C-COM Satellite Systems Inc.

C-COM Satellite Systems Inc.

April 19, 2011 09:31 ET

C-COM Reports Increased Sales in its First Quarter

Revenues increase by 73.3% to $2,914,334;

Operating Profit increases 238.6% to $157,554;

OTTAWA, ONTARIO--(Marketwire - April 19, 2011) - C-COM Satellite Systems Inc. (TSX VENTURE:CMI) the leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for its first quarter ending February 28, 2011.

Revenues have increased by 73.3% to $2,914,344 compared with results from the same period last year, when total revenues were $1,681,385. The company is reporting a net loss of $76,113, or 0.002 cent per share, compared with results for the same period last year when there was a net profit of $36,329, or 0.001 cent per share.

The operating profit increased to $157,554, compared with the same period last year when the operating profit was $46,533.

The working capital of the company increased by 23.7% to $8,729,757 at February 28, 2011 compared to $7,056,997 at February 28, 2010.

"The company's first quarter sales are traditionally slow, however this year we have seen a change in the economic climate for the better and this has translated into more orders in the first quarter than in the prior year, both from existing as well as new customers from around the world, indicating world wide acceptance and continuous demand for the product.

The company suffered adverse affects of the continuing strengthening of the Canadian dollar relative to the United States dollar with a loss on foreign exchange of $380,223 as compared to a loss of $20,972 in the same period last year. We continue to remain 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 iNetVu® Mobile proprietary antennas, and services associated with these products are used in mobile applications by corporations, government agencies, the military, law enforcement agencies, homeland security, utility vehicles, oil and gas platforms, police, fire, medical and other security and emergency services with a need for affordable mobile 2-way high-speed Internet over Satellite connectivity.

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.

Contact Information

  • C-COM Satellite Systems Inc.
    Investor Relations
    613-745-4110 ext. 4950