OTTAWA, ON--(Marketwired - April 13, 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 its first quarter ended February 28, 2017.
The company has generated revenues of $1,485,410 and a net after tax profit of $1,635 or 0 cents per share. This compared to revenues of $2,433,713 and a net after tax profit of $308,547 or 1 cent per share as reported in Q1 2016, representing a decrease of 39.0% and a decrease of 99.5% respectively.
The working capital of the Company has decreased by 2.4% to $19,688,134 at February 28, 2017 as compared to $20,179,032 at February 29, 2016.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on May 11, 2017 to all shareholders of record as of April 27, 2017. Based on the closing price of $1.04 per share on April 12, 2017, this dividend represents a yield of 4.81% on an annualized basis. This is the Company's 20th consecutive quarterly dividend and its 24th consecutive profitable quarter.
"This first quarter of the fiscal year started out very slowly. Several projects were delayed and some slipped into the second quarter of 2017," said Leslie Klein, President & CEO of C-COM Satellite Systems. "Historically, our first quarter has always been the slowest of all quarters and geopolitical uncertainties during this period have caused this quarter to be exceptionally weak," Klein continued.
"C-COM remains very confident in our growing and innovative product line of mobile antenna systems, which we believe will continue to gain acceptance from our worldwide customer base. Our new generation product sales continue to grow and C-COM's highly ambitious and revolutionary flat panel antenna project remains on track as the company's long term focus," commented Klein.
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 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.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a world leader and pioneer in the development, manufacture and design of commercial grade, mobile satellite-based technology for the delivery of Broadband Internet to any location via Satellite. C-COM has developed proprietary, one-button, auto-acquisition controller technology that allows the user to find satellite with just the press of a button and deliver and receive High-Speed Internet where terrestrial markets are overloaded or simply don't exist. The company has sold almost 8,000 systems into over 100 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 iNetVu® brand is synonymous with 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.
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.
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.