C-COM reports Increased Rvenue and Profits in Third Quarter
Ottawa, Canada, October 16, 2013 – C-COM Satellite Systems Inc., a leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for its third quarter ending August 31, 2013.The company reported a net profit of CDN $ 353,978 or 1.0 cent per share compared with results for the same period last year when there was a net profit of $65,625, or 0.2 cents per share. The working capital of the company increased by 27% to CDN $17,271,614 at August 31, 2013 compared to CDN $13,577,437 at August 31, 2012.
Revenues increased by 25% when compared with results from the same period last year, when total revenues were $2,463,351. The operating profit increased to CDN $488,804 compared with the same period last year when the operating profit was $285,033.
For the nine months ended August 31, 2013 the company is reporting a net profit of $2,228,279 or 6.4 cents per share compared with results for the same period last year when there was a net profit of $891,536, or 2.6 cents per share. Revenues increased by 40% for the nine months ended August 31, 2013 to $11,798,977 when compared with results from the same period last year when total revenues were $8,443,307. The operating profit increased to $2,940,837 for the period ended August 31, 2013 compared with the same period last year when the operating profit was $1,258,874.
“We are pleased with the third quarter results, which reaffirm strong customer support across our entire product line. C-COM is one of the first mobile antenna manufacturers that started delivering its next generation iNetVu® Ka-band mobile antennas to customers in the US, Europe the Middle East and Africa. We are the only company in the world to date with antenna approvals for this technology from all of the major Ka satellite providers and we expect to remain the market leader in this rapidly expanding sector. The company continues to be free of long term debt with a significant cash position” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
The C-COM board has approved a 25% increase in dividend payments which amounts to 1.25 cents a share per quarter or 5 cents a share per annum.
The payment of an eligible dividend in the amount of $0.0125 per common share payable on November 13, 2013 to all shareholders of record as of October 30, 2013. Based on its closing price of $2.12 per share on October 15 2013, this dividend would provide a yield of 2.36% on an annualized basis. This dividend is part of the Company's ongoing practice of returning value to its shareholders through a quarterly dividend.
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