C-Com Reports 62% increase in Revenues in 1Q 2019; Declares 28th Consecutive Quarterly Dividend Payment

Ottawa, Canada, April 23, 2019  — C-COM Satellite Systems Inc. (TSXV: CMI), a global provider of mobile auto-deploying satellite antenna systems, said today the company generated revenues of US$2.192 million (Ca$2,948,252) and a net after tax profit of US$315,589.36 (Ca$424,404) or US$0.0074 (1 Canadian cent) per share during the first quarter ended February 28, 2019.

C-COM said this compared with revenues of US$1.35 million (Ca$1,816,142) and a net after tax profit of US$12,538.12 (Ca$16,862) or 0 cents per share as reported in 2018, representing an increase of 62% and 2,417% respectively.

As a result, the company’s working capital increased by 6.4% to US$15.257 million (Ca$20,521,137) on February 28, 2019 compared to US$14.33 million (Ca$19,280,977) on February 28, 2018.

The company paid out US$345,931 (Ca$465,257) in dividends during the first quarter compared to US$341,600.93 (Ca$459,432) in the first quarter of 2018 representing a 1.3% increase. The company said it has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.

C-COM also announced the payment of its eligible quarterly dividend in the amount of Ca$0.0125 per common share payable on May 23, 2019 to all shareholders of record as of May 9, 2019. Based on the closing price of US$1.26 (Ca$1.70) per share on April 22, 2019, this dividend represents a yield of 2.94% on an annualized basis. This is the company’s 28th consecutive quarterly dividend and its 32nd consecutive profitable quarter.

“We are pleased with the results of this quarter, which is indicative of much improved market conditions over last year,” said Leslie Klein, president & CEO. “The C-COM manufactured products continue to be in great demand from customers around the world who value cost-effective solutions combined with high reliability. We are seeing a resurgence of orders, especially from the oil and gas, disaster management, and government, which continue to be significant users of our antenna systems,” Klein continued.

C-COM has also developed three new carbon fiber Manpack antenna models which are now in production. The one-case backpack antenna is expected to provide new solutions and generate incremental sales for the company from the Military, Emergency Responders, Disaster Management, Broadcasting and other vertical markets.

The company said it is making good progress with its research and development of a flat panel phased array solution. “We have recently demonstrated the successful transmit and receive capabilities of this novel electronically steerable phased array antenna which is being developed jointly with the University of Waterloo CIARS Department,” Klein continued.

C-Com also announced the appointment of Drew Klein as Vice-President of Sales effective May 1, 2019.

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