C-COM Satellite Systems… Financially Speaking…

[SatNews] C-COM Satellite Systems Inc. (TSXV: CMI) has announced financial results for its second quarter ending May 31, 2011.



Revenues increased by 181.2 percent to $6,418,874 compared with results from the same period last year, when total revenues were $2,282,502. The company is reporting a net profit of $1,273,395, or 3.7 cent per share, compared with results for the same period last year when there was a net profit of $638,960, or 1.9 cent per share.

The operating profit increased to $1,671,241, compared with the same period last year when the operating profit was $786,363.
The working capital of the company increased by 49.2 percent to $10,377,662 at May 31, 2011 compared to $6,958,023 at May 31, 2010.




“The revenues and the corresponding operating profit generated this quarter are the largest ever reported in the company’s history” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. “To a large extent, this is as a result of the multiple hundreds of iNetVu® mobile system sales into Japan to deliver life saving satellite backhaul for cellular communications to the tsunami effected region of the country. In general we have seen an upsurge of orders in the first half of this year, both from
existing as well as new customers from around the world, indicating world wide acceptance and continuous demand for our iNetVu® mobile products.”



The continued strengthening of the Canadian Dollar relative to the United States Dollar is negatively impacting the company’s profitability, with a year to date loss on foreign exchange of $387,399 compared to a loss of $34,632 in the same period last year. The company continues to be free of long term debt and has significantly improved its cash position.