Quarterly Dividend Payment Declared
33rd Consecutive Profitable Quarter; 29th Consecutive Quarterly Dividend
OTTAWA, July 23, 2019 – C-COM Satellite Systems Inc. (TSXV: CMI), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the second quarter ended May 31, 2019.
The Company has generated revenues of $2,566,595 and a net after tax profit of $267,342 or 1 cent per share. This compared with revenues of $2,721,913 and a net after tax profit of $282,044 or 1 cent per share as reported in 2018, representing a decrease of 5.7% and 5.2% respectively.
The working capital of the Company increased by 8.3% to $20,963,765 at May 31, 2019 as compared to $19,354,817 at May 31, 2018.
The Company also announced the payment of its eligible quarterly dividend in the amount of $0.0125 per common share payable on August 20, 2019 to all shareholders of record as of August 6, 2019. Based on the closing price of $1.84 per share on July 22, 2019, this dividend represents a yield of 2.72% on an annualized basis. This is the Company’s 29th consecutive quarterly dividend and its 33rd consecutive profitable quarter.
The Company paid out $470,894 in dividends during the second quarter compared to $463,182 in the second quarter of 2018 representing a 1.7% increase. The Company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.
“We are pleased with the results for this quarter,” said Leslie Klein, President & CEO of C-COM. “The iNetVu® mobile antenna continues to be in great demand from customers around the world who value cost-effective and reliable solutions,” Klein continued.
In May, C-COM announced a significant order for its new iNetVu® backpack antenna systems. “The first 100 units of the carbon fibre MP-100 Manpack antenna are now in production and will be delivered to a key Asia partner in the 3rd quarter of this fiscal year,” Klein said. “These one-case, light weight, fully motorized, auto-pointing backpack antenna systems are expected to provide new solutions for the Military, Government, Emergency Responder, Disaster Management and a number of other vertical markets,” Klein added.
The company is making good progress with its research and development of a flat panel phased array solution. “We have recently demonstrated the successful transmit and receive capabilities of this novel electronically steerable phased array antenna which is being developed jointly with the University of Waterloo CIARS Department,” Klein continued.
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 8000 C-COM antennas have been deployed in over 100 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 Phased Array electronically steered antennas in joint cooperation with the University of Waterloo. 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 statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Forward-looking statements in this news release include statements about C-COM Satellite Systems Inc.’s expectation of increased orders from the oil and gas segment, the ability for the phased array electronically steered antenna to open new markets and contribute revenues, the expected demand for other products from various markets and the expectation as to the benefits and features that new products will deliver. 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 or deliver the anticipated benefits to C-COM Satellite Systems Inc and its customers. 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. Please refer to C-COM Satellite Systems Inc.’s latest management’s discussion and analysis available at www.SEDAR.com for a more detailed description of the risk factors associated with the business of C-COM Satellite Systems Inc. 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.