OTTAWA, April 15, 2014 – 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 first quarter ended February 28, 2014.
Revenues for the quarter were $2,377,784 and the company generated a net after tax profit of $451,396 or 1 cent per share. This represents a decrease of 39.5 and 50.3% respectively for revenues and net after tax profit from last year when total revenues were $3,929,630 and a net after tax profit of $907,301 or 3 cents per share.
The working capital of the Company has increased by 14.7% to $18,328,417 at February 28, 2014 as compared to $15,982,228 at February 28, 2013, even with the payout of approximately $1,580,000 in dividends over the last four quarters.
C-COM had an income tax provision of $241,689 in fiscal 2014, versus $362,271 in fiscal 2013.
“This is our 12th consecutive profitable quarter and our 39th profitable quarter out of the last 40 quarters. While this year’s results are lower than last year’s, the first quarter of 2013 was the best first quarter in the company’s history and historically the first quarter of our fiscal year is slow. The continued profitability during the first quarter of 2014 is largely attributable to the worldwide acceptance of our iNetVu® Mobile auto-deploying antenna systems, particularly to the telecom, military as well as to the oil and gas exploration sectors worldwide. Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth” said Leslie Klein, President and CEO of C-COM Satellite System Inc.
The Company also announced the payment of an eligible dividend in the amount of $0.0125 per common share payable on May 15, 2014 to all shareholders of record as of May 1, 2014. Based on its closing price of $1.53 per share on April 14, 2014, this quarterly dividend would provide a yield of 3.27% on an annualized basis. This dividend is part of the Company's ongoing practice of returning value to its shareholders through a quarterly dividend.
C-COM continues to develop new products for new markets and is expanding its worldwide Reseller network for its proprietary iNetVu® Mobile antenna systems. It 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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