OTTAWA, ONTARIO--(Marketwired - Oct. 16, 2013) - C-COM Satellite Systems Inc. (TSX VENTURE:CMI), a leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for its third quarter ending August 31, 2013.
The company is reporting a net profit of $353,978 or 1.0 cent per share compared with results for the same period last year when there was a net profit of $65,625, or 0.2 cents per share. The working capital of the company increased by 27% to $17,271,614 at August 31, 2013 compared to $13,577,437 at August 31, 2012.
Revenues increased by 25% when compared with results from the same period last year, when total revenues were $2,463,351. The operating profit increased to $488,804 compared with the same period last year when the operating profit was $285,033.
For the nine months ended August 31, 2013 the company is reporting a net profit of $2,228,279 or 6.4 cents per share compared with results for the same period last year when there was a net profit of $891,536, or 2.6 cents per share. Revenues increased by 40% for the nine months ended August 31, 2013 to $11,798,977 when compared with results from the same period last year when total revenues were $8,443,307. The operating profit increased to $2,940,837 for the period ended August 31, 2013 compared with the same period last year when the operating profit was $1,258,874.
"We are pleased with the third quarter results, which reaffirm strong customer support across our entire product line. C-COM is one of the first mobile antenna manufacturers that started delivering its next generation iNetVu® Ka-band mobile antennas to customers in the US, Europe the Middle East and Africa. We are the only company in the world to date with antenna approvals for this technology from all of the major Ka satellite providers and we expect to remain the market leader in this rapidly expanding sector.
"The company continues to be free of long term debt with a significant cash position," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
The C-COM board has approved a 25% increase in dividend payments which amounts to 1.25 cents a share per quarter or 5 cents a share per annum.
The payment of an eligible dividend in the amount of $0.0125 per common share payable on November 13, 2013 to all shareholders of record as of October 30, 2013. Based on its closing price of $2.12 per share on October 15 2013, this dividend would provide a yield of 2.36% on an annualized basis. This dividend is part of the Company's ongoing practice of returning value to its shareholders through
a quarterly dividend.
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.
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.
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.