Revenues increase by 31.6% to $13,527,368;
Operating Profit increases 95.8% to $2,920,237;
Net Profit increases 122.0% to $2,299,501 or 6 cents per share;
OTTAWA, March 26, 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 fiscal year ended November 30, 2018.
The Company has generated revenues of $13,527,368 and a net after tax profit of $2,299,501 or 6 cents per share. This compared with revenues of $10,282,319 and a net after tax profit of $1,035,744 or 3 cents per share as reported in 2017, representing an increase of 31.6% and 122.0% respectively.
The working capital of the Company has increased by 4.6% to $20,580,939 at November 30, 2018 as compared to $19,685,820 at November 30, 2017. The Company paid out $1,851,878 in dividends during fiscal 2018 compared to $1,833,978 in fiscal 2017 representing a 1.0% increase. Based on its closing price of $1.35 per share on March 25, 2019, the annual dividend provided a yield of 3.7% per annum.
Results for Q4 2018 saw revenues increase by 45.6% to $4,987,090 when compared with results from the same period last year, when total revenues were $3,425,394. The net after tax profit increased 79.2% to $1,358,665 compared with the same period last year when the after-tax profit was $758,017. This was C-COM’s largest single quarter in terms of sales since 2011.
“The company has delivered impressive financial results in 2018. We have significantly increased our sales and profits, generated incremental business from new product development, and added a significant number of new resellers to our worldwide distribution network, all of which contributed to our fiscal success this year,” said Leslie Klein, President & CEO of C-COM.
“The development of our new line of cost-effective, highly portable, carbon fibre Manpack (backpack) antennas is now production ready. A total of 3 different antenna sizes with swappable multiple frequency band options are available and can be ordered in manual or fully automatic versions. We expect this new line of Manpack antennas to be deployed in verticals like military, disaster management, emergency response, and other markets requiring a light, easily transportable antenna that can be assembled in minutes by one person without any tools,” Klein continued.
C-COM is involved in a research and development project with a leading Canadian university to develop the next generation low profile electronically steerable phased array antenna technology. “The project is reaching an important milestone,” says Klein. “In the next few months a prototype consisting of 1000 element sub-array panels will be tested for transmission and reception in Ka band. These are the largest panels to have been built based on previously proven scalable building blocks of 4×4 transmit / receive modules. We are looking forward to demonstrate the capability of two-way communications over multiple satellite constellations,” Klein continued.
The Company has maintained its quarterly dividend payout while continuing to innovate and invest into the next generation of advanced antenna products.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a pioneer and world leader in the design, development, and manufacture of mobile satellite-based antenna systems for the delivery of Broadband Internet to any location via Satellite. C-COM has developed a proprietary, one-button, auto-acquisition controller technology for rapid antenna pointing to a geostationary satellite with just the press of a button, enabling high-speed Internet connectivity where terrestrial markets are overloaded or simply don’t exist. The company has sold approximately 8,000 systems to customers in over 100 countries providing service to a wide range of vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Banking, and others. The Company’s iNetVu® brand is synonymous with high quality, reliability and cost-effectiveness.
In partnership with a renowned research team at the University of Waterloo’s Centre for Intelligent Antenna and Radio Systems (CIARS), C-COM has been developing a next generation Ka-band flat panel antenna based on advanced phased array technology for enabling high-throughput mobility applications over satellite: land, airborne and maritime. 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.