C-COM Reports 10% Revenue Increase in First Quarter 2016

Ottawa, Canada, April 19, 2016-- C-COM Satellite Systems Inc. (TSXV: CMI), a global provider of mobile auto-deploying satellite antenna systems, announced today financial results for its first quarter ended February 29, 2016. The company has generated revenues of US$ 2,433,713 and a net after tax profit of US$ 308,547 or 1 cent per share. This compared to revenues of US$ 2,201,578 and a net after tax profit of US$ 376,431 or 1 cent per share as reported in Q1 2015, representing an increase of 10.5% and a decrease of 18.0% respectively.

The company has generated revenues of US$ 2,433,713 and a net after tax profit of US$ 308,547 or 1 cent per share. This compared to revenues of US$ 2,201,578 and a net after tax profit of US$ 376,431 or 1 cent per share as reported in Q1 2015, representing an increase of 10.5% and a decrease of 18.0% respectively.

The working capital of the company has increased by 0.7% to US$ 20,179,032 at February 29, 2016 as compared to US$ 20,044,633 at February 28, 2015.

The company also announced the payment of its quarterly eligible dividend in the amount of US$ 0.0125 per common share payable on May 17, 2016 to all shareholders of record as of May 3, 2016. Based on the closing price of US$ 0.93 per share on April 18, 2016, this dividend represents a yield of 5.38% on an annualized basis. This is the Company’s 20th consecutive quarter of profitability and 16th consecutive dividend paying quarter. The company ended the quarter with a strong cash position of over US$15 Million and continues to be debt free.

In the first quarter of this fiscal year the company has generated significant new business from Asia. The iNetVu antenna product quality and reliability has been steadily gaining market share in Japan, Korea, Indonesia and China. “The deployment of our antennas into new vertical markets is also contributing incremental revenues for the company. Our customer base is steadily increasing in a number of these new sectors worldwide and continues to generate new sales for the company” said Leslie Klein, President and CEO of C-COM Satellite System Inc. 

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 an in-motion 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 and Ku 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 according to company.

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