Strong earnings generated by the Company’s 42% increase in revenue.
OTTAWA, March 31, 2022 – C-COM Satellite Systems Inc., (TSXV: CMI and OTCQB: CYSNF) a leading global provider of commercial grade mobile auto-deploying satellite antenna systems, announced today its financial results for its fiscal year ended November 30, 2021.
The Company generated revenues of $9,151,986 and a net income of $1,422,821 (4 cents per share) in fiscal 2021. This compares to total revenues of $6,455,633 and a net loss of $213,392 (as restated) in fiscal 2020. The 2021 gross profit margin improved to 60%, versus 57% in fiscal 2020. The 42% sales growth, healthy margins, and well managed expenses were the key drivers to the Company’s improved profit performance in 2021.
The working capital of the Company also increased by 7% to $24,597,032 as of November 30, 2021.
“Though our recovery is not yet at the pre-COVID heights of fiscal 2019, we were pleased to see a significant increase of revenues in 2021 with corresponding profitability,” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
“A highlight of our 2021 performance was the $3.8 million (USD) iNetVu® Manpack antenna order which was completed in Q1,” continued Klein.
“With worldwide markets still struggling sluggishly, C-COM felt the impact of the pandemic during 2021. Supply chain shortages, combined with rising inflation are factors that we manage every day. Despite these issues, C-COM is well positioned to weather these challenges given our healthy balance sheet, extensive inventory, and commitment to R&D for next generation products,” Klein added.
Dr. Klein provided additional commentary: “The C-COM team is cautiously optimistic about our prospects in 2022 and 2023. The Company will return to displaying at international trade shows following a 2-year absence due to COVID. Our newest technology, a revolutionary Electronically Steered Phased Array antenna, in development for more than 5 years, was revealed last week at Satellite 2022 in Washington D.C. and generated significant interest. A number of successful GEO satellite tests over the Telesat Anik F3 satellite were completed last year, and we look forward to conducting in-motion LEO testing as a next step in this new antenna development.”
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a pioneer and world leader in the design, development, and manufacture of transportable and mobile satellite-based antenna systems. The Company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling Broadband Internet via Satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.
C-COM has sold more than 10,000 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company’s iNetVu® brand is synonymous with high quality, reliability, and cost-effectiveness.
C-COM is in late-stage development of a revolutionary Ka-band, electronically steerable, flat panel phased array antenna system, in cooperation with the University of Waterloo, with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime applications. For additional information please visit www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).
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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. Statements about C-COM’s expectations as to its ability to weather the challenges it faces, future prospects, growth and revenue, and statements about its electronically steered phased array antenna, including the potential for it become a commercially available product are all forward-looking information. Several factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Anticipated benefits of the new technology may not be realized within the time frames anticipated or at all, and new products and services may not be released or, if released may not gain market acceptance.
Any of those events and others could influence 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. Readers are directed to the risk factors associated with the business of C-