Key Developments: Vecima Networks Inc (VCM.TO)
4.59CAD
23 May 2013
$0.09 (+2.00%)
$4.50
$4.55
$4.59
$4.55
650
8,666
$6.05
$3.52
Latest Key Developments (Source: Significant Developments)
Vecima Networks Inc Sees At High End Of Prior FY 2013 EBITDA Guidance Range
Vecima Networks Inc announced that for fiscal 2013, it expects adjusted EBITDA to improve by 40% over fiscal 2012. The Company reported EBITDA of CAD24.47 million in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $20.30 million for fiscal 2013. Full Article
Vecima Networks Inc Announces Special Cash Distribution Of $1.00 per Share
Vecima Networks Inc announced that shareholders authorized the Company to reduce the stated capital of its common shares by $1.00 per share. Therefore, the Board of Directors authorized a special cash distribution, by way of a return of capital, of $1.00 per share on the Company's outstanding common shares. The special distribution is payable on March 27, 2013 to shareholders of record at the close of business on March 21, 2013. Full Article
Vecima Networks Inc Lowers FY 2013 Revenue Guidance; Issues FY 2013 EBITDA Guidance Above Analysts' Estimates
Vecima Networks Inc announced that for fiscal 2013, it is revising revenue forecast to be in the range of $91 to $98 million and adjusted EBITDA to improve by 20-40% over fiscal 2012. The Company reported EBITDA of CAD24.47 million in fiscal 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of CAD111 million and EBITDA of CAD11.40 for fiscal 2013. Full Article
Vecima Networks Inc Proposes Special Cash Distribution Of $1.00 Per Share
Vecima Networks Inc announced that the Board of Directors has authorized the Company to seek shareholder approval to permit a special cash distribution to common shareholders, in the form of a return of capital, of $1.00 per share. If the return of capital is approved by shareholders, it is expected the special cash distribution will be paid to shareholders on or about March 27, 2013. Full Article
Vecima Networks Inc Receives Notice Of Legal Proceedings
Vecima Networks Inc announced that it has been named as a defendant in legal proceedings filed in the Supreme Court of Ontario by Inukshuk Wireless Partnership (Inukshuk). Inukshuk alleges in the legal proceedings, among other things, that an agreement existed for Vecima to sell to Inukshuk certain radio spectrum and that Vecima did not comply with that agreement. In the legal proceedings, Inukshuk is seeking, among other things, an order requiring Vecima to sell the radio spectrum to Inukshuk, an injunction preventing Vecima from selling the radio spectrum to any other person, and monetary damages. Full Article
Vecima Networks Inc Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Vecima Networks Inc announced that for fiscal 2013, it expects revenue to be in the range of CDN$105 million to CDN$115 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of CDN$112 million for fiscal 2013. Full Article
Vecima Networks Inc. Announces Closing of $4 Million Non-Core Asset Sale
Vecima Networks Inc. announced the closing of the sale of 40 acres of non-serviced land in Saskatoon. Net cash proceeds of approximately $4.0 million will result in a gain on sale of approximately $3.6 million. Full Article
Vecima Networks Inc. Reaffirms FY 2012 Revenue Guidance
Vecima Networks Inc. announced that revenue for fiscal 2012 is expected to be in previously announced guidance range of between $90 million to $100 million. Full Article
Vecima Networks Inc Closes $7.3 Million Sale of Radio Spectrum
Vecima Networks Inc announced that its special purpose entity YourLink Inc. has successfully concluded phase 2 of an agreement to sell a portion of its radio spectrum licenses in the 3.5GHz band for $7.3 million to Xplornet Broadband Inc. Phase 1 of the transaction concluded in December 2011 for $8.0 million. At that time, Vecima announced that Xplornet paid for the option to purchase additional spectrum licenses. Xplornet has now exercised its option to purchase additional licenses totaling $7.3 million. Full Article
Vecima Networks Inc. Secures Major OEM Agreement
Vecima Networks Inc. announced that it has executed an OEM agreement for a new network platform with a prominent digital video access equipment vendor. Under the agreement, Vecima will design, manufacture and supply network equipment platforms that interface to the already deployed network devices which are used to provide digital video services. The new equipment builds on Vecima's established cable headend technology which includes downstream QAM modulation, MPEG decoding, analog television encoding and return path demodulator products. Under the terms of the agreement, the OEM customer has committed to purchase a minimum number of platforms totalling approximately $19 million within two years of the date the customer first ships its new product. Vecima believes the uptake of the platforms will be significantly higher than the minimum purchase quantity over the duration of the product's life. Vecima expects to start shipping equipment in the middle of calendar year 2013. Full Article
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