OTTAWA, ONTARIO--(Marketwired - March 12, 2014) - 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, 2013.
Revenues have increased by 16.4% to $15,573,798 and the company generated a net after tax profit of $3,473,371 or 10 cents per share, representing an increase of 30.3% from last year, when total revenues were $13,385,324 and there was a net after tax profit of $2,665,491 or 8 cents per share.
C-COM recorded an income tax provision of $1,392,340 in fiscal 2013, versus $1,045,400 in fiscal 2012.
The working capital of the Company has increased by 19.3% to $18,308,905 at November 30, 2013 as compared to $15,344,103 at November 30, 2012. The Company paid $1,392,215 in dividends during fiscal 2013 compared to $507,601 in fiscal 2012 representing a 174.3% increase.
"The continued profitability during fiscal year 2013 is largely attributable to the 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. We are also starting to see incremental growth from the success of our new generation Ka-band products. These products are expected to deliver increasing revenues to the company as more and more Ka-band satellites are launched around the world" said Leslie Klein, President and CEO of C-COM Satellite Systems 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 corporations 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.
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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 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.