On the Street: Vecima posts $6-million profit

Victoria-based Vecima Networks, which manufactures products for broadband access to cable and wireless networks, had a solid third quarter with a profit of nearly $6 million in the quarter ended March 31.

According to its most recent financial statements, Vecima reported its highest-ever quarterly revenue and earnings before interest, taxes, depreciation and amortization.

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“We turned in an outstanding quarter,” said chief executive Sumit Kumar. “Our remarkable cash generation during the period allowed us to finance a strategic acquisition, increase our investment in [research and development] and support our capital expenditures, while we maintained a cash balance of nearly $70 million.”

The company reported revenue of $31.8 million in the quarter, up from $23.2 million in the third quarter of 2015, and EBITDA of $10.3 million, up from $7.5 million last year.

 

Super Heroes love Hotel Zed

 

Hotel Zed has been singled out by a group of caped crusaders for its commitment to the community. The Super Heroes of Victoria, a costumed volunteer group who lend a hand to several local charitable organizations, have deemed Hotel Zed their sponsor of the year. According to the heroes, Hotel Zed has provided all kinds of support in their ventures. The Super Heroes of Victoria assist, on average, five community and charitable events a month. The group also organizes its own annual events such as Super Hero Kids Day, Super Hero Photo Shoot in support of B.C. Children’s Hospital and the Superhero Literacy Tour, reading to children at schools.

 

On the move

 

The Coast Waste Management Association has named its board for 2016-2017. It includes Jeff Ainge, Regional District of Nanaimo; Anke Bergner, Capital Regional District, Avery Gottfried, Tetra Tech EBA; Peter Grant, Salt Spring Island Community Services; Harmony Huffman, Cowichan Valley Regional District; Jerry Kupiak, Sun Coast Waste; Mark Kurschner, Product Care Association; and Jacqueline Tudor-Jones, Cascades Recovery. ... Cindy Pollard and Kevin East have joined Tourism Vancouver Island in sales ... Nancy Wyeth is the new executive director for Community Micro Lending.

 

Volunteers honoured

 

The Order of St. John recognized volunteers from throughout B.C., including Victorians, in a formal investiture ceremony at Government House. The ceremony commends individuals who have performed outstanding service to the order and to their communities. Among those being honoured were Virginia Shyluk, re-classified as a Dame of Justice, while Gareth Gilson and Martin Wong were invested as serving members of the order. E. David Hodgins was recognized with the Provincial Chair’s Commendation.

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