[SatNews] C-COM Satellite Systems Inc., (TSXV: CMI) has announced financial results for its second quarter ending May 31, 2012.
The company is reporting a net profit of $542,251 or 1.6 cents per share compared with results for the same period last year when there was a net profit of $1,273,395, or 3.7 cent per share. The working capital of the company increased by 37.3 percent to $14,249,889 at May 31, 2012 compared to $10,377,662 at May 31, 2011. Revenues decreased by 47.5 percent when compared with results from the same period last year, when total revenues were $6,418,874. The operating profit decreased to $603,814, compared with the same period last year when the operating profit was $1,749,473.
“While the revenues and the corresponding operating profit generated this quarter is lower than for the same period last year, this is attributed to a single large order C-COM received last year from Japan for the tsunami relief. The revenue growth for the quarter excluding this large order would have been 39.5 percent over the same period last year” said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. “We are continuing to sign up new resellers for our products and expanding our worldwide presence. C-COM is one of the first mobile antenna manufacturers that started delivering its next generation iNetVu® Ka-band mobile products to customers in the US, Europe the Middle East and Africa. We expect to become market leaders in this sector and should significantly benefit from this advanced satellite technology that is being rolled out worldwide by a number of large satellite operators.”
Based on steady and profitable growth over the last number of years, C-COM will begin paying a quarterly dividend. The first such dividend will be $0.0075 per common share payable on August 22nd, 2012, to all shareholders of record as of August 8th, 2012. Based on its closing price of $0.52 per share on July 23, 2012, this dividend would provide a yield of 5.8 percent on an annualized basis.
The C-COM iNetVu® mobile proprietary antennas, and services associated with these products, are used in mobile applications by corporations, government agencies, the military, law enforcement agencies, homeland security, utility vehicles, oil and gas platforms, police, fire, medical and other security and emergency services with a need for affordable mobile 2-way, high-speed Internet over Satellite connectivity.
