OTTAWA, April 21, 2015 – 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 its first quarter ended February 28, 2015.
The company has generated revenues of $2,201,578 and a net after tax profit of $376,431 or 1 cent per share. This compared with revenues of $2,377,784 and a net after tax profit of $451,396 or 1 cent per share as reported in 2014, representing a decrease of 7.4% and 16.6% respectively.
The working capital of the Company has increased by 9.4% to $20,044,633 at February 28, 2015 as compared to $18,328,417 at February 28, 2014.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on May 21, 2015 to all shareholders of record as of May 5, 2015. Based on the closing price of $1.12 per share on April 20, 2015, this dividend represents a yield of 4.46% on an annualized basis.
“This is our 16th consecutive profitable quarter. The continued profitability during the first quarter of 2015 is largely attributable to the worldwide acceptance of our iNetVu® Mobile auto-deploying antenna systems, particularly in the telecom, satellite news gathering, the military as well as in the oil and gas exploration sectors. Our customer base is steadily increasing in these sectors and continues to significantly contribute to our revenue growth” said Leslie Klein, President and CEO of C-COM Satellite System 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. One of the new products the Company is developing is an in-motion antenna, which will deliver broadband Internet over satellite into vehicles and trains while in full motion. This new product will work with the most advanced Ka band high throughput satellites. C-COM also continues to establish new partnerships with companies 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 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. 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. The Company’s satellite-based products are known worldwide for their high quality, reliability and cost-effectiveness. 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.