CAMBRIDGE, Ont. - Com Dev International Ltd. (TSX:CDV) says earnings dipped in the fourth quarter despite an almost 14 per cent increase in revenue.

The Cambridge, Ont.,-based space technology company says net income attributable to shareholders was $2.8 million or four cents per share in the three months ended Oct. 31.

The net income for the latest period, which included a $2.5 million workforce reduction charge, was down from $6.2 million or eight cents per share in the same year-earlier period.

In October, 31 employees were handed layoff notices as part of a restructuring.

Revenue rose to $56.7 million from $49.8 million.

For the full year, Com Dev reported net income of $15.6 million or 21 cents per share on $208.6 million in revenue, up from net 2011 full-year net income of $11.2 million or 15 cents per share on revenue of $204.1 million.

"Our priority in 2012 was to continue to drive increased profitability by taking a disciplined approach to our operations," president and CEO Michael Pley said.

"I'm very pleased to say that we achieved success. Our net income of $15.6 million (for the year) was a 39 per cent increase over $11.2 million in fiscal 2011 and gross margins increased to about 26 per cent from 23 per cent last year."

Com Dev builds subsystems and other technology for major satellite contractors, government agencies and satellite operators.

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