Company posts healthy Q2, 2024 results and maintains quarterly dividend payout for 49th consecutive quarter.
Ottawa, Ontario--(Newsfile Corp. - July 15, 2024) - 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 second quarter ended May 31, 2024.
The Company generated revenues of $2,580,514 and net income after taxes of $61,072. Overall gross profit margins remained healthy at 57.5% in Q2.
Year-to-date cash-flow from operations to the end of Q2 was $1.5 million - representing a $3.3 million positive swing from last year over the same period.
The Company's Q2 2024 working capital of $25.2 million was up $0.8 million from Q2 2023.
The Company paid out $528,081 in dividends during this first quarter compared to $522,330 in the second quarter of 2023. The quarterly dividend payout has been maintained by the Company while continuing to innovate and invest in the next generation of advanced antenna products.
The Company also announced the payment of its next quarterly dividend in the amount of $0.0125 per common share payable on August 13th, 2024, to all shareholders of record as of July 29th, 2024. Based on the closing price of $1.19 per share on July 12th, 2024, this dividend represents a yield of 4.2% on an annualized basis.
"We had solid sales in Q2, and excellent results in the first 6 months of the year," said Leslie Klein, President and CEO of C-COM Satellite Systems Inc.
"I was pleased to see a large first order delivered to one of our new resellers based in Brazil. South America represents a significant market opportunity for C-COM. We're expecting follow up orders from this new reseller who has a presence across all South America," Klein continued.
Klein added: "Our strong year-to-date cash flow demonstrates that C-COM is capable of "firing on all cylinders"; carrying inventory to enable prompt delivery of sold antenna's, priority investment in R&D, and recognizing shareholder support through continued dividend payments."
Dr. Klein concluded: "Completion of the development and commercialization of our next generation Ka-band Electronically Steered Antenna System (ESA) remains C-COM's primary R&D focus. We are now in the final stages of manufacturing and testing our first 4K element antennas and expect to have these tested for mobility before the end of the summer. To this end, we are driving towards initial deliveries for field testing by satellite operators and selected resellers by the end of 2024. In addition to this, C-COM's Analog Beamforming Integrated Circuit project is progressing well. We expect to test the first version of these by the end of this year."
About C-COM Satellite Systems Inc.
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C-COM Satellite Systems Inc. is a pioneer and a leading global designer, developer, and manufacturer 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. C-COM is engaged in the design of this unique multi-orbit antenna with the intent of providing low-cost, high-throughput mobility applications over satellite for land, airborne and maritime verticals over LEO, MEO and GEO satellite constellations. Another significant project underway at C-COM is the Analog Beamforming Integrated Circuit development, which is progressing well and is expected to enter testing phase by the end of this year. 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 for 2024 results 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. Sales may not increase in 2024 for many reasons outside C-COM's control and 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.sedarplus.ca.
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