C-COM Reports 9th Consecutive Profitable Year in Fiscal 2013
Ottawa, Canada, March 12, 2014--C-COM Satellite Systems Inc. a global provider of mobile auto-deploying satellite antenna systems, announced today that for the fiscal year ended November 30, 2013 revenues have increased by 16.4% to CDN $15,573,798 and the company generated a net after tax profit of CDN $3,473,371 or 10 cents per share, This represents an increase of 30.3% from last year, when total revenues were CDN $13,385,324 and there was a net after tax profit of $2,665,491 or 8 cents per share.
C-COM recorded an income tax provision of CDN$1,392,340 in fiscal 2013, versus CDN$1,045,400 in fiscal 2012.
The working capital of the company has increased by 19.3% to $18,308,905 at November 30, 2013 as compared to CDN$ 15,344,103 at November 30, 2012. The company paid CDN $1,392,215 in dividends during fiscal 2013 compared to CDN $507,601 in fiscal 2012 representing a 174.3% increase.
"The continued profitability during fiscal year 2013 is largely attributable to the acceptance of our iNetVu® Mobile auto-deploying antenna systems, particularly to the telecom, military as well as to the oil and gas exploration sectors worldwide. We are also starting to see incremental growth from the success of our new generation Ka-band products. These products are expected to deliver increasing revenues to the company as more and more Ka-band satellites are launched around the world" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
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