OTTAWA, ON--(Marketwired - October 12, 2016) - 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 third quarter ended August 31, 2016.
The company has generated revenues of $2,094,710 and a net after tax profit of $29,579 or 0 cents per share. This compared to revenues of $2,798,793 and a net after tax profit of $487,802 or 1 cent per share as reported in Q3 2015, representing a decrease of 25.2% and a decrease of 93.9% respectively.
The working capital of the Company has decreased by 2.6% to $19,574,436 at August 31, 2016 as compared to $20,089,209 at August 31, 2015.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on November 11, 2016 to all shareholders of record as of October 28, 2016. Based on the closing price of $0.98 per share on October 11, 2016, this dividend represents a yield of 5.10% on an annualized basis. This is the Company's 22nd consecutive quarter of profitability and 18th consecutive dividend paying quarter. The Company ended the quarter with a strong cash position of over $15 Million and free of debt.
"This third quarter was exceptionally challenging for the company in which we saw several projects delayed and some pushed into the end of 2016 and early 2017," said Leslie Klein, President & CEO of C-COM Satellite Systems. "The market has been in a state of consolidation and there have been marked changes in the industry with headwinds coming from a slack global economy, weak oil prices and a strong US Dollar," 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 and Ku 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 leader in the development, manufacture 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 number of proprietary Mobile auto-deploying (iNetVu®) antennas that deliver broadband over satellite 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. More than 7000 C-COM antennas have been deployed in 103 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 satellite-based products are known worldwide for their 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.
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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. Discussion of anticipated new products, including their expected features, market acceptance and sales of C-COM's products and anticipated partnerships are all forward looking statements. 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 or partnerships anticipated by C-COM Satellite Systems Inc. may not be received and current orders may be cancelled. New products and services under development may not be released or 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.