Norsat CEO Amiee Chan bought 44,500 shares of the company in the open market yesterday. Shares of Richmond, BC’s Norsat (TSX:NII) have been climbing following the release of its Q2 numbers on August 9th.
In that period, Norsat’s revenue increased 22% to $10.5-million and EBITDA improved by 41% to $700,000, compared to the same period in 2011. The quarter was the company’s 23rd straight of positive EBITDA.
Recent filings reveal you can count the company’s leadership team amongst its most ardent supporters.
Yesteday, Norsat CEO Amiee Chan bought 44,500 shares of her own company in the open market, at $.42 cents. She was joined by Chairman Fabio Doninelli, who bought 37,000 shares at $.41 cents.
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Norsat, which was founded in 1977, designs and builds communications equipment such as antennas, portable satellite systems, microwave components, and maritime systems that are used in difficult environments. The company, which nearly went under midway through the last decade, was skillfully rescued by long time employee Amiee Chan, an engineer who became CEO in 2006. Chan put the company on solid enough financial footing to acquire coveted long time peer Sinclair Technologies early in 2011.
Today, the company sells through three divisions; Sinclair Technologies, Satellite Solutions and Microwave Products.
Norsat’s numbers carry the momentum from the news, earlier this month, that it was granted final acceptance with NATO’s NCI Agency for its dual Ku and X Band portable satellite terminals, a $1.3-million contract it won a year ago. The contract helped the company’s Sinclair division improve quarterly revenues to $6.4-million, from $5.2-million during the same period in 2011.
At press time, shares of Norsat were even at $.50 cents.