Canada’s manufacturer of mobile auto-deploying satellite antenna systems, C-COM Satellite Systems Inc., announced on Thursday that the company continued to post eight consecutive profitable year although net profit for 2012 dropped by 29%.
Reporting on the results of its fiscal year ended November 30, 2012, C-COM said revenues for the year were US$13.129 million (Ca$13,385,324) with a net after tax profit of U$2.614 million (Ca$2,665,491) or 7 US cents (8 Ca. cents per share). This represents a decrease of 30.1% and 29.4%, respectively, in revenues and net after tax profit from 2011 when total revenues were US$18.77 million (Ca$19,135,942) and there was a net after tax profit of US$3.703 million (Ca$3,776,035) or 10 US cents (11Ca. cents) per share.
C-COM said the revenue and net after tax profit decrease were a result of a large non recurring sale to Japan in 2011 for Tsunami relief.
C-COM had an income tax provision of US$1.0256 million (Ca$1,045,400) in fiscal 2012, versus US$1.539 million (Ca$1,569,507) in fiscal 2011. The company said it had sufficient investment tax credits and research and developments costs to reduce its Federal tax liability to zero for the fiscal year ended November 30, 2012.
For 2012, the working capital of the company rose by 15.5% to US$15.05 million (Ca$15,344,103) in November 30, 2012 compared to US$13.035 million (Ca$13,288,683) during the same period in 2011. The working capital also increased during the year even with approximately US$497,326 (Ca$507,000) paid in dividends and US$0.66 million (Ca$673,000) paid to repurchase shares.
“The continued profitability during fiscal year 2012 are largely attributable to the worldwide 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,” said Leslie Klein, President and CEO. “Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth.”
