Revenues increased by 16.4% to $15,573,798;
Operating Profit increases 23.9% to $4,454,362;
Net Income increases 30.3% to $3,473,371;
Working Capital increases 19.3% to $18,308,905
OTTAWA, March 12, 2014 – 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, 2013.
Revenues have increased by 16.4% to $15,573,798 and the company generated a net after tax profit of $3,473,371 or 10 cents per share, representing an increase of 30.3% from last year, when total revenues were $13,385,324 and there was a net after tax profit of $2,665,491 or 8 cents per share.
C-COM recorded an income tax provision of $1,392,340 in fiscal 2013, versus $1,045,400 in fiscal 2012.
The working capital of the Company has increased by 19.3% to $18,308,905 at November 30, 2013 as compared to $15,344,103 at November 30, 2012. The Company paid $1,392,215 in dividends during fiscal 2013 compared to $507,601 in fiscal 2012 representing a 174.3% increase.
“The continued profitability during fiscal year 2013 is largely attributable to the acceptance of our iNetVu® Mobile auto-deploying antenna systems, particularly to the telecom, military as well as to the oil and gas exploration sectors worldwide. We are also starting to see incremental growth from the success of our new generation Ka-band products. These products are expected to deliver increasing revenues to the company as more and more Ka-band satellites are launched around the world” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
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.
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. The company's satellite-based products and services deliver high-quality, cost-effective solutions for both fixed and mobile applications throughout the world. 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.
AGM Material 2013 Financial Statements and MD&A