VICTORIA, BRITISH COLUMBIA--(Marketwired - April 23, 2014) - Vecima Networks Inc. (TSX:VCM), an experienced designer and manufacturer of innovative technology in the broadband equipment market, today announced that it expects the company's cash balance to have grown by approximately $5.5 million during its fiscal third quarter ended March 31, 2014 primarily as a result of operating cash flow. Vecima expects its cash at the end of Q3 to be approximately $42 million which is a 15% increase from December 31, 2013. This is a measure of the successful implementation of the company's previously stated strategy of improving operations, monetizing non-core assets and maximizing shareholder value.
In calendar 2013 Vecima distributed $2.00 per share, or approximately $44.6 million dollars, to shareholders. After the distributions, on December 31 2013, Vecima's cash balance was $36.5 million.
"Vecima is the market leader in video delivery to commercial properties served by cable MSOs (Multiple System Operators) and the company is well positioned to strengthen the breadth of our products and customers to maintain this strong competitive lead," stated Sumit Kumar, President & CEO. "Management and the Board continue to explore opportunities to maximize shareholder value, including possible future cash dividends."