03:57:21 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



C-Com Satellite Systems Inc
Symbol CMI
Shares Issued 36,754,550
Close 2018-04-23 C$ 1.13
Market Cap C$ 41,532,642
Recent Sedar Documents

C-Com Satellite earns $16,862 in Q1

2018-04-24 09:37 ET - News Release

Mr. Leslie Klein reports

C-COM REPORTS FIRST QUARTER RESULTS

C-Com Satellite Systems Inc. has provided its financial results for the first quarter ended Feb. 28, 2018.

The company has generated revenues of $1,816,142 and a net after-tax profit of $16,862 or zero cents per share. This compared with revenues of $1,485,410 and a net after-tax profit of $1,635 or zero cents per share as reported in 2017, representing an increase of 22.3 per cent and 931.3 per cent respectively.

The working capital of the company decreased by 2.1 per cent to $19,280,977 at Feb. 28, 2018, as compared with $19,688,134 at Feb. 28, 2017.

Research and development expenses increased to $371,701 in this quarter as compared with $144,791 at Feb. 28, 2017, representing a 156.7-per-cent increase over the same period. These expenses were incurred in the development of a next-generation phased array electronically steerable antenna technology, a project funded in part by NSERC and involving an eminent engineering faculty team at the University of Waterloo, a leading Canadian university.

The company paid out $459,432 in dividends during the first quarter compared with $456,682 in the first quarter of 2017 representing a 0.6-per-cent increase. The company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.

C-Com also announced the payment of its eligible quarterly dividend in the amount of 1.25 cents per common share payable on May 22, 2018, to all shareholders of record as of May 8, 2018. Based on the closing price of $1.13 per share on April 23, 2018, this dividend represents a yield of 4.42 per cent on an annualized basis. This is the company's 24th consecutive quarterly dividend and its 28th consecutive profitable quarter.

"We are pleased with the increase in sales over the same period last year, which is an indicator of improved market conditions," said Leslie Klein, president and chief executive officer of C-Com. "We are starting to see an economic turnaround, especially in the oil and gas sector which has been a significant user of our antenna systems. With oil prices stabilizing, we expect to see a continual increase of orders from this important market segment," Mr. Klein continued.

"In 2018 C-Com will be starting production of our new Satcom-on-the-Move antenna, which is generating worldwide interest and will open new mobility markets and contribute incremental revenues for the company. The antenna is presently undergoing road tests and satellite operator approvals. We have also added two new cost-effective, carbon fibre Manpack (backpack) antennas to our expanding list of products, which are now in production and expected to generate demand from military, emergency responders and a number of other vertical markets," Mr. Klein continued.

About C-Com Satellite Systems Inc.

C-Com Satellite Systems 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 (voice over Internet protocol) and video services into vehicles. C-Com has developed several 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 7,000 C-Com antennas have been deployed in 103 countries around the world in vertical markets such as oil and gas exploration, military communications, disaster management, SNG, emergency communications, cellular backhaul, telemedicine, mobile banking, and others.

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