[Satellite TODAY 05-09-13] The U.S. Government\u2019s budget sequestration has created a ripple effect impacting businesses across the globe according to Amiee Chan, president and CEO of Canadian-based Norsat International<\/b>, a communications solutions provider.
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\n \u201cThe first quarter of 2013 was a challenging period with sales negatively affected by the U.S. government\u2019s budget sequestration and by ongoing economic uncertainty in some of our markets,\u201d Chan said. As a result, \u201cwe will continue successful diversification activities,\u201d she added.
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\n During a May 8 telephone press conference, Chan said these activities include the sale of Norsat products to \u201cmilitaries beyond the United States,” which would allow the company to diversify its customer base. Norsat also plans to expand its portfolio of products and services.
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\n According to recently released revenue numbers, revenue for the first quarter of 2013 was only $8.4 million, compared to $10.4 million during the same period in 2012. Chan said sales were also down significantly during the first quarter this year totaling $1.4 million, compared to $2.1 million last year.
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\n As a result, company officials slashed expenses and for the three months ending March 31, 2013. Thus, total expenses decreased to $3.0 million, from $3.8 million in the first quarter of 2012. But despite a 20 percent revenue decrease, Norsat officials remain optimistic. \u201cWe are enthusiastic,\u201d Chan said.
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\n Among the reasons for the enthusiasm, Chan pointed the recent acquisition of a U.S.-based satellite communications business, which is anticipated to \u201cadd modest revenues in 2013.\u201d Arthur Chin, Norsat\u2019s chief financial officer was optimistic noting an increased demand in public safety and transportation sectors. Additionally, according to Chan, Norsat\u2019s research and development division received a significant boon during the first quarter.
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\u201cI am pleased to report that we boosted our R&D program with the award of a $13.3 million [Canadian] repayable contribution from the Canadian Government\u2019s Strategic Aerospace and Defense Initiative,\u201d she said. <\/p>\n","protected":false},"excerpt":{"rendered":"
[Satellite TODAY 05-09-13] The U.S. Government\u2019s budget sequestration has created a ripple effect impacting businesses across the globe according to Amiee Chan, president and CEO of Canadian-based Norsat International, a communications solutions provider. \u201cThe first quarter of 2013 was a challenging period with sales negatively affected by the U.S. government\u2019s budget sequestration and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-81069","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/81069"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=81069"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/81069\/revisions"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=81069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=81069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=81069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}