00:35:52 EDT Sun 14 Aug 2022
Enter Symbol
or Name

C-Com Satellite Systems Inc
Symbol CMI
Shares Issued 40,486,400
Close 2021-10-18 C$ 2.48
Recent Sedar Documents

C-Com loses $157,711 in Q3

2021-10-18 11:52 ET - News Release

Mr. Leslie Klein reports


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

The company generated revenues of $1,011,055 and a net loss after taxes of $157,711 or zero cents per share. This compares with revenues of $1,773,918 and net income after taxes of $210,856, or one cent per share as reported in 2020.

The year-to date net income for fiscal 2021 stands at $1.1-million, as compared with a net loss of $400,000 for the same year-to-date period last year.

Two thousand twenty-one's gain in year-to-date profitability has led to a 5.6-per-cent increase in the company's working capital. The Q3 2021 working capital of $23,721,425 compares with $22,472,963 in working capital as at Nov. 30, 2020.

The company paid out $504,927 in dividends during the third quarter, 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 Nov. 16, 2021, to all shareholders of record as of Nov. 2, 2021. Based on the closing price of $2.46 per share on Oct. 15, 2021, this dividend represents a yield of 2 per cent on an annualized basis. This is the company's 42nd consecutive quarterly dividend.

"Although Q3 total revenues came in lower than last year's levels, we are now experiencing a healthy increase in quoting activity and bookings of future sales orders from existing and new resellers. It is also encouraging that our Q3 revenues outpaced our Q2 sales this year," said Leslie Klein, president and chief executive officer of C-Com Satellite Systems.

"While worldwide markets are still struggling as a result of the pandemic, I am cautiously optimistic about future demand given the more recent improvement in our sales pipeline," added Mr. Klein.

"C-Com remains committed to an extensive research and development effort to develop the next-generation electronically steered phased array antenna technologies. In August, 2021, we announced that we had another successful test of our latest phased array antenna prototype over the Telesat Anik F3 satellite. This new modular platform will eventually provide a cost-effective solution for a wide range of applications -- from fixed to mobility satellite broadband services, and for the rapidly emerging millimetre-wave 5G cellular services. Our goal is to develop a leading world market product line based on this technology," 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 co-operation 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.

iNetVu is a registered trademark of C-Com.

The company is publicly traded on the Canadian Venture Exchange and on the U.S. OTC Exchange.

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