OTTAWA, ONTARIO--(Marketwire - March 12, 2013) - 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, 2012.
Revenues for the year were $13,385,324 with a net after tax profit of $2,665,491 or 8 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 $19,135,942 and there was a net after tax profit of $3,776,035 or 11cents per share. This 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 $1,045,400 in fiscal 2012, versus $1,569,507 in fiscal 2011. The Company 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.
The working capital of the Company has increased by 15.5% to $15,344,103 at November 30, 2012 as compared to $13,288,683 at November 30, 2011. The working capital has increased during the year even with approximately $507,000 paid in dividends and $673,000 paid to repurchase shares as part of the normal course issuer bid.
Based on these results the company is increasing its quarterly dividend by 33.33% to $0.01 per common share per quarter, from the previous rate of $0.0075 per common share per quarter. This dividend increase to $0.04 annually will represent a yield of approximately 5.6% based on the closing price of $0.72 per share on March 11, 2013.
The first such eligible quarterly dividend of $0.01 per common share will be payable on May 13, 2013 to all shareholders of record as of April 29, 2013.
"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. Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth" 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. It 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.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the development 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 unique proprietary Mobile auto-deploying (iNetVu®) antenna that allows the delivery of high-speed satellite based Internet services 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. The company's satellite-based products and services deliver high-quality, cost-effective solutions for both fixed and mobile applications throughout the world. More information is available at: www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
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 released may not gain market acceptance. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.