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, Ontario--(Newsfile Corp. - March 26, 2019) - C-COM Satellite Systems Inc. (TSXV: CMI), 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 in 2018," 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," Klein continued.
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. In the next few
months a prototype consisting of 1000 element sub-array panels will be tested for transmission and reception in Ka band," said
Leslie Klein, President and CEO of C-COM. These are the largest panels to have been built based on previously proven scalable
building blocks of 4x4 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 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 several 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.
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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.
Contact:
Investor Relations
C-COM Satellite Systems Inc.
Tel: (613) 745-4110 ext. 4950
Fax: (613) 745-1172
lklein@c-comsat.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43659
