C-COM's year-to-date revenues up 33% so far in 2022. Company maintains quarterly dividend payout - for 42 consecutive quarters.
Ottawa, Ontario--(Newsfile Corp. - October 19, 2022) - C-COM Satellite Systems Inc., (TSXV: CMI) (OTCQB: CYSNF) a leading global provider of commercial grade mobile auto-deploying satellite antenna systems, announced today its financial results for the third quarter ended August 31, 2022.
The Company generated revenues of $2,039,798 as compared to $1,011,055 in Q3 of 2021 (an increase of 102%), and net income of $233,935 or 1 cents per share as compared to a net loss after taxes of $38,251, or 0 cent per share in Q3, 2021.
The year-to date net income for fiscal 2022 stands at $1,196,035, as compared to $1,229,593 net income for the same year-to-date period last year.
To the end of Q3 the Company's cash-flow from operations grew $0.7 million (+44%) during fiscal 2022 to $2.4 million as compared to the same period in F2021. As a result, working capital at end of Q3 was at $25.4 million, an increase of $0.8 million from its $24.6 million level at end of November 30, 2021.
The Company paid out $518,330 in dividends during the third quarter, while continuing to innovate and invest in the next generation of advanced antenna products.
The Company also announced the payment of an eligible quarterly dividend in the amount of $0.0125 per common share payable on November 16, 2022, to all shareholders of record as of November 2, 2022. Based on the closing price of $1.28 per share on October 18th, 2022, this dividend represents a yield of 3.9% on an annualized basis. This is the Company's 42nd consecutive quarterly dividend.
"Q3 2022 sales and profitability have increased substantially as compared to Q3, 2021. This post pandemic trend continues to improve with the re-activation of new orders from our global dealer network that was affected by the world-wide economic slowdown due to the pandemic," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
Klein added: "We are also encouraged to see orders for systems coming in larger quantities and from a much broader geography than what we had experienced in 2020 and 2021. However, trade sanctions against Russia have had a negative impact on our 2022 sales, as we had to cancel multiple sizeable orders for system sales as well as for spare parts."
Dr. Klein concluded: "We continue to be focused on our R&D effort to complete the development of our next generation electronically steered Ka-band phased array antenna system. This revolutionary in-motion antenna is in its final stages of development and will be deployed for use in vehicles, trains, aircraft, UAV's as well as in maritime vessels."
About C-COM Satellite Systems Inc.
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C-COM Satellite Systems Inc. is a pioneer and world leader in the design, development, and manufacture of transportable and mobile satellite-based antenna systems. The Company has developed proprietary, auto-acquisition controller technology for rapid antenna pointing to a satellite with just the press of a button, enabling Broadband Internet via Satellite across a wide range of market applications worldwide, including regions unserved or underserved by terrestrial access technologies.
C-COM has sold more than 10,000 antenna systems, in over 100 countries, through a dedicated dealer network that provides service to a wide range of vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Education, Government Services, Mobile Banking, and others. The Company's iNetVu® brand is synonymous with high quality, reliability, and cost-effectiveness.
C-COM is in late-stage development of a potentially revolutionary Ka-band, electronically steerable, modular, conformal, flat panel phased array antenna. In cooperation with the University of Waterloo, C-COM is engaged in the design of this unique antenna with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime verticals. For additional information please visit www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
The Company is publicly traded on the Canadian Venture Exchange (TSXV: CMI) and on the US OTC Exchange (OTCQB: CYSNF).
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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 statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Statements about C-COM's expectations as to its performance after the COVID-pandemic and its intentions with respect to its Ka-band antenna version all contain forward-looking information. Several factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. The COVID pandemic may last longer than expected or C-COM's preparations may not translate into expected performance for any number of reasons, some of which are beyond C-COM Satellite Systems' control. Anticipated benefits of the new technology may not be realized, and new products and services may not be released or, if released may not gain market acceptance. Any of those events and others could influence 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. Readers are directed to the risk factors associated with the business of C-COM Satellite Systems in the company's most recent MD&A available at www.SEDAR.com.
INVESTOR RELATIONS
C-COM Satellite Systems Inc.
Tel: (343) 803-5245
Fax: (613) 745-7144
lklein@c-comsat.com
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