22:52:32 EDT Sat 13 Aug 2022
Enter Symbol
or Name

C-Com Satellite Systems Inc
Symbol CMI
Shares Issued 40,741,400
Close 2022-03-30 C$ 2.10
Recent Sedar Documents

C-Com Satellite earns $1.42M in fiscal 2021

2022-03-31 14:01 ET - News Release

Mr. Leslie Klein reports


C-Com Satellite Systems Inc. has released its financial results for its fiscal year ended Nov. 30, 2021.

The Company generated revenues of $9,151,986 and a net income of $1,422,821 (4 cents per share) in fiscal 2021. This compares to total revenues of $6,455,633 and a net loss of $213,392 (as restated) in fiscal 2020. The 2021 gross profit margin improved to 60%, versus 57% in fiscal 2020. The 42% sales growth, healthy margins, and well managed expenses were the key drivers to the Company's improved profit performance in 2021.

The working capital of the Company also increased by 7% to $24,597,032 as of November 30, 2021.

"Though our recovery is not yet at the pre-COVID heights of fiscal 2019, we were pleased to see a significant increase of revenues in 2021 with corresponding profitability," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.

"A highlight of our 2021 performance was the $3.8 million (USD) iNetVutrademark Manpack antenna order which was completed in Q1," continued Klein.

"With worldwide markets still struggling sluggishly, C-COM felt the impact of the pandemic during 2021. Supply chain shortages, combined with rising inflation are factors that we manage every day. Despite these issues, C-COM is well positioned to weather these challenges given our healthy balance sheet, extensive inventory, and commitment to R&D for next generation products," Klein added.

Dr. Klein provided additional commentary, "The C-COM team is cautiously optimistic about our prospects in 2022 and 2023. The Company will return to displaying at international trade shows following a 2-year absence due to COVID. Our newest technology, a revolutionary Electronically Steered Phased Array antenna, in development for more than 5 years, was revealed last week at Satellite 2022 in Washington D.C. and generated significant interest. A number of successful GEO satellite tests over the Telesat Anik F3 satellite were completed last year, and we look forward to conducting in-motion LEO testing as a next step in this new antenna development."

About C-COM Satellite Systems Inc.

C-COM Satellite Systems Inc. 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 10,000 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company's iNetVutrademark brand is synonymous with high quality, reliability, and cost-effectiveness.

C-COM is in late-stage development of a revolutionary Ka-band, electronically steerable, flat panel phased array antenna system, in cooperation with the University of Waterloo, with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime applications. For additional information please visit www.c-comsat.com

iNetVutrademark is a registered trademark of C-COM Satellite Systems Inc.

The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).# # #

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.

We seek Safe Harbor.

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