C-COM Satellite Systems Inc. (TSXV: CMI; US – OTC: CYSNF), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the fiscal year ended November 30, 2014.
The company has generated revenues of $13,205,778 and a net after tax profit of $2,805,033 or 8 cents per share. This compared with revenues of $15,573,798 and a net after tax profit of $3,473,371 or 10 cents per share as reported in 2013, representing a decrease of 15.2% and 19.2% respectively.
The working capital of the Company has increased by 9.6% to $20,063,450 at November 30, 2014 as compared to $18,308,905 at November 30, 2013. The Company paid out $1,792,752 in dividends during fiscal 2014 compared to $1,392,215 in fiscal 2013 representing a 28.8% increase.
The Company has delivered positive results under the current challenging and adverse global economic conditions which have affected many of its international customers. A worldwide economic slowdown, unforeseen political turmoil in key regions, severe exchange rate fluctuations and a sharp fall in oil prices, all have forced some of its larger customers to delay projects and postpone purchases resulting in lower than expected sales.
Despite these adverse economic conditions the Company has managed to significantly increase its dividend payout and also increase its working capital from the year before.
“We are pleased with the way C-COM overcame the tremendous headwinds of the last 12 months” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
“The Company has managed to generate excellent profits, develop new markets, create innovative new products and increase its profit margins from 52% in 2013 to 59% in 2014. We are very positive moving forward and feel strongly that with the launch of new and more powerful Ka-band satellites throughout the year C-COM will be in a good position to offer new and innovative satellite based solutions to our integrators worldwide” Klein continued.
The continued profitability during fiscal year 2014 is largely attributable to the acceptance of our iNetVu® Mobile auto-deploying antenna systems, particularly to the telecom, satellite news gathering, military as well as to the oil and gas exploration sectors worldwide. The Company is also starting to benefit from the incremental growth of its new generation Ka-band products, which should continue to significantly contribute to its revenue stream as more and more Ka-band satellites are launched around the world.
C-COM continues to develop new products for new markets and is expanding its worldwide Reseller network for its proprietary iNetVu® Mobile antenna systems. It also continues to establish new partnerships with corporations around the world interested in combining the capabilities of the iNetVu® antennas with the products and services they offer. The Company is also developing leading edge patentable technologies for the on- the move satellite market, the first one of which will be launched in 2015.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the development and deployment of commercial grade mobile satellite-based technology for the delivery of two-way high-speed Internet, VoIP and Video services into vehicles. C-COM has developed a unique proprietary Mobile auto-deploying (iNetVu®) antenna that allows the delivery of high-speed satellite based Internet services 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. C-COM is also involved in the design and development of a new generation of Ka-band (communications on the move) antennas, which will deliver satellite broadband solutions into vehicles while in motion. The Company's satellite-based products are known worldwide for their high quality, reliability and cost-effectiveness. More information is available at: www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
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Forward Looking Statements
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. New orders anticipated by C-COM Satellite Systems Inc. may not be received and current orders may be cancelled. New products and services released may not gain market acceptance. Any of those events could have an effect on future performance and C-COM Satellite Systems Inc.’s ability to achieve the results mentioned above. These forward-looking statements are made as of the date hereof and C-COM Satellite Systems Inc. does not assume any obligation to update or revise them to reflect new events or circumstances.