Sierra Wireless Inc. (TSX:SW) posted a new quarterly record in 2007's first quarter, which ended March 31, as revenue for the Richmond-based developer of wireless data technology increased 89% to $85.4 million compared with the company's 2006 first quarter.
Higher revenue and a higher gross margin increased the company's quarterly profit to $5.2 million compared with $2.6 million in 2006's first quarter.
With new agreements and markets for its various wireless data products, including an agreement with Sprint to sell its AirCard 595U USB modem, Sierra Wireless is projecting a record second quarter with $92 million in revenue and estimated net earnings of $5.5 million.
Sierra Wireless' share price range during the past week: between $18.60 and $19.54; 52-week high: $23.71; 52-week low: $11.73.