23:32:12 EDT Sat 13 Aug 2022
Enter Symbol
or Name

C-Com Satellite Systems Inc
Symbol CMI
Shares Issued 40,394,150
Close 2021-07-20 C$ 2.94
Recent Sedar Documents

C-Com loses $219,203 in Q2 2021

2021-07-20 11:43 ET - News Release

Mr. Leslie Klein reports


C-Com Satellite Systems Inc. has released its financial results for the second quarter ended May 31, 2021.

The company generated revenues of $836,734 and a net loss after taxes of $219,203, or one cent per share. This compares with revenues of $1,061,665 and a net loss after taxes of $466,928, or one cent per share as reported in 2020.

The year-to-date net income for fiscal 2021 has increased to $1.2-million, as compared with a net loss of $700,000 for the same period last year.

The year-to-date gain in profitability for fiscal 2021 has led to a 7.6-per-cent increase in the company's working capital. The Q2 2021 working capital has increased to $24,179,758 from $22,472,963 as of Nov. 30, 2020.

The company paid out $503,476 in dividends during the second quarter. The company has maintained its quarterly dividend payout while continuing to innovate and invest in the next generation of advanced antenna products.

The company also announced the payment of an eligible quarterly dividend in the amount of 1.25 cents per common share payable on Aug. 17, 2021, to all shareholders of record as of Aug. 3, 2021. Based on the closing price of $2.88 per share on July 19, 2021, this dividend represents a yield of 1.7 per cent on an annualized basis. This is the company's 41st consecutive quarterly dividend.

"With worldwide markets struggling to activate a more normal pace in the face of new waves of COVID variants, we're still having to weather an environment of weaker sales. I am, however, cautiously optimistic about future demand given the rollout of COVID vaccination programs and pent-up demand for our products. Meanwhile we are well positioned with a healthy balance sheet and extensive inventory to help us face the evolving challenges," said Leslie Klein, president and chief executive officer of C-Com Satellite Systems.

"C-Com remains committed to an extensive R&D effort to develop the next-generation electronically steered phased array antenna technologies. In May, 2021, we announced that we had successfully tested our latest phased array antenna prototype over the Telesat Anik F3 satellite-a, 1024-element Ka-band version which exceeded performance expectations. C-Com was able to stream video, surf the net, perform speed tests and conduct an uninterrupted video conference over WebEx. Our goal is to develop a world market leading product line based on this technology for both fixed and mobile applications," Mr. Klein concluded.

About C-Com Satellite Systems Inc.

C-Com Satellite Systems is a pioneer and world leader in the design, development and manufacture of transportable and mobile satellite-based antenna systems. The company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling broadband Internet via satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.

C-Com has sold more than 8,500 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as oil and gas exploration, military communications, disaster management, SNG, emergency communications, cellular backhaul, telemedicine, mobile education, government services, mobile banking and others. The company's iNetVu brand is synonymous with high-quality, reliability and cost-effectiveness.

C-Com is in late-stage development of a potentially revolutionary Ka-band, electronically steerable, modular, conformal, flat panel phased array antenna. In cooperation with the University of Waterloo, C-Com is engaged in the design of this unique antenna with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime verticals.

We seek Safe Harbor.

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