C-COM Reports 9th Consecutive Profitable Year in Fiscal 2013
March 12 2014 - 7:00AM
Marketwired
C-COM Reports 9th Consecutive Profitable Year in Fiscal 2013
Revenues increased by 16.4% to $15,573,798;
Operating Profit increases 23.9% to $4,454,362;
Net Income increases 30.3% to $3,473,371;
Working Capital increases 19.3% to $18,308,905
OTTAWA, ONTARIO--(Marketwired - Mar 12, 2014) - C-COM Satellite
Systems Inc. (TSX-VENTURE:CMI), a leading global provider of mobile
auto-deploying satellite antenna systems, announced today financial
results for the fiscal year ended November 30, 2013.
Revenues have increased by 16.4% to $15,573,798 and the company
generated a net after tax profit of $3,473,371 or 10 cents per
share, representing an increase of 30.3% from last year, when total
revenues were $13,385,324 and there was a net after tax profit of
$2,665,491 or 8 cents per share.
C-COM recorded an income tax provision of $1,392,340 in fiscal
2013, versus $1,045,400 in fiscal 2012.
The working capital of the Company has increased by 19.3% to
$18,308,905 at November 30, 2013 as compared to $15,344,103 at
November 30, 2012. The Company paid $1,392,215 in dividends during
fiscal 2013 compared to $507,601 in fiscal 2012 representing a
174.3% increase.
"The continued profitability during fiscal year 2013 is largely
attributable to the acceptance of our iNetVu® Mobile auto-deploying
antenna systems, particularly to the telecom, military as well as
to the oil and gas exploration sectors worldwide. We are also
starting to see incremental growth from the success of our new
generation Ka-band products. These products are expected to deliver
increasing revenues to the company as more and more Ka-band
satellites are launched around the world" said Leslie Klein,
President and CEO of C-COM Satellite Systems Inc.
C-COM continues to develop new products for new markets and is
expanding its worldwide reseller network for its proprietary
iNetVu® Mobile antenna systems. It also continues to establish new
partnerships with corporations around the world interested in
combining the capabilities of the iNetVu® antennas with the
products and services they offer.
About C-COM Satellite Systems Inc.
C-COM Satellite Systems Inc. is a leader in the development 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 unique proprietary
Mobile auto-deploying (iNetVu®) antenna that allows the delivery of
high-speed satellite based Internet services 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. The company's satellite-based products and
services deliver high-quality, cost-effective solutions for both
fixed and mobile applications throughout the world. 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.
Investor RelationsC-COM Satellite Systems Inc.(613) 745-4110
ext. 4950(613) 745-7144lklein@c-comsat.com
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