Mitec Telecom Inc. has posted solid first quarter financial results with higher gross profit, lower operating expenses, and a reduced net loss compared to the previous year's first quarter. While sales for Q1 2008 came in a slightly lower $7.6 million compared to $8.7 million, gross profit was substantially higher at $2.1 million compared to $188,000. Operating expenses came in at $2.5 million compared to $4.0 million, and net loss for the quarter decreased to $1 million compared to $4.4 million in 2007's first quarter.

Company president and CEO Dan Piergentili attributes the strong financial results to new product introductions and inroads in the OEM market that have enabled Mitec to diversify and enhance the customer and revenue base. "Moreover, our efforts to contain costs have allowed us to significantly increase our operating margins; first quarter bookings were very strong resulting in a significant backlog as we enter into the second quarter," he said in a statement.