OTTAWA, ON--(Marketwired - March 21, 2017) - C-COM Satellite Systems Inc. (TSX VENTURE: CMI), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the fiscal year ended November 30, 2016.
The company has generated revenues of $9,267,750 and a net after tax profit of $1,020,234 or 3 cents per share. This compared with revenues of $10,374,748 and a net after tax profit of $1,596,680 or 4 cents per share as reported in 2015, representing a decrease of 10.7% and 36.1% respectively.
The working capital of the Company has decreased by 0.7% to $20,097,766 at November 30, 2016 as compared to $20,231,895 at November 30, 2015. The Company paid out $1,820,977 in dividends during fiscal 2016 compared to $1,806,477 in fiscal 2015 representing a 0.8% increase.
Results for Q4 saw revenues increase by 29.2% to $2,935,196 when compared with results from the same period last year, when total revenues were $2,272,798. The net after tax profit increased 59.0% to $666,296 compared with the same period last year when the after tax profit was $419,245.
"The Company has delivered positive results under the current challenging and adverse global economic conditions, which have affected many of its international customers," said Leslie Klein, President & CEO of C-COM. "A worldwide economic slowdown, unforeseen political turmoil in key regions, severe exchange rate fluctuations, and a sharp fall in oil prices, all have forced some of C-COM's larger customers to delay projects and postpone purchases resulting in lower than expected sales," Klein continued.
Nevertheless, the future appears bright for the Company. "Our SATCOM-on-the-MOVE antennas currently under development are generating worldwide interest and are expected to open up new markets for the Company. In addition, SATCOM-on-the-PAUSE products for use on both new and existing high-throughput satellites around the world, are expected to remain the cornerstone of the business," Klein continued.
Despite these adverse economic conditions, the Company has maintained its dividend payout and increased its working capital from the previous year, all while continuing to innovate and prepare for the next generation of mobile antennas.
C-COM continues to develop new products for new markets and is expanding its worldwide reseller network for its proprietary iNetVu® Mobile antenna systems. It also continues to establish new partnerships with corporations around the world interested in combining the capabilities of the iNetVu® antennas with the products and services they offer. The Company is also developing leading edge patentable technologies for the on-the move satellite market and is involved in a research and development project with a leading Canadian university to develop the next generation low profile electronically steerable antenna technology.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the development, manufacture and deployment of commercial grade mobile satellite-based technology for the delivery of two-way high-speed Internet, VoIP and Video services into vehicles. C-COM has developed a number of proprietary Mobile auto-deploying (iNetVu®) antennas that deliver broadband over satellite into vehicles while stationary virtually anywhere where one can drive. The iNetVu® Mobile antennas have also been adapted to be airline checkable and easily transportable. More than 7000 C-COM antennas have been deployed in 103 countries around the world in vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Banking, and others. The Company's satellite-based products are known worldwide for their high quality, reliability and cost-effectiveness.
C-COM is also involved in the design and development of a new generation of Ka-band (communications on the move) antennas, which will deliver satellite broadband solutions into vehicles while in motion. More information is available at: www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
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Forward Looking Statements
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. New orders anticipated by C-COM Satellite Systems Inc. may not be received and current orders may be cancelled. New products and services under development may not be suitable for or achieve production status and new products and services released may not gain market acceptance or contribute to the revenues or net income of C-COM Satellite Systems Inc. Any of those events could have an effect on future performance and C-COM Satellite Systems Inc.'s ability to achieve the results mentioned above. These forward-looking statements are made as of the date hereof and C-COM Satellite Systems Inc. does not assume any obligation to update or revise them to reflect new events or circumstances.