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Mitec reports solid results

Briefs | 09/13/2007 1:26 pm EDT

Mitec Telecom Inc. has posted solid first quarter financial results with higher gross profit, lower operating expenses, and a reduced net loss compared to the previous year's first quarter. While sales for Q1 2008 came in a slightly lower $7.6 million compared to $8.7 million, gross profit was substantially higher at $2.1 million compared to $188,000. Operating expenses came in at $2.5 million compared to $4.0 million, and net loss for the quarter decreased to $1 million compared to $4.4 million in 2007's first quarter.

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