Quarterly Dividend Payment Declared
25th Consecutive Profitable Quarter; 21st Consecutive Quarterly Dividend
OTTAWA, July 18, 2017 – 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 second quarter ended May 31, 2017.
The company has generated revenues of $3,030,499 and a net after tax profit of $145,909 or 0 cents per share. This compared to revenues of $1,804,131 and a net after tax profit of $15,811 or 0 cents per share as reported in Q2 2016, representing an increase of 68.0% and 822.8% respectively.
The working capital of the Company has decreased by 2.0% to $19,515,047 at May 31, 2017 as compared to $19,922,385 at May 31, 2016.
During Q2 the Company commenced payments to the University of Waterloo under the joint research and development contract signed January 2017 for the development of a phased array in-motion antenna. The large increase in research and development expense and resulting lower net after tax profit in Q2 is almost entirely attributable to the payments made to the University.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on August 17th, 2017 to all shareholders of record as of August 3rd, 2017. Based on the closing price of $1.00 per share on July 17th, 2017, this dividend represents a yield of 5.00% on an annualized basis. This is the Company’s 21st consecutive quarterly dividend and its 25th consecutive profitable quarter.
"Our new generation product sales continue to grow and C-COM’s highly ambitious and revolutionary Ka-band flat panel antenna project remains on track as the company’s long-term focus. We are very confident in growing and expanding our innovative product line of mobile antenna systems, which continue to gain acceptance from our worldwide customer base," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
C-COM is at the forefront of developing 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 Ka-band antenna system, 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.
News Release Contact:
C-COM Satellite Systems Inc.
Tel: (613) 745-4110 ext. 4950
Fax: (613) 745-7144
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 a number of 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 over 100 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 communications on the move antennas, which will deliver satellite broadband solutions into vehicles, trains and buses 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 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.