C-COM Satellite Systems Inc., (TSXV: CMI; US – OTC: CYSNF) a leading global provider of mobile auto-deploying satellite antenna systems, today announced financial results for its third quarter ending August 31, 2014.
The company is reporting a net profit of $410,500 or 1.0 cent per share compared with results for the same period last year when there was a net profit of $353,978, or 1.0 cent per share. The working capital of the company increased by 11.2% to $19,200,411 at August 31, 2014 compared to $17,271,615 at August 31, 2013.
Revenues decreased by 4.5% to $2,935,311 when compared with results from the same period last year, when total revenues were $3,073,720. The operating profit increased to $580,147 compared with the same period last year when the operating profit was $488,804.
For the nine months ended August 31, 2014 the company is reporting a net profit of $1,644,082 or 5.0 cents per share compared with results for the same period last year when there was a net profit of $2,228,279, or 6.0 cents per share. Revenues decreased by 23.2% for the nine months ended August 31, 2014 to $9,067,832 when compared with results from the same period last year when total revenues were $11,798,977. The operating profit decreased to $2,465,277 for the period ended August 31, 2014 compared with the same period last year when the operating profit was $2,940,837.
“Q3 results are in line with our expectations, reaffirming strong customer support across our entire product line. C-COM is one of the first mobile antenna manufacturers that started delivering its next generation iNetVu® Ka-band mobile antennas to customers in the US, Europe the Middle East and Africa. We are the only company in the world to date with antenna approvals for this technology from all of the major Ka satellite providers and we expect to remain the market leader in this rapidly expanding sector. This is our 42nd profitable quarter out of the last 43 quarters and the Company continues to be free of long term debt with a significant cash position” 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 November 13, 2014 to all shareholders of record as of October 30, 2014. Based on its closing price of $1.40 per share on October 10, 2014, this quarterly dividend would provide a yield of 3.57% on an annualized basis. This dividend is part of the Company's ongoing practice of returning value to its shareholders through a quarterly dividend.
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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