Quarterly Dividend Payment Declared
26th Consecutive Profitable Quarter; 22nd Consecutive Quarterly Dividend
OTTAWA, October 12, 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 third quarter ended August 31, 2017.
The company has generated revenues of $2,341,016 and a net after tax profit of $130,183 or 0 cents per share. This compared to revenues of $2,094,710 and a net after tax profit of $29,579 or 0 cents per share as reported in Q3 2016, representing an increase of 11.8% and 340.1% respectively.
The working capital of the Company has decreased by 1.7% to $19,245,884 at August 31, 2017 as compared to $19,574,436 at August 31, 2016.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on November 13, 2017 to all shareholders of record as of October 30, 2017. Based on the closing price of $1.07 per share on October 11, 2017, this dividend represents a yield of 4.67% on an annualized basis. This is the Company’s 22nd consecutive quarterly dividend and its 26th consecutive profitable quarter.
"The third quarter results indicate continued worldwide customer acceptance in our growing and innovative product line of mobile antenna systems”, said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. The sales of our legacy and new generation products continue to grow. We are investing a significant amount into research and development for our highly ambitious and revolutionary flat panel antenna project, which is a joint effort with the University of Waterloo," Klein continued.
C-COM Satellite Systems Inc. is a world leader and pioneer in the development, manufacture and design of commercial grade, mobile satellite-based technology for the delivery of Broadband Internet to any location via Satellite. C-COM has developed proprietary, one-button, auto-acquisition controller technology that allows the user to find satellite with just the press of a button and deliver and receive Broadband Internet where terrestrial infrastructure is lacking, or simply don’t exist. The company has sold almost 8,000 systems into 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 iNetVu® brand is synonymous with high quality, reliability and cost-effectiveness.
C-COM is also involved in the design and development of a new generation of Ka-band (communications on the move) antennas, which will deliver satellite broadband solutions into vehicles 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.