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Globecomm sales and profits drop
Globecomm Systems Inc, a Hauppauge company that manufacturers satellite communication devices, reported lower sales and profits for the last quarter due to a drop in government contracts.
The company reported revenue fell to $79.7 million for the quarter ending Dec. 31, a 16.7 percent decrease from the same period in 2011.
Globecomm also reported a 59.1 percent dip in profit compared to the year-ago period, as the company made $3.8 million, or 17 cents per share, in the most recent quarter.
"This has been a challenging year for the company due to a number of delays and uncertainties in awarding U.S. government contracts," said chief executive David Hershberg in a news release. "The company’s diversified portfolio is helping to mitigate the effects of the current reduction in Government spending resulting from troop draw downs in Iraq and Afghanistan."
The company announced last month that it had hired an investment bank to to explore "strategic alternatives," indicating it was considering a sale.