C-COM Revenues Down, But Continues to be Profitable
Ottawa, Canada, July 14, 2015–C-COM Satellite Systems Inc. (TSXV: CMI), a global provider of mobile auto-deploying satellite antenna systems, announced today financial results for its second quarter ended May 31, 2015. The company has generated revenues of CDN$ 3,101,579 and a net after tax profit of CDN$ 313,201 or 1 cent per share. This compared with revenues of CDN$ 3,754,738 and a net after tax profit of 782,188 or 2 cents per share as reported in 2014, representing a decrease of 17.4% and 60% respectively.
The working capital of the company has increased by 4.4% to $19,983,993 at May 31, 2015 as compared to $19,149,209 at May 31, 2014.
The company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on August 13, 2015 to all shareholders of record as of July 30, 2015. Based on the closing price of $1.13 per share on July 13, 2015, this dividend represents a yield of 4.4% on an annualized basis. This is the Company’s 13th consecutive quarterly dividend and its 17th consecutive profitable quarter.
“Despite the worldwide economic slowdown which has impacted our sales and profitability this year, we remain profitable and continue to pay dividends. This is largely due to the worldwide acceptance of our iNetVu® auto-deploying antenna systems” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. "Our new Ka-band antenna products are starting to generate additional revenues, particularly in the telecom, satellite news gathering and health sectors, while our customer base is steadily increasing in these and other vertical markets” Klein continued.
C-COM continues to develop new products for new markets and is expanding its worldwide reseller network for its proprietary iNetVu® Mobile antenna systems. One of the new products the company is developing is a Comm-on-the-Move (COTM) antenna, which will deliver broadband Internet over satellite into vehicles and trains while in full motion. This new product will work with the most advanced Ka band high throughput satellites. C-COM also continues to establish new partnerships with companies around the world interested in combining the capabilities of the iNetVu® antennas with the products and services they offer.
Related Articles:
