Company Reports a 71% increase in Revenue
30th Consecutive Profitable Quarter
26th Consecutive Quarterly Dividend
OTTAWA, October 15, 2018 – C-COM Satellite Systems Inc. (TSXV: CMI), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for the third quarter ended August 31, 2018.
The Company has generated revenues of $4,002,223 and a net after tax profit of $641,930 or 2 cents per share. This compared with revenues of $2,341,016 and a net after tax profit of $130,183 or 0 cents per share as reported in the same quarter of 2017, representing an increase of 71% and 393% respectively.
The working capital of the Company increased by 1.7% to $19,571,332 at August 31, 2018 as compared to $19,245,884 at August 31, 2017.
The Company paid out $464,569 in dividends during the third quarter compared to $459,057 in the third quarter of 2017 representing a 1.2% 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 $0.0125 per common share payable on November 12, 2018 to all shareholders of record as of October 29, 2018. Based on the closing price of $1.05 per share on October 12, 2018, this dividend represents a yield of 4.76% on an annualized basis. This is the Company’s 26th consecutive quarterly dividend and its 30th consecutive profitable quarter.
“We are pleased with the results of this recent quarter which is indicative of much improved market conditions over the same period last year,” said Leslie Klein, President & CEO of C-COM.
“C-COM’s iNetVu® brand continues to be in great demand from customers around the world who value cost-effective solutions combined with high reliability. We are seeing a resurgence of orders, especially from the oil and gas, disaster management, mobile banking, and government sectors, all of whom remain significant users of our antenna systems.” Klein continued.
C-COM has also developed two new carbon fibre Manpack models which are now in production. The one-case backpack antenna is expected to generate incremental sales for the Company from Military, Broadcasters, Emergency Responders and Disaster Management verticals.
C-COM also continues to make strong progress in the development of a revolutionary mobile antenna system for use in all commercial and consumer markets. “The company has recently successfully demonstrated both transmit and receive capabilities of its next generation, Ka-band electronically steerable, phased array antenna at the University of Waterloo.” Klein added
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.
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.
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 demand from around the world, the resurgence of orders and the possibility for new products to generate sales in different verticals and markets. 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.