[Satellite TODAY 12-01-09] Canadian satellite manufacturer Com Dev International’s fourth-quarter sales and profits will be $4.3 million lower than expected due to manufacturing issues with two of the company’s government-related contracts, Com Dev announced Nov. 30.
    The company said it underestimated the costs associated with developing the two government projects. “In addition, we have identified problems with project management processes in the division,” said Com Dev CEO John Keating, in a statement.
Com Dev then appointed Dave Lizius president of the company’s Canadian division, effective immediately. Lizius replaces former Com Dev president George Cwynar, hired in June 2008.
“Dave is a seasoned veteran of Com Dev and the space industry, and we believe he is the right person to lead the division as they address these issues, and move forward to capitalize on the government market opportunities in Canada," said Keating.
    Com Dev said it will post net income of less than $1 million on sales of $56 million to $58 million in the three-month period and will record a foreign exchange loss of $1.5 million on its currency hedges due to the strengthening of the U.S. dollar relative to the Canadian dollar during the quarter. Despite the shortfall, Com Dev said it expects to report record orders of nearly $250 million for 2009 and anticipates revenue growth of at least 10 percent in 2010.

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