10:39:45 EDT Fri 19 Aug 2022
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C-Com Satellite Systems Inc
Symbol CMI
Shares Issued 40,741,400
Close 2022-04-19 C$ 2.00
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C-Com Satellite Systems earns $593,575 in fiscal Q1

2022-04-19 12:34 ET - News Release

Dr. Leslie Klein reports

C-COM REPORTS FIRST QUARTER RESULTS

C-Com Satellite Systems Inc. has released its financial results for the first quarter ended Feb. 28, 2022.

The company has generated revenues of $3,000,052 and net income after taxes of $593,575, or one cent per share. This compares with revenues of $4,719,279 and net income after taxes of $1,487,047, or four cents per share for Q1 2021 (as restated).

The company's Q1 2022 working capital of $24,945,125 compares with $24,597,032 in working capital as of Nov. 30, 2021, representing a 1.4-per-cent increase.

The company paid out $509,268 in dividends during this first quarter compared with $493,597 in the first quarter of 2021, a 3-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.

The company also announced the payment of its eligible quarterly dividend in the amount of 1.25 cents per common share payable on May 17, 2022, to all shareholders of record as of May 3, 2022. Based on the closing price of $1.86 per share on April 18, 2022, this dividend represents a yield of 2.7 per cent on an annualized basis. This is the company's 43rd consecutive quarterly dividend.

"Though Q1 revenues were lower than last year, we are still encouraged by the continued recovery following two years of the pandemic," said Leslie Klein, president and chief executive officer of C-Com Satellite Systems. "The company's first quarter 2022 revenues were the third-highest Q1 sales in the last decade.

"Our gross margin of 61 per cent was also very healthy, particularly since C-Com has not been immune from the cost pressures brought about by the worldwide supply chain disruptions," continued Dr. Klein. "We were also fortunate to enter 2022 with a strong inventory position for products which are presently in high demand."

Dr. Klein added: "We remain cautiously optimistic about the future. The need for emergency communications and cellular backhaul has been rapidly increasing. C-Com also anticipates improved demand from energy and commodity exploration which have not been very active over the past few years."

Dr. Klein concluded: "Two thousand twenty-two will mark the first year since 2019 that C-Com will attend a full slate of international trade shows in person. Feedback from last month's Satellite 2022 show in Washington, D.C., confirmed that our market is ready to re-engage. The response to our revolutionary electronically steered phased array (ESA) antenna was significant. In development for more than five years, this prototype antenna passed several successful GEO satellite tests over Telesat Anik F3 in 2021. The market for ESA is anticipated to be worth billions of dollars over the next five years and C-Com will be well positioned to benefit from this immense growth."

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 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 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 revolutionary Ka-band, electronically steerable, flat-panel phased array antenna system, in co-operation with the University of Waterloo, with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime applications.

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