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From: Fivenine

9/15/2016 8:25:08 AM

of 1728

XCT -
ExactEarth sales decline, but sees growth ahead

Shares Issued	21,605,506
Market Cap	30,248,000

Waterloo Region Record
By Record staff
CAMBRIDGE — ExactEarth recorded a $1.3-million third-quarter loss as its sales fell almost 50 per cent, but the provider of data on maritime traffic is looking ahead to growth after a surge in orders.

The Cambridge-based company, which uses a network of microsatellites to track ships, reported revenue of $4 million in the three months ended July 31, down from $7.8 million in the third quarter a year ago. It said the shortfall was due mainly to changes in a contract with the Canadian federal government that resulted in reduced service levels.

ExactEarth, which reported profits of $309,000 in the third quarter a year ago, said new bookings in the most recent quarter more than tripled to $16 million. It said the increase was driven mainly by its new distribution agreement for China, and sales activity with the French Navy and Canadian government.

http://www.therecord.com/news-story/6856750-exactearth-sales-decline-but-sees-growth-ahead/

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