OTTAWA, March 21, 2018 – 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, 2017.
The Company has generated revenues of $10,282,319 and a net after tax profit of $1,035,744 or 3 cents per share. This compared with revenues of $9,267,750 and a net after tax profit of $1,020,234 or 3 cents per share as reported in 2016, representing an increase of 10.9% and 1.5% respectively.
The working capital of the Company has decreased by 2.1% to $19,685,820 at November 30, 2017 as compared to $20,097,766 at November 30, 2016. The Company paid out $1,833,978 in dividends during fiscal 2017 compared to $1,820,977 in fiscal 2016 representing a 0.7% increase. Based on its closing price of $1.11 per share on March 20, 2018, the annual dividend provided a yield of 4.5% per annum.
Results for Q4 2017 saw revenues increase by 16.7% to $3,425,394 when compared with results from the same period last year, when total revenues were $2,935,196. The net after tax profit increased 13.8% to $758,017 compared with the same period last year when the after-tax profit was $666,296.
“The Company has delivered positive results under last year’s challenging global economic conditions” said Leslie Klein, President & CEO of C-COM. “We are starting to see an economic turnaround, especially in the oil and gas sector which has been a significant user of our antenna systems. With oil prices stabilizing, we expect to see an increase of orders from this important market segment.” Klein continued.
In 2018 C-COM will be starting production of our new SATCOM-on-the-MOVE antenna, which is generating worldwide interest and will open new markets and contribute incremental revenues for the Company. We have also added two new cost-effective carbon fibre Manpack (backpack) antennas to our expanding list of products, which are now in production and expected to generate demand from Military, Emergency Responders and a number of other vertical markets.” Klein continued.
The Company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.
Most importantly, C-COM is involved in a research and development project with a leading Canadian university to develop the next generation low profile electronically steerable phased array antenna technology.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the development, manufacture 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 several proprietary Mobile auto-deploying (iNetVu®) antennas that deliver broadband over satellite 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. More than 7000 C-COM antennas have been deployed in 103 countries around the world in vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Banking, and others. The Company's satellite-based products are known worldwide for their high quality, reliability and cost-effectiveness.
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. 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.