C-COM REPORTS THIRD QUARTER RESULTS RETAINS OAK HILL FINANCIAL FOR INVESTOR COMMUNICATIONS
Quarterly Dividend Payment Declared
OTTAWA, October 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 third quarter ended August 31, 2015. The company has generated revenues of $2,798,793 and a net after tax profit of $487,802 or 1 cent per share. This compared to revenues of $2,935,311 and a net after tax profit of $410,500 or 1 cent per share as reported in Q3 2014, representing a decrease of 4.7% and an increase of 18.8% respectively.
The working capital of the Company has increased by 4.6% to $20,089,209 at August 31, 2015 as compared to $19,200,411 at August 31, 2014.
C-COM also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on November 13, 2015 to all shareholders of record as of October 30, 2015. Based on the closing price of $1.09 per share on October 13, 2015, this dividend represents a yield of 4.59% on an annualized basis. This is the Company’s 14th consecutive quarterly dividend and 18th consecutive profitable quarter.
“During the third quarter C-COM expanded its reseller base and added a number of new countries to our already significant presence around the globe” said Leslie Klein, President and CEO of C-COM Satellite System Inc. “Our continued profitability is largely attributable to the Company’s ability to produce the highest quality products, at affordable prices for our commercial customers in many different vertical markets.
With more than 7,000 iNetVu® systems deployed, in over 100 countries, our products have attained worldwide acceptance as a top brand in this niche market,” continued Klein. C-COM continues to develop new products and innovate its existing line of iNetVu® antennas. The Company is developing a Ka-band Satcom-on-the-Move 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 and relationships with companies that have an interest in combining the capabilities of C-COM’s technology with the products and services they are offering.
C-COM has also announced today that it has retained the services of Oak Hill Financial, a Toronto-based capital markets communication firm to provide investor relation services on behalf of the Company. Oak Hill Financial has been retained to expand the visibility of C-COM within the professional investment community. Under the terms of the agreement C-COM will grant Oak Hill Financial 400,000 options with exercise prices between $1.25 and $1.75 per share and terms of 1 to 2 years. Oak Hill Financial acts at arm’s length to C-COM Satellite Systems Inc. and does not have any interest, directly or indirectly, in C-COM or its securities, or any right or intent to acquire such an interest other than the options granted as described above. The initial term of the agreement with Oak Hill Financial is 6 months but may be extended by mutual agreement.
The appointment of Oak Hill Financial remains subject to approval by the TSX Venture Exchange.
About Oak Hill Financial
Oak Hill provides specialty advisory and marketing services to investment managers and corporate issuers. Its proprietary platform allows clients to effectively communicate with the market. As an independent firm, Oak Hill provides unbiased capital market solutions.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the development, manufacture 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 number of proprietary Mobile auto-deploying (iNetVu®) antennas that deliver broadband over satellite 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. More than 7000 C-COM antennas have been deployed in 103 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 satellite-based products are known worldwide for their 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.