of this fiscal year.

“Mitec continues to deliver on its strategic objectives, which include expanding our existing products into new markets and working with current and potential customers to prove our capabilities as a leading provider of wireless and satellite communications,” said CEO Dan Piergentili. “I am pleased with the progress we have made and confident in our ability to achieve the objectives we have set.”

Mitec makes solid-state power amplifiers and block upconverters.

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Jim Love, Chief Content Officer, IT World Canada
Howard Solomon
Howard Solomon
Currently a freelance writer, I'm the former editor of ITWorldCanada.com and Computing Canada. An IT journalist since 1997, I've written for several of ITWC's sister publications including ITBusiness.ca and Computer Dealer News. Before that I was a staff reporter at the Calgary Herald and the Brampton (Ont.) Daily Times. I can be reached at hsolomon [@] soloreporter.com

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