Company maintains quarterly dividend payout - for 46 consecutive quarters.
Ottawa, Ontario--(Newsfile Corp. - October 18, 2023) - 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, 2023.
The Company generated revenues of $1,223,479 as compared to $2,039,798 in Q3 of 2022 and is reporting a net loss of $148,135 as compared to a net profit after tax of $233,935, or 1 cent per share in Q3, 2022.
The year-to date net income for fiscal 2023 stands at $17,467, as compared to $1,196,033 of net income for the same period last year.
To the end of Q3, the Company's cash-flow from operations was a deficit of $1.5 million - driven mainly by the drop of net income and investments in new inventory. Working capital at end of Q3 was a healthy $24.3 million, down $1.1 million from the end of fiscal 2022.
The Company paid out $522,330 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 15, 2023, to all shareholders of record as of November 1, 2023. Based on the closing price of $1.13 per share on October 17th, 2023, this dividend represents a yield of 4.4% on an annualized basis. This is the Company's 46th consecutive quarterly dividend.
"Q3 sales and profitability were disappointing, mainly due to supply chain delays and aftereffects of the pandemic," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. "The silver lining is that much of the planned revenue has slipped into Q4 and I am encouraged by the number of new orders being booked. In late August we announced $3 million (USD) worth of orders for our iNetVu® Manpack antennas and next generation 1200+ Vehicle Mount system, all of which will ship before the end of Q4.
"Our rugged and highly portable iNetVu® Manpack antenna is now gaining traction with military markets."
Dr. Klein concluded: "We continue to be focused on our next generation R&D programs. In Q3 we launched a new model 8050 controller for our Manpack line that incorporates significant enhancements to support a wide range of different satellite modems and services. Most importantly, development of our revolutionary, electronically steered phased array antenna system is progressing well. We are now in the final phases of manufacturing and assembly of the first 4000 element Ka-band version, which is designed to operate across multiple constellations of GEO, LEO and MEO satellites, addressing global addressable markets for land mobile, aero and marine applications."
About C-COM Satellite Systems Inc.
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 ability to ship orders and recognize revenue within certain time frames 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. Many factors, some of which are outside of C-COM's control, could cause events and results to differ materially from those stated. Fulfilment of orders could all be delayed for several reasons which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. 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: (613) 745-4110 ext. 4950
Fax: (613) 745-7144
lklein@c-comsat.com
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