OTTAWA, ONTARIO--(Marketwire - July 24, 2012) - 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 second quarter ending May 31, 2012.
The company is reporting a net profit of $542,251 or 1.6 cents per share compared with results for the same period last year when there was a net profit of $1,273,395, or 3.7 cent per share. The working capital of the company increased by 37.3% to $14,249,889 at May 31, 2012 compared to $10,377,662 at May 31, 2011.
Revenues decreased by 47.5% when compared with results from the same period last year, when total revenues were $6,418,874. The operating profit decreased to $603,814, compared with the same period last year when the operating profit was $1,749,473.
"While the revenues and the corresponding operating profit generated this quarter is lower than for the same period last year, this is attributed to a single large order C-COM received last year from Japan for the tsunami relief. The revenue growth for the quarter excluding this large order would have been 39.5% over the same period last year" said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
"We are continuing to sign up new resellers for our products and expanding our worldwide presence. C-COM is one of the first mobile antenna manufacturers that started delivering its next generation iNetVu® Ka-band mobile products to customers in the US, Europe the Middle East and Africa. We expect to become market leaders in this sector and should significantly benefit from this advanced satellite technology that is being rolled out worldwide by a number of large satellite operators."
Based on steady and profitable growth over the last number of years, C-COM Satellite Systems Inc. (TSX VENTURE:CMI) is pleased to announce at this time that it will begin paying a quarterly dividend. The first such dividend will be $0.0075 per common share payable on August 22nd, 2012 to all shareholders of record as of August 8th, 2012. Based on its closing price of $0.52 per share on July 23, 2012, this dividend would provide a yield of 5.8% on an annualized basis.
"We are pleased that the consistent company performance has brought us to the point where the company can reward its loyal shareholders with this quarterly dividend." 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.