Quarterly Dividend Payment Declared
OTTAWA, July 14, 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 second quarter ended May 31, 2015.
The company has generated revenues of $3,101,579 and a net after tax profit of $313,201 or 1 cent per share. This compared with revenues of $3,754,738 and a net after tax profit of 782,188 or 2 cents per share as reported in 2014, representing a decrease of 17.4% and 60% respectively.
The working capital of the Company has increased by 4.4% to $19,983,993 at May 31, 2015 as compared to $19,149,209 at May 31, 2014.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on August 13, 2015 to all shareholders of record as of July 30, 2015. Based on the closing price of $1.13 per share on July 13, 2015, this dividend represents a yield of 4.4% on an annualized basis. This is the Company’s 13th consecutive quarterly dividend and its 17th consecutive profitable quarter.
“Despite the worldwide economic slowdown which has impacted our sales and profitability this year, we remain profitable and continue to pay dividends. This is largely due to the worldwide acceptance of our iNetVu® auto-deploying antenna systems” said Leslie Klein, President and CEO of C-COM Satellite System Inc. Our new Ka-band antenna products are starting to generate additional revenues, particularly in the telecom, satellite news gathering and health sectors, while our customer base is steadily increasing in these and other vertical markets” Klein continued.
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 a Comm-on-the-Move (COTM) 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 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.
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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.