C-COM Reports a 62% increase in Revenue;
32nd Consecutive Profitable Quarter;
28th Consecutive Quarterly Dividend Payment Declared;
OTTAWA, April 23, 2019 – 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 first quarter ended February 28, 2019.
The Company has generated revenues of $2,948,252 and a net after tax profit of $424,404 or 1 cent per share. This compared with revenues of $1,816,142 and a net after tax profit of $16,862 or 0 cents per share as reported in 2018, representing an increase of 62% and 2,417% respectively.
The working capital of the Company increased by 6.4% to $20,521,137 at February 28, 2019 as compared to $19,280,977 at February 28, 2018.
The Company paid out $465,257 in dividends during the first quarter compared to $459,432 in the first quarter of 2018 representing a 1.3% 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 May 23, 2019 to all shareholders of record as of May 9, 2019. Based on the closing price of $1.70 per share on April 22, 2019, this dividend represents a yield of 2.94% on an annualized basis. This is the Company’s 28th consecutive quarterly dividend and its 32nd consecutive profitable quarter.
“We are pleased with the results of this quarter, which is indicative of much improved market conditions over last year,” said Leslie Klein, President & CEO of C-COM. “The C-COM manufactured products continue 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, and government, which continue to be significant users of our antenna systems,” Klein continued.
C-COM has also developed three new carbon fibre Manpack antenna models which are now in production. The one-case backpack antenna is expected to provide new solutions and generate incremental sales for the company from the Military, Emergency Responders, Disaster Management, Broadcasting and other vertical markets.
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.
C-COM is also pleased to announce the appointment of Drew Klein as Vice-President of Sales effective May 1, 2019
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 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 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.