C-COM Satellite Systems Inc. (TSXV: CMI) has announced financial results for the fiscal year ended November 30, 2009. The Company generated slightly higher revenues while at the same time reducing its cost of goods sold by 5 percent when compared to last year’s results.
“We have closed our fiscal 2009 with a slight increase in sales over the same period last year and maintained our profitable position” said Leslie Klein, President and CEO of C-COM. “Revenues have increased by 1.7 percent to $9,157,789 net profit was $1,315,068 or 4 cents per share representing a decrease of 47.2 percent compared with results from last year when total revenues were $9,006,416 and there was a net profit of $2,491,948 or 8 cents per share.”
C-COM had a foreign exchange loss of $417,667 compared to a gain of $535,183 for the same period in 2008, due to the strengthening of the Canadian dollar against the United States dollar. In addition a higher income tax provision of $594,013 in 2009 has been recorded as compared to $270,963 in 2008; all these factors have contributed to the reduction of the net profit. The fourth quarter of fiscal year 2009 was the 23rd consecutive profitable quarter for the Company.
The working capital of the Company has increased by 20.6 percent to $7,062,159 at fiscal year end of November 30, 2009 as compared to $5,854,943 at November 30, 2008. The Company continues to remain free of long term debt, except for an accrual for future income tax payable due to expected future earnings.
“We believe that the revenue growth and profitability during fiscal year 2009 are directly attributable to the worldwide acceptance and corresponding increase in sales of our iNetVu® Mobile auto-deploying antenna systems. Our customer base for these products has been steadily increasing and continues to significantly contribute to our revenue growth” said Leslie Klein. C-COM is also pleased to announce that the board of directors has declared a one-time special dividend on its common shares in the amount of $0.02 per common share payable on Tuesday April 20, 2010 to all common shareholders of record as of Tuesday April 6, 2010. This dividend is the first in the Company’s history.
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