Quarterly Dividend Payment Declared; 26th Consecutive Profitable Quarter; 22nd Consecutive Quarterly Dividend
Ottawa, Ontario--(Newsfile Corp. - October 12, 2017) - C-COM Satellite Systems Inc. (TSXV: CMI), a leading global provider of mobile auto-deploying satellite antenna systems, announced today financial results for its third quarter ended August 31, 2017.
The company has generated revenues of $2,341,016 and a net after tax profit of $130,183 or 0 cents per share. This compared to revenues of $2,094,710 and a net after tax profit of $29,579 or 0 cents per share as reported in Q3 2016, representing an increase of 11.8% and 340.1% respectively.
The working capital of the Company has decreased by 1.7% to $19,245,884 at August 31, 2017 as compared to $19,574,436 at August 31, 2016.
The Company also announced the payment of its quarterly eligible dividend in the amount of $0.0125 per common share payable on November 13, 2017 to all shareholders of record as of October 30, 2017. Based on the closing price of $1.07 per share on October 11, 2017, this dividend represents a yield of 4.67% on an annualized basis. This is the Company's 22nd consecutive quarterly dividend and its 26th consecutive profitable quarter.
"The third quarter results indicate continued worldwide customer acceptance in our growing and innovative product line of mobile antenna systems", said Leslie Klein, President and CEO of C-COM Satellite Systems Inc. The sales of our legacy and new generation products continue to grow. We are investing a significant amount into research and development for our highly ambitious and revolutionary flat panel antenna project, which is a joint effort with the University of Waterloo," Klein continued.
C-COM Satellite Systems Inc. is a world leader and pioneer in the development, manufacture and design of commercial grade, mobile satellite-based technology for the delivery of Broadband Internet to any location via Satellite. C-COM has developed proprietary, one-button, auto-acquisition controller technology that allows the user to find satellite with just the press of a button and deliver and receive Broadband Internet where terrestrial infrastructure is lacking, or simply don't exist. The company has sold almost 8,000 systems into over 100 countries around the world in vertical markets such as Oil & Gas Exploration, Military Communications, Disaster Management, SNG, Emergency Communications, Cellular Backhaul, Telemedicine, Mobile Banking, and others. The Company's iNetVu® brand is synonymous with high quality, reliability and cost-effectiveness.